Oil and gas exploration firm Ascent Resources has received confirmation of the extension of its M10/M11 block licenses have been extended to June 30 2013.

The project is located in the southern North Sea, off the coast of the Netherlands.

There are three structures in the licence area, all of which contain gas discovery wells. A conceptual development plan has been prepared, with the final appraisal set to take place in the second half of 2012.

"This well will be an appraisal well for the Terschelling Noord discovery, which is in a structure that lies partly within the M10/M11 licence area and partly to the area to the south. The well would be expected to then become a production well for the development," the company said.

Ascent operates a 54% interest in the project.

The share price rose 0.85% to 2.98p at 16:21.

NR

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