McLaren Properties
McLaren Resources and Ascent Resources plc of the U.K., who is the operator, hold licences covering 4 North Sea exploration blocks with a total area of 826 square kilometres. The blocks are located in the Netherlands sector of the southern North Sea and are situated on an east-west geological trend that has multiple TCF gas resources. Initially, McLaren and Ascent each held a 45% interest in the exploration blocks with GTO Limited, a U.K. based geological consulting firm, holding the remaining 10%.
In April 2007, Energie Beheer Netherland ("EBN"), the Dutch state-owned oil and gas company, elected to exercise its back in right to participate in the exploration of these blocks, thereby establishing a 40% interest. As a result, McLaren’s interest in the North Sea venture has been reduced to 27%. Current exploration work on the blocks primarily consists of processing seismic data to develop drill prospects.
