The Gros de Vaud exploration area includes the 1962 oil discovery at Essertines that produced a few thousand barrels of oil from Jurassic aged reservoirs. Surface seeps of both oil and gas are present in the area and the sub-salt Triassic gas potential provides the biggest targets.
In April 2010 Ascent sold its 100% owned Swiss subsidiary, PEOS AG ('PEOS'), to eCORP Europe International Ltd. ('eCORP'), for a cash consideration of €8 million, together with various farm-in options on certain potentially successful discoveries.
Ascent retains the right to acquire 45% of any conventional discovery from the Essertines-2 appraisal well by paying 45% of drilling costs post any discovery with no obligation to participate.
Ascent retains the right to 22.5% of any discovery from certain additional conventional prospects by paying 22.5% of the drilling costs post discovery, again with no obligation to participate.