REG - Ascent Resources PLC - Board Changes

Ascent ResourcesAnnouncement

27/07/2020 07:00

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RNS Number : 0752U  Ascent Resources PLC  27 July 2020

27 July 2020

 

Ascent Resources plc

("Ascent" or the "Company")

Board Changes

 

Ascent Resources Plc (LON: AST) the onshore Caribbean, Hispanic American and
European energy and natural resources company, is pleased to announce the
following proposed changes to the Board in anticipation of the initiation of
Cuban operations.

Leonardo Salvadori, Non-Executive Director, will be assuming the part time
role of Technical Director from 1(st) October 2020, leading the Company's
technical work across both Cuba and Slovenia.  Mr Salvadori will therefore
become an executive of the Company, relinquishing his Non-Executive duties and
stepping down from the Board, effective 1(st) October 2020.

Stephen Birrell will be joining the Board as an independent Non-Executive
Director with effect from 1 October 2020, subject to completion of the
prerequisite regulatory checks. Stephen is a, Spanish speaking, geoscientist
who has worked in the upstream oil and gas industry for over 35 years with a
deep focus on Central Eastern Europe. He has operated across multiple
jurisdictions including the Caribbean and CEE with Britoil, BP and Elf. He is
currently a Director of Ossian Energy Ltd and the President of ROPEPCA, the
upstream oil and gas operator association of Romania. Stephen has a BSc
Honours in Applied Geology.

Malcolm Graham-Wood will also be joining the Board as a Non-Executive director
of the Company with effect from 1 October 2020. Malcolm has over 40 years'
experience in the energy business and is a well known corporate broker and
market commentator to both private and institutional audiences. Malcolm is a
Founding Partner of HydroCarbon Capital which provides independent advisory
services to the oil & gas sector and is also a Director of the Maven
Income and Growth VCT 4 PLC, a venture capital trust listed on the premium
sector of the London Stock Exchange where he chairs the risk committee.

Following the appointment of Messrs Birrell and Graham-Wood the Board will
comprise of three non-executive directors and two executive directors and have
a strong component of independent Directors consistent with the requirements
of the Quoted Companies Alliance Corporate Governance Code 2018.

 

James Parsons, the Company's Chairman, commented:

"I am delighted to welcome Leonardo Salvadori to the executive team and both
Malcolm Graham-Wood and Stephen Birrell to the Board.

We are positioning Ascent as an advantaged platform for counter cyclical
acquisitive growth, taking advantage of the recent market turmoil.  We
believe Cuba, together with the other Special Situations we are actively
assessing, will provide the unique ingredients for a highly material growth
trajectory across oil, gas and mining as the cycle continues to turn."

 

 

APPENDIX:

The following details in relation to the appointment of Mr Malcolm David
Graham-Wood, aged 63 are disclosed in accordance with Schedule 2(g) of the AIM
Rules:

 Current directorships               Past directorships held within the last five years
 HydroCarbon Capital Limited

 Maven Income and Growth VCT 4 PLC

 

There are no other disclosures in accordance with Schedule 2(g) of the AIM
Rules in relation to Mr Graham-Wood's appointment.

 

 

Enquiries:

 Ascent Resources plc                        Via Vigo Communications

 Andrew Dennan

 WH Ireland, Nominated Adviser & Broker      0207 220 1666

 James Joyce / Chris Savidge
 SP Angel, Joint Broker                      0203 470 0470

 Richard Hail, Caroline Rowe

 

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