REG - Ascent Resources PLC - New Joint Venture & Board Changes

Ascent ResourcesAnnouncement

09/12/2024 07:00

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RNS Number : 3048P  Ascent Resources PLC  09 December 2024

9 December 2024

Ascent Resources plc

("Ascent" or the "Company")

New Joint Venture with Delta Energy Corp SARL & Board Changes

Ascent Resources Plc (LON: AST) is pleased to announce it intends to appoint
Mr Gilles Thieffry to the Board as Non-executive Chairman as well as the
Company having created a new joint venture special purpose vehicle with Delta
Energy Corp SARL.

Board Changes

The Company is pleased to announce its intention to appoint Mr. Gilles
Thieffry as Non-Executive Chairman of the Board. Mr. Thieffry brings a
distinguished legal career spanning over four decades, with exceptional
expertise in capital markets, structured finance, and commodity trading.

Mr. Thieffry began his career in the City of London, where he held senior
positions at renowned international law firms, including Norton Rose and
Andersen Legal (Garretts). During this time, he established himself as a
leading practitioner in capital markets and structured finance. Subsequently,
he relocated to Geneva, Switzerland, to establish his own practice, GTLaw, a
boutique law firm specialising in finance and trade law. The firm is highly
regarded for its focus on commodity trading, finance, capital markets, and
international arbitration.

At GTLaw, Mr. Thieffry continues to provide counsel to major multinational
corporations, with a practice encompassing commodity finance, structured
finance, capital markets, banking law, commodity trading, and related
arbitration. His extensive expertise is complemented by a prolific body of
published work, including leading articles in legal journals and the Financial
Times, on subjects such as the impact of the Basel Accords on commodity trade
finance, economic and monetary union, securities law, and the regulation of
Eurozone securities markets. Additionally, he actively contributes to academic
discourse in these fields.

Mr. Thieffry is a graduate of the Université de Franche-Comté, the Graduate
Institute of International Studies in Geneva, and the University of
Pennsylvania Law School. He is admitted as a Solicitor of the Supreme Court of
England and Wales, an Avocat of the Geneva Bar, an honorary member of the
Paris Bar, and a member of the New York Bar.

Beyond his legal practice, Mr. Thieffry has served as a non-executive director
on the boards of several public and private companies, including prior roles
with listed oil and gas companies. His appointment to the Board remains
subject to the completion of customary regulatory onboarding checks.

The Company is confident that Mr. Thieffry's breadth of experience and
exceptional career will provide invaluable leadership and strategic insight,
greatly benefiting the Company's ongoing success. Mr. Thieffry's appointment
to the Board, will be with the full support and in lieu of Mr Ibrahim Diab's
previously announced appointment (on 3 June 2024), Mr. Thieffry's appointment
is subject to completion of customary regulatory on-boarding checks following
which a further announcement will be made.

New Joint Venture with Delta Energy Corp SARL

Further to the Company's announcement on 3 June 2024, relating to the
strategic collaboration agreement with Delta Energy Corp SARL, a private oil
and gas company founded by Mr Ibrahim Diab (a principal of MBD Partners SA
which is a significant shareholder in the Company) and Mr Eric Faillenet
(former Perenco executive and former MD of Carlyle International Energy
Partners), the Company is pleased to announce that Delta and Ascent have
formed a new joint venture special purpose company which will focus on new
business development opportunities in world class proven hydrocarbon basins.
Further announcements will be made as necessary.

 

Enquiries:

 Ascent Resources plc                  Via Vigo Communications

 Andrew Dennan
 Zeus, Nominated Adviser & Broker      0203 829 5000

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker        0207 399 9400

 Jon Belliss

 

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