Board Appointment
14 January 2008
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
14th January 2008
Ascent Resources plc ("Ascent" or "the Company")
Board Changes
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has appointed Alan Sinclair to the Board as Finance Director.
Furthermore, Peter Earl is stepping down from his non-executive Board position
with immediate effect because of the weight of his responsibilities in his other
executive commitments and Jonathan Legg is reverting from an executive to a
non-executive Board role.
Alan Sinclair (50) has 28 years of experience in the oil and gas sector as a
corporate advisor, economist and analyst. Most recently he has acted as a
consultant for exploration and production companies providing business
development and corporate finance advice. Prior to this he had served as
associate director with BZW, ING, FBR International and Noble and Company where
he worked in equity research.
In his early career Alan gained experience working with leading companies
including Conoco UK, Wood Mackenzie and Smith New Court (now Merrill Lynch),
before moving to a commercial role in the BG Group.
John Kenny, Chairman of the Board of Ascent Resources said, "We are pleased to
welcome Alan to the Board. He brings with him a wealth of experience within the
oil and gas industry as well as the City and we believe he is ideally qualified
to aid us in developing and enhancing the value of our portfolio of European oil
and gas projects. Also, with regret, we would also like to thank Peter for his
invaluable contribution during the two years he has served on the Board of
Ascent and wish him the very best for the future."
The Board has granted Alan Sinclair 1,000,000 options to subscribe for new
ordinary shares in the Company at 11.p per share, exercisable from 14 January
2009 until 14 January 2013.
There is no further information required to be disclosed in respect of the above
appointment pursuant to Schedule Two paragraph (g) of the AIM Rules.
* * ENDS * *
For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
Notes
Ascent Resources plc has a diversified portfolio of over 20 hydrocarbon
exploration and development projects across six countries in Europe: Italy,
Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfolio
contains a solid base of field redevelopment projects with selected exposure to
exploration upside. The portfolio is focussed on gas and with the exception of
the shallow water Netherlands project, all of its projects are located onshore
where operating and development costs are substantially lower than they are
offshore.
This information is provided by RNS
The company news service from the London Stock Exchange
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