REG - Ascent Resources PLC - Board Changes & Appointment of CFO

Ascent ResourcesAnnouncement

03/06/2024 15:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240603:nRSC9196Qa&default-theme=true

RNS Number : 9196Q  Ascent Resources PLC  03 June 2024

 This announcement contains inside information for the purposes of Article 7
of the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

3 June 2024

Ascent Resources plc

("Ascent" or the "Company")

Board Changes, Appointment of CFO, New Strategic Collaboration and Publication
of Annual Report and AGM Notice

Ascent is delighted to announce the proposed appointment of Mr Ibrahim Diab as
Executive Chairman, alongside the appointment of Mr Lionel Therond as CFO and
the signature of a new strategic collaboration agreement with Delta Energy
Corp SARL.

Board Changes

The Company is pleased to announce the proposed appointment of Mr
Ibrahim Diab as Executive Chairman. Mr Diab is a serial entrepreneur and
natural resources expert, who led MBD Partners SA's cornerstone investment
into Ascent. The appointment is subject to completion of customary regulatory
on-boarding checks and mutual agreement of a suitable service contract.

As previously announced Mr Malcolm Graham Wood stood down from the Board on 31
May 2024, and following the completion of regulatory checks, the Company is
also pleased to announce the appointment of Mr David Nelson Bullion to
Ascent's Board as a Non Executive Director. Mr Bullion is a seasoned oil and
gas professional with over 34-years experience, who has previously held senior
positions at BP during a 20 year career there spanning the globe, before
becoming the CIO of American Helium and now CEO of GNG Partners LLC.

The following information is disclosed in accordance with Rule 17 and
paragraph (g) of Schedule 2 of the AIM Rules for Companies in connection with
the appointment of David Nelson Bullion, aged 60, to the Board of the Company:

 Current directorships               Past directorships held within the last five years
 Green Natural Gas LLC (USA)         Cenaq Energy Corporation (USA)
 American Helium Corporation (USA)   Endpoints LLC (USA)
 Frontera Houston Corporation (USA)  Verde Clean Fuels, INC

There are no other matters under paragraph (g) of Schedule 2 of the AIM Rules
to be disclosed

In addition, the Company now announces that Mr James Parsons, has also elected
to stand down from the Board with immediate effect and will continue to
support the Company in a business development and Board advisory role. The
Board therefore from 3 June 2024 will consist of Mr Jean-Michel Doublet and Mr
David Bullion as Non-Executive Directors and Mr Andrew Dennan as CEO with Mr
Ibrahim Diab and Mr Edouard Etienvre as inbound Directors once regulatory
checks are complete and service agreements have been signed.

Appointment of Chief Financial Officer

Additionally, the Company is pleased to announce the appointment of Mr Lionel
Therond as CFO. Mr Therond has 30-years of experience in oil & gas and
banking. Until 2016, Mr Therond was Head of Oil & Gas Equity and Commodity
Research and a Managing Director at Standard Bank, focusing on the financing
of mid-size Oil & Gas companies in Emerging and Frontier Markets. Prior to
that, he was an equity fund manager and buy-side analyst with JPMorgan Asset
Management in London. His oil industry experience includes nine years with
Royal Dutch Shell managing exploration projects internationally. Lionel has an
MBA from INSEAD, a DEA in Geology and Geophysics from Institut National
Polytechnique de Lorraine and a Diplôme Ingénieur Géologue from Ecole
Nationale Supérieure de Géologie (Nancy, France). He is a CFA Charterholder
and a Fellow of the Geological Society of London.

Strategic Collaboration with Delta Energy Corp SARL ("Delta")

The Company is also pleased to announce that it has signed a strategic
collaboration agreement with Delta, which is a private oil and gas company
co-founded by Mr Eric Faillenet (former managing director at Carlyle
International Energy Partners and prior to that, a senior executive at
Perenco) and Mr Ibrahim Diab to take advantage of hydrocarbon opportunities
where Delta have multiple mature relationships and unique access.  Any
transactions under the collaboration agreement are expected to be classified a
related party transaction.  Further announcements will be made as
appropriate.

Publication of Annual Report and Notice of Annual General Meeting (AGM)

The Company announces that the Annual Report and Accounts for the year ended
31 December 2023 together with the AGM Notice will be published to
shareholders and on the Company's website shortly.

The AGM is to be held on Wednesday, 26 June 2024 at 11.00am at the offices of
Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT.

 

Enquiries:

 Ascent Resources plc                        Via Vigo Communications

 Andrew Dennan
 WH Ireland, Nominated Adviser & Broker      0207 220 1666

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

 Jon Belliss

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAFLFSSRVIVIIS