Ascent Resources PLC Board Changes (0752U)
July 27 2020 - 1:00AM
UK Regulatory
TIDMAST
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 exec utive
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
James Joyce / Chris Savidge 0207 220 1666
SP Angel, Joint Broker
Richard Hail, Caroline Rowe 0203 470 0470
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END
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