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
Andrew Dennan
|
Via Vigo Communications
|
WH
Ireland, Nominated Adviser & Broker
James Joyce / Sarah
Mather
|
0207 220 1666
|
Novum Securities, Joint Broker
Jon Belliss
|
0207 399 9400
|