#AST: Board changes and new strategy for Ascent as Hutchinson looks at new projects

#AST. In an interview with Ascent Resources, CEO Colin Hutchinson revealed to London South East that he plans to take the company in a new direction.

Ascent's problems in getting permits for their gas operations in Slovenia have been well documented. The new plan is to look for new projects in the region which are relatively quick to bring to fruition, meanwhile running Petisovci more effectively and focusing on getting the two outstanding permits granted.

Colin Hutchinson will return to work full time as company CEO, and at the same time Clive Carver will stand down as Chairman to be replaced by non-executive director Cameron Davies. Non-exec director Nigel Moore has also decided to retire from the board and will be replaced in due course.

The company has appointed a new Chief Operating Officer, John Buggenhagen, an experienced geophysicists with experience of Hungary, Poland and Slovenia. john will work on new projects and optimising existing resources.

Funding comes from current revenues, which are expected to be around 2.1 million euros in 2018.