Ascent Resources Regulatory News (AST)

14 Jan 2008 07:01

Ascent Resources PLC14 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 productioncompany, has appointed Alan Sinclair to the Board as Finance Director.Furthermore, Peter Earl is stepping down from his non-executive Board positionwith immediate effect because of the weight of his responsibilities in his otherexecutive commitments and Jonathan Legg is reverting from an executive to anon-executive Board role. Alan Sinclair (50) has 28 years of experience in the oil and gas sector as acorporate advisor, economist and analyst. Most recently he has acted as aconsultant for exploration and production companies providing businessdevelopment and corporate finance advice. Prior to this he had served asassociate director with BZW, ING, FBR International and Noble and Company wherehe worked in equity research. In his early career Alan gained experience working with leading companiesincluding 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 towelcome Alan to the Board. He brings with him a wealth of experience within theoil and gas industry as well as the City and we believe he is ideally qualifiedto aid us in developing and enhancing the value of our portfolio of European oiland gas projects. Also, with regret, we would also like to thank Peter for hisinvaluable contribution during the two years he has served on the Board ofAscent and wish him the very best for the future." The Board has granted Alan Sinclair 1,000,000 options to subscribe for newordinary shares in the Company at 11.p per share, exercisable from 14 January2009 until 14 January 2013. There is no further information required to be disclosed in respect of the aboveappointment 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 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477Max Hartley Cenkos Securities plc Tel: 020 7397 8924 Notes Ascent Resources plc has a diversified portfolio of over 20 hydrocarbonexploration and development projects across six countries in Europe: Italy,Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfoliocontains a solid base of field redevelopment projects with selected exposure toexploration upside. The portfolio is focussed on gas and with the exception ofthe shallow water Netherlands project, all of its projects are located onshorewhere operating and development costs are substantially lower than they areoffshore. This information is provided by RNS The company news service from the London Stock Exchange