Last checked at 14 Sep 2010 07:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
14 September 2010
Ascent Resources plc ('Ascent' or 'the Company')
Appoints International Energy Specialist to Board
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, is pleased to announce the appointment of Cameron Davies to the Board as Non-executive Director with immediate effect. Dr. Davies is an international energy sector specialist and the former Chief Executive of Alkane Energy plc. He has an excellent track record of exploration success and growing profits in a quoted energy company. He brings with him the technical skills and broad network of international energy industry contacts which will be invaluable in progressing Ascent's extensive portfolio of European oil and gas development and exploration assets. At the same time, both Legal Director Malcolm Groom and Non-executive Director Jonathan Legg, who have been with the Company since 2005, have stepped down from the Board to focus on other commitments.
Beginning his career as a geologist, Dr. Davies has over 35 years experience in the oil and gas sectors. He founded AIM listed Alkane Energy plc ('Alkane') in 1994 and managed the business from original concept through venture capital funding and an IPO, to become a profitable operator of gas to power generation plants using Coal Mine Methane ('CMM') as fuel.
Before founding Alkane, Dr. Davies held a number of senior positions in the international oil and gas industry. After an intensive 5 year exploration drilling campaign as General Manager of KUFPEC Tunisia, he and his team made the 49mmb onshore Sidi el Kilani discovery, an onshore oilfield that peaked at c. 15,000 bopd. He left Tunisia to set up a small E&P company and an international energy consultancy. He successfully negotiated oil and gas concessions with the Tunisian government on behalf of several UK and US oil and gas companies and in 1996 he received a presidential citation for services to Tunisia.
As Operations Manager of Premier Oil Plc ('Premier'), Dr, Davies established the Aberdeen office and managed drilling operations in the Moray Firth block 12/23. Prior to that, he carried out research at Imperial College, London and worked as a geologist in Libya, the North Sea, Costa Rica, UK and Ireland. He is a former secretary of BRINDEX.
Dr. Davies has an extensive network of high level contacts in the energy and international business sectors. He has a PhD from Imperial College, is a Fellow of the Geological Society of London and a member of the European Petroleum Negotiators Group, the London Energy Group and the PESGB. He was Chairman of the Global Biogas Congress in Brussels in 2009 and is a Vice-Chairman of the UN Economic Commission for Europe's bureau on Coal Mine Methane.
Ascent Chairman John Kenny said, "Cameron has a broad knowledge of the E&P sector and I am delighted to welcome him to the Board of Ascent. His depth of technical experience and considerable sector acumen will be invaluable as we move to the next stage of our development and look to crystallise the value of our extensive portfolio of European focussed exploration and production assets.
"We believe the development plan we have envisaged over the coming months will unlock the potential of our portfolio and Cameron's previous experience as CEO of AIM listed Alkane and long involvement in international E&P will greatly assist this process.
"Finally, I would like to take this opportunity to thank Jonathan and Malcolm for their work during their long association with Ascent. Their contribution has been invaluable in evolving the Company to its current status and I wish them all the best for the future."
William Cameron Davies, aged 67 has been a director of the following companies during the previous five years:
| Current Directorships: | Directorships held within the previous five years: |
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| Alkane Energy plc | Alkane Energy UK Limited |
| Association of Coal Mine Methane Operators | Coalgas (Cymru) Limited |
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| Coalgas (Europe) Limited |
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| Eastern Pegasus Limited Alkane Services Limited |
There is no further information required to be disclosed in respect of the above appointment 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 4905 |
| Simon Cunningham | Ascent Resources plc | Tel: 020 7251 4905 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Charles Vaughan | Astaire Securities (Corporate Broking) | Tel: 020 7492 4765 |
| Gavin Burnell | Astaire Securities | Tel: 020 7492 4773 |
| Toby Gibbs | Astaire Securities | Tel: 020 7492 4774 |
| Phil Davies | Fox-Davies Capital Ltd | Tel: 020 7936 5200 |
| David Porter | Fox-Davies Capital Ltd | Tel: 020 7936 5200 |
Notes
Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.