Ascent Resources Regulatory News (AST)

28 Jun 2006 16:16

Ascent Resources PLC28 June 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 28 June 2006 Ascent Resources plc ("Ascent" or "the Company") Appointment of New Non-Executive Director Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, has appointed Nigel Moore FCA to its Board as a non-executive directorwith immediate effect. Mr. Moore's appointment completes the Company's strategyof assembling a strong board with the experience and expertise to develop theEuropean oil and gas assets of Ascent for its shareholders. Mr. Moore is a Chartered Accountant and was a London based partner of Ernst &Young for 30 years until 2003 where for the last ten years he specialised in theoil and gas sector. He has advised many large international companies,providing significant input to strategic options, new opportunities anddelivering shareholder value. In addition to his other duties on the Board, Mr.Moore will become the Chairman of Ascent's Audit Committee. Ascent Chairman John Kenny said: "We now have a Board with the strength andexperience to steer the Company through the rapid expansion that we hope willfollow from the current drilling programme. This six-well drilling campaignwill be adequately funded and resourced following the completion of a proposedfarm out of a minority interest in the Nyirseg project in Hungary. We expect toreport the first results of the drilling to shareholders early in the fourthquarter." Mr. Moore will be issued options to subscribe for 500,000 new shares of theCompany at a price of 9.5p exercisable between the first and fifth anniversariesof issue. Mr. Moore, aged 62, is or has been a director of the following companies duringthe previous five years: Current Directorships: TEG Environmental PLC The Vitec Group PLC IntelligentComms Ltd Directorships held within the previous five years: Vanco Energy Company There are no other matters which are required to be announced with regard tothis appointment under paragraph (g) of Schedule 2 of the AIM Rules. * * ENDS * * Contacts Jeremy Eng Ascent Resources plcTel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 0207242 4477 NotesAscent Resources has an extensive portfolio of over 20 oil and gas projectsacross six countries in Europe. These include an 88% interest and operatorshipof the only onshore Spanish oilfield which produces over 100 barrels of oil perday. Ascent's other projects are in Italy, the fourth biggest Europeanhydrocarbon's producer, Switzerland, Hungary and Romania, as well asapplications offshore Holland and minor assets in Gabon. Starting late thissummer Ascent will drill six exploration wells, two each in Hungary, Spain andItaly. High impact gas exploration wells in the Po Valley in Italy and inSwitzerland are planned for 2007. The Company will also participate in up tofour non-operated exploration wells in Romania. With the strong and stable European gas market, the Company's portfolio isbalanced in favour of gas over oil, and with the exception of Holland, projectsare located onshore where operating and development costs are very much lessthan they are offshore. In parallel with acquiring the oil and gas assets, the Company has appointed tothe Board a team of experienced directors who are specialists in the Europeanenergy business and each of whom has expertise and experience in commercialisingenergy assets. This information is provided by RNS The company news service from the London Stock Exchange