Ascent Resources Regulatory News (AST)

28 Jun 2005 13:48

Ascent Resources PLC28 June 2005 28 June 2005 Ascent Resources Plc ("Ascent" or "the Company") 'Board Appointments & Purchase of Swiss Operating Company' Ascent Resources Plc, the AIM listed oil and gas exploration and productioncompany, has appointed Malcolm Groom, Director, and Jonathan Legg, Non ExecutiveDirector, to its Board. It has also purchased PEOS AG, a Swiss company that hasoilfield operating experience in Switzerland. Board Appointments Malcolm Groom has been Ascent's legal and commercial adviser since itsinception. He is a qualified solicitor who has specialised in energy law fornearly 30 years, and since 2003 has been practising as an independentinternational legal adviser specialising in oil, gas and liquefied natural gas(LNG). Malcolm has worked in over 30 countries both on commercial deals andgovernmental/regulatory structures. As well as having been a partner atWarrens, Denton Hall and Norton Rose, he has held directorships at variouscompanies including Consort Resources Limited and has advised a wide range ofinternational companies including Shell, BHP Billiton, Lasmo, Monument andTractebel. Jonathan Legg also has wide experience of the energy industry. In 1997, heformed Energy Business Consultants Limited, which has advised a wide range of UKand international clients on the commercial aspects of gas and power, and alsoserved as a director of Claims Validation Services Limited, the company formedand owned by the UK's gas shippers to administer the Network Code. In 1999, hethen founded Consort Resources Limited, which by the time of its sale in 2003had become a top 10 UK gas producer. From 1981 to 1997, he was a seniorexecutive with Conoco (U.K.) Limited and then BG E&P Limited. Jonathan has alsoserved on the board of UK Offshore Operators' Association, and was a member ofthe Government's UK-Continental Interconnector Steering Group. Ascent Managing Director, Jeremy Eng said: "I'd like to welcome both Malcolm andJonathan to the Board. The experience and expertise of these specialistsperfectly complements that of the Board and management of the Company. Theirappointments significantly expand our ability to optimise the development ofAscent's portfolio of oil and gas assets. With two further acquisitions in thefinal stages of due diligence, I am certain they will make an invaluablecontribution in maximising returns for our shareholders and to assist us inidentifying the best assets for the Company in the future." Purchase of PEOS AG Ascent Resources has purchased all of the shares of PEOS AG under share exchangeagreements for the issue of 1,175,100 new ordinary shares in Ascent Resourcesplc. PEOS AG, registered in the Canton of Zurich, has oilfield operatingexperience in Switzerland and losses carried forward of CHF2.61 million (c. GB£1.12 million). It is intended that PEOS AG will operate the Company's interestsin Switzerland. The first two of three concessions applied for are to beawarded in the next few weeks. Other New Equity As part of their Board appointment package Malcolm Groom and Jonathan Legg willreceive 1,000,000 and 500,000 5p options respectively, exercisable between oneand five years from the date of award. 100,000 5p options with the sameconditions will be issued to Robert Lanyi for his work leading to theincorporation of Petro-Hungaria ktf, Ascent's joint venture company in Hungary. 150,000 shares are to be issued to Envoi Limited and 150,000 shares are to beissued to JSI Services Ltd for the services of Mike Lakin and Joe Staffurthregarding identification of Phase 2 projects. Information required to be disclosed pursuant to paragraph (f) of Schedule 2 ofthe AIM Rules. Malcolm Groom, aged 55, is or has been a director of the following companiesduring the previous five years: Current directorships Past directorshipsGTO Limited Jonathan Legg, aged 52, is or has been a director of the following companiesduring the previous five years: Current directorships Past directorshipsEnergy Business Consultants Limited Consort Resources LimitedFoundation Energy Limited Claims Validation Services LimitedJonathan Douglas Wines Limited There are no other matters, which are required to be announced with regard tothis appointment under paragraph (f) of Schedule 2 of the AIM Rules. * * ENDS * * Issued on behalf of Ascent Resources Plc by St Brides Media & Finance Ltd, 46Bedford Row, London, WC1R 4LR. Contacts: Jeremy Eng Ascent Resources Plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: Ascent Resources is an AIM listed oil & gas company with a primary focus inEurope. Founded in November 2004, Ascent considers the full spectrum of projectscovering exploration, early stage development and production. The Company has ahighly experienced technical team with strong industry contacts and a proventrack record. They have implemented a structured two phase development strategy:Phase 1 is to develop a core of half a dozen majority owned projects whilstPhase 2 is to acquire a lesser number of larger scale projects across a widergeographical range. The Company already has 90% interests in projects in Hungary(gas), Switzerland (gas & oil), and Holland (gas), as well as a 12.86% interestin an oil project in Gabon and is in the later stages of the acquisition ofprojects in Italy and Spain. The balance of oil and gas assets and thegeographical spread of projects mainly in net energy importing countries isdesigned to mitigate the risk in commodity price fluctuation and changes inglobal energy politics This information is provided by RNS The company news service from the London Stock Exchange