Last checked at 26 Aug 2008 11:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
26th August 2008
Ascent Resources plc ('Ascent' or 'the Company')
Appointment to the Board of Directors
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has appointed Simon Cunningham to the Board as Executive Finance Director.
Simon (33), a certified accountant, has extensive energy and resources experience having held senior corporate finance roles with diversified engineering services group Ausenco Limited (ASX:AAX), international renewable energy provider Energy Developments Limited (ASX:ENE) and independent power producer NRG Energy Inc. Most recently he served as the Chief Financial Officer of Reverse Corp Limited (ASX:REF), a telecommunications provider with operations in the United Kingdom and Australia where he was responsible for all aspects of the finance, treasury, investor relations, investment analysis and company secretarial functions.
Simon replaces Alan Sinclair who is stepping down from the board to pursue other opportunities.
John Kenny, Chairman of the Board of Ascent Resources said, "I would like to welcome Simon to the Ascent Board of Directors. He is a highly experienced individual who will undoubtedly be a tremendous asset to the Board. His broad financial background and his experience in listed companies will be invaluable for the Company to achieve its short and long term objectives particularly now that the Ascent has revenues from its gas production in Hungary. The Board and I would like to thank Alan Sinclair for his contributions to the Company and wish him well for the future."
The Board has granted Simon Cunningham 1,000,000 options to subscribe for new ordinary shares in the Company at 4.75p per share, exercisable from 21st September 2009 until 21st September 2013.
Current Directorships:
1800 Reverse Operations Limited
1800 Reverse Operations Pty Ltd
Reverse Corp. (UK) Limited
Rue Constance SARL
Tritel Australia Pty Ltd
There are no further disclosures to be made in relation to Simon Cunningham pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.
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For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Victoria Thomas St Brides Media & Finance Ltd Tel: 020 7236 1177
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
Notes
Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and the 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 Netherlands project, all of Ascent's projects are located onshore where operating and development costs are substantially lower than they are offshore.