Ascent Resources Regulatory News (AST)

13 Dec 2005 15:23

Ascent Resources PLC13 December 2005 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 13th December 2005 Ascent Resources plc ("Ascent" or "the Company") Directorship Changes Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, is pleased to announce that Mr. John Kenny will become Chairman of theBoard of Directors as from 1st January 2005. Mr. Kenny replaces DavidSteinepreis, who has been Chairman of the Company since before it came to AIM.The change is part of Ascent's continuing programme of establishing a board withthe relevant oil, gas and financial experience, to take the Company to the nextlevel of its development. Mr. John Kenny (63) has had a career in the oil and gas industry since 1964. Hewas a co-founder of the JP Kenny Group of Companies, which tradedinternationally in oil and gas engineering, sub-sea survey and inspection, andshipping. He was a founder of JP Kenny Exploration & Production Ltd, theforerunner of LSE listed JKX Oil & Gas plc, where he is currently Head ofCommercial Activities. Mr Kenny holds a degree in chemical engineering fromUniversity College London and is an Honorary Fellow of the College. David Steinepreis, retiring Chairman said: "I am delighted that Ascent isentering the next important stage of its growth under the leadership of anoutstanding team. John Kenny has a huge range of experience in the oil and gassector and has an excellent record of creating shareholder value. I feel that Ihave taken the Company through its formative stages and will now concentrate onmy other business interests. I remain fully committed to the Company and willcontinue to assist wherever I can." Ascent Resources Managing Director Jeremy Eng said: "I'd like to take thisopportunity to thank David for his stewardship and welcome John to the Board.John Kenny has a fantastic background and reputation in the oil & gas sector.He complements the Board's experience as it establishes itself as a European gasfocussed company. David, who has seen the Company through its first successfulyear as Chairman and founder, continues his strong association with Ascent as asignificant shareholder." Current Directorships: Endak Ltd - Holding CompanyJ.P. Kenny Corporation Ltd - Engineering ServicesLinx Telecom B.V. - TelecommunicationsCrimean Petroleum Co. - Oil & Gas Exploration & ProductionTranseuropean Energy Services Ltd - Oil & Gas TradingBaltic Energy Services Ltd - Oil & Gas TradingEurodrill Ltd - Drilling Services Directorships held within the previous five years: None 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 plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 242 4477 Notes Ascent Resources plc has assembled an extensive portfolio of oil and gasexploration and production assets across Europe since March 2004. These assetsinclude oil production from the Ayoluengo Field of northern Spain along withnearby oil and gas exploration, oil and gas exploration in Switzerland andItaly, gas exploration and tight gas reservoir re-development in Hungary as wellas an exploration application offshore Holland and minor assets in Gabon. With the strong and stable European gas market, the Company's portfolio isbalanced in favour of gas over oil. Over the next twelve months, sixexploration wells are planned: two in Spain, two or three in Italy and two inHungary. Permitting of these wells has commenced. In parallel with acquiring the oil and gas assets, The Company has appointed tothe Board a team of highly experienced directors who are specialists in the oiland gas business and each of whom have expertise and experience incommercialising hydrocarbon, but particularly gas, assets. This information is provided by RNS The company news service from the London Stock Exchange