GCM Resources Regulatory News (GCM)

27 Jan 2006 16:42

Asia Energy PLC27 January 2006 Asia Energy Plc ("Asia Energy" or the "Company") Director Resignation Asia Energy advises that Mr Michael Frayne has today resigned as a director ofthe Company. The Company announced on 19th January that Mr Frayne would beresigning before the end of January following the appointment of Mr SteveBywater as the Company's Chief Executive. Mr Frayne joined the Company prior to it listing on AIM and has seen the Companygrow from an initial market capitalisation of £28 million to about £220 milliontoday. Over the past two years he has seen Asia Energy achieve significantprogress towards the development of the Phulbari Coal Project in Bangladesh. Hehas been instrumental in guiding the Company's strategy and has overseen thefollowing: • Capital Raising of £14 million at the IPO • The appointment of Barclays Capital as financial advisor to the Company • The submission of the Environmental Impact Statement to the Government of Bangladesh and its subsequent approval • The completion of the Scheme of Development to the Government of Bangladesh • The equity raising of US$52 million through JPMorgan Cazenove in December 2005 • The appointment of Mr Steve Bywater to lead the team to develop the Phulbari Coal Project. "The Company wishes to thank Michael for his valuable contribution towards thefuture development of the Phulbari Project which will be important to the peopleof Bangladesh.", said Asia Energy director Mr David Lenigas. Mr Frayne will focus on his new role as Chairman of London based CompaniesIrvine Energy PLC and Nardina Resources PLC. For further information please contact: David Lenigas, DirectorTel: +44 (0) 20 7079 1798, Fax: +44 (0) 20 7491 2758Gary Lye, Chief Executive Officer Bangladesh +88 0173016704Website: www.asia-energy.com Parkgreen Communications:Justine Howarth, Cathy MalinsTel: +44 (0) 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange