Directorate Change

RNS Number : 4206V

Ascent Resources PLC

02 November 2010

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

2 November 2010

Ascent Resources plc ('Ascent' or 'the Company')

Board Appointment

Ascent Resources plc, the AIM-traded oil and gas exploration and production ('E&P') company, is pleased to announce the appointment of Mr. Scott Richardson Brown as a Non-executive Director with immediate effect.  With effect from 4 January 2011, he will be appointed Executive Finance Director, replacing Mr. Simon Cunningham who is re-locating to Australia.  Mr. Cunningham will continue to work for the Company in his existing role on a full time basis until the end of 2010 supporting a managed transition and thereafter, will be available on a consultancy basis to help maintain the momentum in the development of Ascent's European oil and gas portfolio.

Mr. Richardson Brown is a qualified Chartered Accountant and subsequent to his experience as an auditor has spent over 10 years working with AIM, FTSE 250 and FTSE 100 companies, both in a corporate finance advisory role and, recently, as Corporate Finance and Investor Relations Director of CSR plc ('CSR').   Beginning his career at Coopers & Lybrand's (later PWC) in the Banking and Capital Markets division, Mr. Richardson Brown then became a Partner in the Corporate Broking/Finance division of Oriel Securities Limited where he gained significant experience in a range of sectors including oil and gas, advising companies particularly regarding mergers and acquisitions, IPOs and secondary raisings as well as general equity capital market requirements.  In his most recent role at CSR plc, a FTSE 250 semiconductor company, in addition to the day-to-day capital and corporate finance activities, he managed a number of corporate transactions including the US$280 million acquisition of US listed SiRF Technology Holdings, Inc. as well as winning recognition for his and CSR's Investor Relations programmes.

Ascent Chairman John Kenny said, "Scott's overall corporate finance experience, strong investor relations focus and broad City contact base makes him ideal for the role of Ascent's Finance Director, as we continue developing and growing the Company primarily through the development of our European portfolio and particularly the operated projects in Hungary, Slovenia, and Italy.

"During the last two and a half years Simon Cunningham has done an excellent job as our Finance Director and we thank him for that and wish him every success on his return to Australia in the New Year."

The Board has granted Mr. Richardson Brown 1,000,000 options to subscribe for new ordinary shares in the Company at 4.875p per share, exercisable from 1 November 2011 until 1 November 2015 and 1,000,000 options to subscribe for new ordinary shares in the Company at 7.313p per share, exercisable from 1 November 2012 until 1 November 2015. 

 Mr. Richardson Brown, aged 34, is or has been a director of the following companies during the previous five years:

Current Directorships:	Directorships held within the previous five years:
Kingsley House Limited	None

There is no further information required to be disclosed in respect of the above appointment pursuant to Schedule Two paragraph (g) of the AIM Rules.

* * ENDS * *

For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Simon Cunningham	Ascent  Resources plc	Tel: [phone]
Sarah Wharry	finnCap Ltd	Tel: [phone]
Henrik Persson	finnCap Ltd	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its 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 shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.

 

END

 

 

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