Board Changes & Appointment of CFO

Ascent Resources PLC

03 June 2024

 

 This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

3 June 2024

Ascent Resources plc

("Ascent" or the "Company")

Board Changes, Appointment of CFO, New Strategic Collaboration and Publication of Annual Report and AGM Notice

Ascent is delighted to announce the proposed appointment of Mr Ibrahim Diab as Executive Chairman, alongside the appointment of Mr Lionel Therond as CFO and the signature of a new strategic collaboration agreement with Delta Energy Corp SARL.

Board Changes

The Company is pleased to announce the proposed appointment of Mr Ibrahim Diab as Executive Chairman. Mr Diab is a serial entrepreneur and natural resources expert, who led MBD Partners SA's cornerstone investment into Ascent. The appointment is subject to completion of customary regulatory on-boarding checks and mutual agreement of a suitable service contract.

As previously announced Mr Malcolm Graham Wood stood down from the Board on 31 May 2024, and following the completion of regulatory checks, the Company is also pleased to announce the appointment of Mr David Nelson Bullion to Ascent's Board as a Non Executive Director. Mr Bullion is a seasoned oil and gas professional with over 34-years experience, who has previously held senior positions at BP during a 20 year career there spanning the globe, before becoming the CIO of American Helium and now CEO of GNG Partners LLC.

The following information is disclosed in accordance with Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies in connection with the appointment of David Nelson Bullion, aged 60, to the Board of the Company:

Current directorships	Past directorships held within the last five years
Green Natural Gas LLC (USA)	Cenaq Energy Corporation (USA)
American Helium Corporation (USA)	Endpoints LLC (USA)
Frontera Houston Corporation (USA)	Verde Clean Fuels, INC

There are no other matters under paragraph (g) of Schedule 2 of the AIM Rules to be disclosed

In addition, the Company now announces that Mr James Parsons, has also elected to stand down from the Board with immediate effect and will continue to support the Company in a business development and Board advisory role. The Board therefore from 3 June 2024 will consist of Mr Jean-Michel Doublet and Mr David Bullion as Non-Executive Directors and Mr Andrew Dennan as CEO with Mr Ibrahim Diab and Mr Edouard Etienvre as inbound Directors once regulatory checks are complete and service agreements have been signed. 

Appointment of Chief Financial Officer

Additionally, the Company is pleased to announce the appointment of Mr Lionel Therond as CFO. Mr Therond has 30-years of experience in oil & gas and banking. Until 2016, Mr Therond was Head of Oil & Gas Equity and Commodity Research and a Managing Director at Standard Bank, focusing on the financing of mid-size Oil & Gas companies in Emerging and Frontier Markets. Prior to that, he was an equity fund manager and buy-side analyst with JPMorgan Asset Management in London. His oil industry experience includes nine years with Royal Dutch Shell managing exploration projects internationally. Lionel has an MBA from INSEAD, a DEA in Geology and Geophysics from Institut National Polytechnique de Lorraine and a Diplôme Ingénieur Géologue from Ecole Nationale Supérieure de Géologie (Nancy, France). He is a CFA Charterholder and a Fellow of the Geological Society of London.

Strategic Collaboration with Delta Energy Corp SARL ("Delta")

The Company is also pleased to announce that it has signed a strategic collaboration agreement with Delta, which is a private oil and gas company co-founded by Mr Eric Faillenet (former managing director at Carlyle International Energy Partners and prior to that, a senior executive at Perenco) and Mr Ibrahim Diab to take advantage of hydrocarbon opportunities where Delta have multiple mature relationships and unique access.  Any transactions under the collaboration agreement are expected to be classified a related party transaction.  Further announcements will be made as appropriate.

Publication of Annual Report and Notice of Annual General Meeting (AGM)

The Company announces that the Annual Report and Accounts for the year ended 31 December 2023 together with the AGM Notice will be published to shareholders and on the Company's website shortly.

The AGM is to be held on Wednesday, 26 June 2024 at 11.00am at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT.

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Communications
WH Ireland, Nominated Adviser & Broker James Joyce / Sarah Mather	0207 220 1666
Novum Securities, Joint Broker Jon Belliss	0207 399 9400

 

END