15th May 2006 10:00
Ascent Resources PLC15 May 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 15 May 2006 Ascent Resources plc ("Ascent" or "the Company") New Non-Executive Director Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, has appointed Peter Earl to its Board as a non-executive director withimmediate effect. Mr. Earl's appointment complements and expands the alreadystrong capabilities of the existing Board. Mr. Earl has considerable experience in corporate finance and power generation.He is currently the CEO of AIM listed independent power plant developer, IPSAGroup plc, and Managing Director of Rurelec plc, a company established todevelop rural electrification and power generation projects in Latin America,also listed on AIM. After beginning his career at the Boston Consulting Group, advising state-ownedcompanies being reorganised for privatisation, Mr. Earl became an investmentbanker at Blyth Eastman Dillon. He then worked at Orion Bank in the early 1980sand subsequently was a founding director of Arab Banking Corporation'sinvestment bank. During his career, he has advised ministries of finance andcentral banks in Abu Dhabi, Albania, Kuwait and Saudi Arabia. Acting on secondment to the World Bank and UNDPE, Mr. Earl has advised onprivatisations in Latin America and Eastern Europe, where he has served asDeputy Chairman for the United Nations Economic Commission for the Europeinfrastructure finance group. In the mid 1990s he advised on US$6 billion ofcross-border power sector acquisitions and bids, involving 5,000MW of installedcapacity and more than two million distribution customers, before foundingIndependent Power Corporation in late 1995. Mr. Earl has also previously held directorship positions with amongst others TheCarter Organization Inc, and Tranwood PLC. He is the author of the standardEuropean textbook on cross-border takeovers published by Euromoney. Ascent Chairman John Kenny said: "I am committed to building a first-rate Boardof Directors to develop the assets of Ascent for its shareholders. Peter'sappointment represents an important step in achieving this objective. He has awealth of experience gained in the finance, hydrocarbon and power generationsectors, and I am convinced that he will make a major contribution in moving theCompany to its next level of development." Peter Earl will be issued options to subscribe for 500,000 new shares of theCompany at a price of 11.5p exercisable between the first and fifthanniversaries of issue. Peter Earl, aged 51, is a director or has been a director of the followingcompanies during the previous five years: Current Directorships: Independent Power Corporation PLCIPSA Group PLCRurelec PLC Directorships held within the previous five years: Consort Resources Limited 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 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Ascent Resources plc has assembled an extensive portfolio of 20 oil and gasassets across Europe since March 2005. These assets include oil production fromthe Ayoluengo Field of northern Spain along with nearby oil exploration, oil andgas exploration in Switzerland and Italy, gas exploration and development inHungary and Romania, as well as applications for new exploration acreageoffshore 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, and with the exception of Holland, projectsare located onshore where operating and development costs are very much lessthan they are offshore. The Company plans to drill six exploration wells in2006: two in Spain, two in Italy and two in Hungary. Suitable drillingequipment has been sourced and the permitting of these wells is in progress withdrilling to commence in the late summer. The Company will also participate in upto four non-operated exploration wells in Romania. In parallel with acquiring the oil and gas assets, the Company has appointed tothe Board a team of experienced directors who are specialists in the Europeanenergy business and each of whom has expertise and experience in commercialisingenergy assets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ascent Resources