Business
Directorate Changes and Corporate Review
Directorate Changes and Corporate Review.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9426G Ascent Resources PLC 29 July 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of\nArticle 7 of Regulation (EU) No 596/2014 until the release of this announcement\n \n29 July 2019\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nDirectorate Changes and Corporate Review\n \nAscent Resources plc (AIM: AST), an independent oil and gas exploration and production company, operating the Petišovci Tight Gas Project in Slovenia, is pleased to provide the following corporate update incorporating board changes, future strategic direction, permitting and cost reduction measures.\n \nHighlights\n· Dr. John Buggenhagen appointed CEO\n· Louis Castro appointed Non-Executive Chairman\n· Colin Hutchinson resigns from the Board\n· Dr. Cameron Davies retires from the Board\n· Corporate review conducted to determine the future strategy of the Company\no Ascent to evaluate new regional opportunities with a view to diversifying asset base\n· Legal claims against the Republic of Slovenia for breaches of EU law being progressed\n· Cost reduction strategy to be implemented\no Net monthly cash outflow expected to be reduced by over 50%\n \nLouis Castro, Non-Executive Chairman of Ascent Resources plc, commented:\n\"I would like to thank Cameron Davies and Colin Hutchinson for their years of dedicated service to the Company. Under their stewardship, the Company negotiated a gas sales agreement with INA, secured access to the export pipeline and successfully brought Petišovci into production in 2017. On behalf of the Board, I would like to wish them well in their future endeavours.\n\"I am also pleased to welcome John Buggenhagen as our new CEO. John's extensive oil & gas knowledge, combined with his experience of the industry within Central and Eastern Europe and strong network of contacts is both invaluable to the Company and also provides Ascent with the necessary tools to diversify its portfolio.\n\"I look forward to working with John to build upon the Company's previous achievements and develop Ascent into a dynamic Company that w...