Ascent Resources has posted a circular to shareholders covering the new management team and strategy.
The plan is to appoint James Parsons as executive chairman. He is already chairman of three other AIM companies (Regency Mines, Echo Energy and Coro Energy).
Ewen Ainsworth, who is also a director of Regency Mines and former finance director of Gulf Keystone Petroleum, will be a non-executive director, alongside Leonardo Salvadori, which is managing director of the Italian business of Coro Energy.
The nominal value of the company shares is being reduced from 0.2p to 0.005p and then consolidate 100 of the shares into one new share. This is so that more shares can be issued. Ascent has conditionally raised £800,000 at 5p a (post-consolidation) share
Ascent is still trying to obtain damages for the prolonged permitting process relating to the further development of the 75%-owned Petišovci gas field in Slovenia.
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