Ascent Resources plc plans to appoint US-based geologist David Patterson as chief executive officer and director following the company’s next general meeting.
STRATEGY
He replaces Andrew Dennan who decided not to stand for re-election at the forthcoming general meeting as the company refocuses its interests on the USA.
Mr Dennan continues to work with the company on its arbitration claims against the Republic of Slovenia, the insolvency and associated proceedings against its Slovenian former joint venture partner and service provider.
“The board are very thankful for the leadership and strategic input from Andrew over the last five years, where he has been instrumental in defending the company’s interests in Slovenia and re-purposing the company to execute its new US onshore growth strategy and wish him success in future pursuits,” said Ascent.
As an oil and gas explorer and geologist, Mr Patterson has more than 43 years’ experience onshore US.
He was VP geology for Rose Petroleum plc (now Zephyr Energy plc), leading the evaluation of in excess of 250,000 acres of leases in Utah.
Mr Patterson was previously VP and manager of exploration, VP of geology, supervisor of reserves and senior geological engineer.
He is currently a principal partner and technical manager for Navarro Energy.
Ascent will pay Mr Patterson US$120,000 per annum in a combination of cash and options.
The company added that it will not appoint a chairman to the board until completion of a board review.
Senior independent non-executive director Jean-Michel Doublet will assume the role of interim chairman with immediate effect.