Ascent Resources plc announced that Dr. Cameron Davies has informed the Board of his decision to retire as Chairman with immediate effect. Louis Castro will take over as Non-Executive Chairman with immediate effect. Louis has over 30 years' experience in investment banking and broking both in the UK and overseas.

He was previously a Non-Executive Director and then CFO at Eland Oil and Gas PLC. Colin Hutchinson has informed the Board of his decision to step down as a director of the company in order to pursue other business interests. Colin will be replaced as Chief Executive Officer by Ascent's current COO, Dr. John Buggenhagen, with immediate effect.

Colin will continue to support the Board on a part-time basis as Finance Director until suitable alternative arrangements have been made. Colin has been a Director of the Company since August 2014 and assumed the role of CEO in September 2015. Dr. John Buggenhagen is an experienced and dynamic geophysicist with 20 years' working knowledge of the industry, who has spent the last 15 years working in Central and Eastern Europe.

Most recently, John was the CEO of Palomar Natural Resources, a Polish focussed E&P company. Previously he was the Director of Exploration for San Leon Energy in London and Exploration Manager Europe for Aspect Energy/Hungarian Horizon Energy in Budapest.