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Ascent Resources appoints new chairman, forms joint venture

Published 12/09/2024, 02:07 AM

LONDON - Ascent Resources Plc (LON: AST) has announced the creation of a joint venture with Delta Energy Corp SARL and the intended appointment of Mr. Gilles Thieffry as its Non-executive Chairman. Mr. Thieffry, who has a legal career spanning over four decades, will bring his extensive experience in capital markets, structured finance, and commodity trading to the company's board.

The new joint venture, a special purpose vehicle, will focus on business development opportunities in proven hydrocarbon basins. This move comes as part of Ascent's strategic collaboration with Delta Energy Corp SARL, a private oil and gas company. The collaboration was initially announced on June 3, 2024, and involves principals who are significant shareholders in Ascent.

Mr. Thieffry is recognized for his leading work in capital markets and structured finance. His career began in the City of London, where he held senior positions at international law firms before moving to Geneva to establish his own practice. His firm, GTLaw, specializes in finance and trade law, with a particular focus on commodity trading and finance. Mr. Thieffry's appointment is pending the completion of regulatory onboarding checks, and a further announcement will be made following these procedures.

Ascent Resources, by bringing Mr. Thieffry on board, aims to leverage his expertise and network to enhance the company's strategic direction and governance. His appointment replaces the previously announced appointment of Mr. Ibrahim Diab, which was made public on June 3, 2024.

This announcement is based on a press release statement. Further details regarding the joint venture's operations and specific projects will be disclosed in due course. Ascent Resources' collaboration with Delta Energy Corp SARL signifies a step forward in its business development strategy, with the aim of capitalizing on new opportunities in the oil and gas sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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