Ascent changes board in strategic deal

Ascent Resources plc plans to appoint Ibrahim Diab as executive chairman and has appointed Lionel Therond as chief financial officer.

The changes are in a “strategic collaboration” with Delta Energy Corp SARL.

Mr Diab and Eric Faillenet, former managing director at Carlyle International Energy Partners and previously a Perenco senior executive, co-founded London and Luxembourg based-Delta.

A “serial entrepreneur” and natural resources expert, Mr Diab led MBD Partners SA’s October 2023 cornerstone investment of £1.5 million into Ascent.

Chairman James Parsons leaves the board with immediate effect but continues to support the company in a business development and board advisory role.

Ascent has also appointed David Bullion to the board as a non-executive director.

The board now comprises NEDs Jean-Michel Doublet and Mr Bullion, CEO Andrew Dennan, and Mr Diab and Edouard Etienvre as incoming directors. 

CFO Mr Therond has 30 years’ experience in oil and gas and banking.

Until 2016, he was head of oil & gas equity and commodity research and a managing director at Standard Bank, focusing on financing mid-size oil & gas companies in emerging and frontier markets.

Mr Therond was previously an equity fund manager and buy-side analyst with JPMorgan Asset Management in London.

His oil industry experience includes nine years with Royal Dutch Shell managing exploration projects internationally.

Mr Therond has an MBA from INSEAD, a DEA in Geology and Geophysics from Institut National Polytechnique de Lorraine and a Diplôme Ingénieur Géologue from Ecole Nationale Supérieure de Géologie (Nancy, France).

He is a CFA Charterholder and a Fellow of the Geological Society of London.