ASCENT RESOURCES PLC

Business and Financial Review • Oct 11, 2021

National Storage Mechanism | Additional information

RNS Number : 5613O

Ascent Resources PLC

11 October 2021

11 October 2021                                              

Ascent Resources plc

("Ascent" or the "Company")

Update on Gas Price and Slovenian JV Partner Discussions

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, is pleased to update on gas prices at its Petisovci gas project in Slovenia.

The Company notes recent significant increases in global gas prices.   Central Eastern Gas Hub spot prices are currently circa Eur 105.0 / MWh whilst Central Eastern Gas Hub pricing for Q1 2022 futures are currently Eur 104.725 / MWh.  This is an 905% increase from the EUR 11.4 / MWh price as set out in the Company's 10 September 2020 announcement.

The Company now expects, at current gas prices and production levels, the PG-10 and PG-11A production wells to generate net production revenues (after extraction, processing and handling costs) of at least Euro 100,000 per month, net to Ascent.

Furthermore, the Company is also delighted to announce that, following a recent Operating Management Committee meeting and partner engagement process in Slovenia, it is aligned with its JV partner on key workstreams including the long term concession extension, environmental impact assessment and permitting to re-stimulate the PG-10 and PG-11A wells. The Company is also in constructive dialogue with its JV partners in Slovenia regarding the resolution of all disputed legacy matters and the restructuring of certain production costs. Further announcements will be made in due course.

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Communications
WH Ireland, Nominated Adviser & Broker James Joyce / Sarah Mather	0207 220 1666
Novum Securities, Joint Broker John Belliss	0207 399 9400

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFSEITLTIIL