ASCENT RESOURCES PLC

Legal Proceedings Report • Jan 15, 2024

National Storage Mechanism | Additional information

RNS Number : 6118Z

Ascent Resources PLC

15 January 2024

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

15 January 2024

Ascent Resources plc

("Ascent" or the "Company")

Ascent Successfully Prevents Slovenian JV Partner's Immediate Insolvency

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European focussed energy and natural resources company is pleased to announce, following the petitions lodged by Ascent Slovenia Limited, that its joint venture ("JV") partner's application to enter self-declared insolvency has not been approved by the relevant court.

Further to the Company's announcement of 8 January 2024, relating to the JV partners application to enter into self-declared insolvency, the Company quickly filed a number of petitions to the Court against the JV partner's application to enter into self-declared insolvency.  The primary points made by the company are that this application is an attempted abuse of the insolvency system by a solvent company attempting to dispose of Ascent's valid claim against them and that Geoenergo has not engaged with Ascent, its main creditor, to understand if an accommodation (such as a settlement or Ascent taking ownership of Geoenergo or its assets) can be reached which would avoid insolvency. The court has therefore accepted the Company's creditor position and further not approved the partner's self-declared insolvency application.  A hearing will be held on 23 February to deliberate the matter further.  Accordingly, the JV partner remains a solvent entity and an administrator has not been appointed. The Company will reach out again to the JV partners to offer constructive talks. 

Further announcements will be made as necessary.

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 Jon Belliss	0207 399 9400

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