Update on JV Partner’s Insolvency Proceedings

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.

19 January 2024

Ascent Resources plc

("Ascent" or the "Company")

Update on JV Partner's Insolvency Proceedings

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European focussed energy and natural resources company announces that it was informed today that Geoenergo d.o.o., the Slovenian joint venture partner, has had its application to enter insolvency approved.

Further to the Company's announcements of 8 and 15 January 2024, relating to the JV partners application to enter into self-declared insolvency, the Company has today been notified that the relevant court has cancelled the hearing which was scheduled for 23 February (as announced by the Company on 15 January) and has issued a resolution on the commencement of bankruptcy proceedings of Geoenergo d.o.o. alongside the appointment of an administrator.

The Company is now filing an appeal against the decision of the court in relation to this unprecedented situation and will register its claim with the competent court, whilst continuing to pursue civil and criminal areas of redress against the former management and stakeholders of Geoenergo d.o.o.

Further announcements will be made as necessary.

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