REG - Ascent Resources PLC - Ascent Prevents JV Partner’s Immediate Insolvency

Ascent ResourcesAnnouncement

15/01/2024 07:00

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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                        Via Vigo Communications

 Andrew Dennan
 WH Ireland, Nominated Adviser & Broker      0207 220 1666

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker              0207 399 9400

 Jon Belliss

 

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