REG - Ascent Resources PLC - Confirmation of Geoenergo d.o.o. administration

Ascent ResourcesAnnouncement

02/04/2024 14:45

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RNS Number : 0073J  Ascent Resources PLC  02 April 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.

 

2 April 2024

Ascent Resources plc

("Ascent" or the "Company")

Confirmation of Geoenergo d.o.o. administration and filing of Ascent's claims

Ascent Resources Plc (LON: AST) has today been informed that the high court
has rendered final approval of the insolvency of Geoenergo d.o.o., the
Company's Slovenian joint venture partner. As announced on 21 December 2023
the Company is owed approximately €8,000,000 of revenues which have already
been received by Geoenergo and as announced on 8 January 2024, is working to
register Ascent Slovenia Limited's ('ASL') claim in the insolvency proceedings
and simultaneously evaluating initiating civil and criminal charges against
the Directors and shareholders of Geoenergo, including Nafta Lendava d.o.o., a
100% Republic of Slovenia controlled entity, and Petrol d.d. which is a
publicly listed entity and approximately 30% controlled by the Republic of
Slovenia.

The Company also notes the administrator initiated a non-binding invitation to
tender for the Geoenergo business unit which includes the concession agreement
and business relationships with its service provider Petrol GEO, with a view
to monetising these assets. The Company expects that any proceeds received
from any sale would ultimately largely accrue to ASL due to its large creditor
position. The Company is now finalising the filing of its claim in the
insolvency proceedings. 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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