REG - Ascent Resources PLC - JV Partner Initiates Insolvency Proceedings

Ascent ResourcesAnnouncement

08/01/2024 15:15

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RNS Number : 9942Y  Ascent Resources PLC  08 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.

 

8 January 2024

Ascent Resources plc

("Ascent" or the "Company")

Slovenian JV Partner Initiates Insolvency Proceedings

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European
focussed energy and natural resources company announces that it has been
advised that Geoenergo d.o.o. ("Geoenergo") has initiated insolvency
proceedings in Slovenia. Geoenergo is Ascent Slovenia Limited's ("ASL") joint
venture ("JV") partner whom ASL has an ongoing Arbitration Tribunal hearing
against.  As announced on 25 October 2023, the Company received a positive
Arbitration Tribunal binding interim decision, confirming Ascent Slovenia
Limited (ASL)'s entitlement to proceeds above the baseline production profile
from all wells in the concession area.

In response to this, the Company is now working with its Slovenian lawyers
across multiple fronts, including; challenging the proposal for Geoenergo to
enter into self-declared insolvency; registering ASL's significant creditor
position with the courts; working to protect the status of the concession
where possible; and also potentially filing civil claims and initiating
criminal charges against the Directors and shareholders of Geoenergo (which
may include 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).

An administrator for Geoenergo is expected to be appointed shortly. The
Company will be asking to investigate where the hydrocarbon revenues, which
have been historically received by Geoenergo and claimed by ASL for some time
and which now, following the arbitration outcome, are indisputably owed to
ASL, are.  ASL will collaborate with the necessary authorities to evaluate
any potential misappropriation of those revenues.

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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