REG - Ascent Resources PLC - Receipt of First Revenue Payment

Ascent ResourcesAnnouncement

12/08/2022 07:00

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RNS Number : 7857V  Ascent Resources PLC  12 August 2022

12 August 2022

Ascent Resources plc

("Ascent" or the "Company")

Receipt of First Revenue Payment

Ascent Resources Plc (LON: AST), the onshore Hispanic America and European
focussed energy and natural resources company, is pleased to announce receipt
of the first cash payment from its Slovenian partner following the recently
announced agreement on revenue recognition.

As announced on 2 August, the Company and its JV partner agreed Ascent's
entitlement to 90% of the hydrocarbon production revenues from the PG-10 and
PG-11A wells for the period of April 2020 through to June 2022.  The
Company's 100% owned subsidiary, Ascent Slovenia Limited, has received the
first net cash payment of €650,560 in relation to production from April 2020
through to December 2021 (the "First Period"). This net payment is calculated
as €832,168 in revenue for the First Period, less €180,607 of JV costs
relating to historic concession and legal fees. The second and final payment
relating to the 2022 hydrocarbon revenues, totalling a further net cash
payment of €857,617 to Ascent, is expected to follow shortly.

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.

 

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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