REG - Ascent Resources PLC - Riverfort Amendment, Share Settlements & TVR

Ascent ResourcesAnnouncement

19/05/2026 07:00

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RNS Number : 8037E  Ascent Resources PLC  19 May 2026

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19 May 2026

Ascent Resources plc

("Ascent" or the "Company")

Riverfort Facility Amendment, Share Settlements and Total Voting Rights

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company,
is pleased to announce that it has today entered into a Deed of Amendment and
Restatement with Riverfort Global Opportunities PCC Ltd ("Riverfort") in
respect of its existing secured loan facility.

Further to the US$250,000 repayment due on 21 April 2026, the Company has
agreed with Riverfort that US$100,000 of this amount will be satisfied by the
issue of 14,925,373 new ordinary shares of 0.5 pence each at a price of 0.5
pence per share. The remaining US$150,000 has been extended to 6 June 2026 in
consideration for a US$6,000 extension fee payable in cash. Legal and
professional costs of £7,500 have been added to the outstanding balance.
Riverfort will also receive 7,462,686 additional Preference 2 (or SPV 2)
Shares in accordance with the Company's existing contractual obligations.

At the same time, the Company is settling approximately £35,000 of
outstanding trade creditors by the issue of 6,969,740 new ordinary shares at
the same price of 0.5 pence per share. This settlement of trade creditors by
way of share issuance forms part of the Company's proactive management of its
working capital. It enables the Company to preserve cash resources for core
operational activities and strategic development priorities in its US oil and
gas business pending future plans to seek further finance, while further
strengthening the balance sheet and maintaining strong relationships with its
suppliers.

Applications will be made to the London Stock Exchange for the admission of
the 14,925,373 new ordinary shares to be issued to Riverfort and the 6,969,740
new ordinary shares to be issued to settle the outstanding trade creditors to
trading on AIM. Admission is expected to become effective at 8.00 a.m. on 20
May 2026.

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, the Company confirms that, following
Admission of the new unconditional shares the Company will have 832,210,587
Ordinary Shares in issue, none of which will be held in treasury. Accordingly,
the total number of voting rights in the Company will be 832,210,587 and
shareholders may use this figure as the denominator for the calculations by
which they will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules. The Company will also issue 7,462,686 additional
Preference 2 (or SPV 2) Shares to Riverfort. These Preference 2 (or SPV 2)
Shares (also referred to as A2 Preference Shares) were initially created in
February 2025 pursuant to a bonus issue to qualifying shareholders (and
related issuances), as detailed in the Company's circular at that time (RNS
5-Feb-2025) and approved by shareholders at the General Meeting, providing
holders with a ring-fenced economic interest in 41% of the net proceeds from
the Company's Energy Charter Treaty claim against the Republic of Slovenia.

 

Dave Patterson, CEO of Ascent, commented:

"This agreement with Riverfort provides the Company with additional short-term
flexibility while further reducing the immediate cash repayment burden.
Combined with the settlement of a portion of our trade creditors in shares,
the transaction strengthens the balance sheet and demonstrates continued
support from our key finance partners."

Further updates will be provided when available.

 

Enquiries

 Ascent Resources plc                      info3@ascentresources.co.uk

 Jean-Michel Doublet
 Zeus, Nominated Adviser & Broker          0203 829 5000

 James Joyce / James Bavister
 Fortified Securities, Joint-Broker        0203 411 7773

 Guy Wheatley
 Shard Capital Partners LLP, Joint-Broker  0207 186 9952

 Damon Heath

 

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