REG - Ascent Resources PLC - Successful Slovenia Domestic Arbitration Outcome

Ascent ResourcesAnnouncement

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RNS Number : 5935P  Ascent Resources PLC  03 July 2025

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3 July 2025

Ascent Resources plc

("Ascent" or the "Company")

Successful Slovenia Domestic Arbitration Outcome

Ascent Resources Plc (LON: AST) is pleased to announce that, further to
resuming arbitration against its former Slovenian joint venture partner
Geoenergo d.o.o. ("Geoenergo") (in administration since January 2024), as
previously announced 11 December 2024, the arbitration tribunal has now
rendered their final award in favour of the Company's 100% owned subsidiary
Ascent Slovenia Limited ("ASL"). Accordingly the tribunal decision confirms
that ASL's interpretation of the Restated Joint Operating Agreement (the
governing document and rules for the joint venture as amended in 2013)
language is the correct one and has awarded ASL a further €4,990,976 plus
interest since 19 January 2024 until payment in revenues owed to it from
production above the baseline production profile, which is in addition to the
amounts of €2,890,519.17 which has already been accepted by the Geoenergo
administrator ("Administrator") and approved by the relevant insolvency court.
Whilst ASL is entitled to these amounts, the recovery of these payments is
subject to the finalisation of the administration of Geoenergo and
consequently ASL may recover less than the full value of what it is owed.
Furthermore, the tribunal has also awarded costs of €79,234.83 which were
claimed by ASL ahead of the insolvency of Geoenergo and which are now expected
to be approved creditor claims in the Geoenergo insolvency estate and further
amounts of €56,825 which are instructed to be paid in cash within 15 days.

Separately to the award above, ASL has also been invited by the insolvency
court to enter into mediation with the Administrator in relation to the
Administrator's attempts to challenge the jurisdiction of the arbitration
tribunal which was lodged around the time ASL requested to resume the
arbitration proceedings. ASL believes the administrators position on this is
also manifestly wrong, a view which was supported by the tribunal which
included one Slovenian senior judge (former Supreme and Constitutional Court
Judge) but remains hopeful that an amicable agreement can be reached with the
Administrator in the near term.

The Company also continues its disputes with Geoenergo's connected party and
JV service provider Petrol Geo d.o.o. and expects outcome of the Service
Agreement (the agreement with which ASL and Geoenergo, together as joint
venture partners, entered into at the same time as the RJOA to appoint Petrol
Geo to operate the joint venture wells) dispute over the coming weeks, whereas
the Framework Build Operate Transfer Agreement (an ancillary agreement between
the joint venture partners and Petrol Geo relating to operation and future
transfer of joint venture plant and property upon termination of the RJOA or
concession contract and which was signed at the same time as the other
agreements) dispute will enter the final mediation stage in the following
weeks.

Further announcements will be made in due course as appropriate.

Enquiries:

 Ascent Resources plc                      info3@ascentresources.co.uk

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

 James Joyce / James Bavister
 Novum Securities, Joint Broker            0207 399 9400

 Jon Belliss / Colin Rowbury
 Fortified Securities, Joint-Broker        0203 411 7773

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

 Damon Heath

 

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