REG - Ascent Resources PLC - Update on JV Partner’s Insolvency Proceedings

Ascent ResourcesAnnouncement

19/01/2024 15:45

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RNS Number : 3483A  Ascent Resources PLC  19 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.

 

19 January 2024

Ascent Resources plc

("Ascent" or the "Company")

Update on JV Partner's Insolvency Proceedings

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European
focussed energy and natural resources company announces that it was informed
today that Geoenergo d.o.o., the Slovenian joint venture partner, has had its
application to enter insolvency approved.

Further to the Company's announcements of 8 and 15 January 2024, relating to
the JV partners application to enter into self-declared insolvency, the
Company has today been notified that the relevant court has cancelled the
hearing which was scheduled for 23 February (as announced by the Company on 15
January) and has issued a resolution on the commencement of bankruptcy
proceedings of Geoenergo d.o.o. alongside the appointment of an administrator.

The Company is now filing an appeal against the decision of the court in
relation to this unprecedented situation and will register its claim with the
competent court, whilst continuing to pursue civil and criminal areas of
redress against the former management and stakeholders of Geoenergo d.o.o.

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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