REG - Ascent Resources PLC - Upgrade in Estimate of Revenue Recognition

Ascent ResourcesAnnouncement

21/12/2023 07:15

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RNS Number : 5339X  Ascent Resources PLC  21 December 2023

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.

 

21 December 2023

Ascent Resources plc

("Ascent" or the "Company")

Material Upgrade in Estimate of Revenue Recognition Arbitration Award

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European
focussed energy and natural resources company is pleased to announce a
material upgrade to its estimate of the proceeds it is entitled to, which have
already been received by its JV partner Geoenergo, following the recent
positive arbitration interim award.

On 25 October 2023, the Company announced receipt of 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 (except for PG-1 which is entirely
included as part of the baseline production).

Following a data disclosure instruction from the arbitration tribunal, the
Company has now received the historic production data which has enabled it to
calculate the proceeds it is entitled to from October 2019 (being the
three-year statutory limit for claims) to February 2023, being the most recent
date included in the arbitration process.  Based on this data, the Company is
upgrading its forecasted revenue award to approximately €8 million (the
previous guidance was in excess of €3.5 million).

This calculation remains subject to the final decision of the arbitration
panel and until such time there can be no certainty of the amounts claimed
being awarded or the counterparty having the immediate funds to make
payment.  It is expected that the final arbitration decision will include a
court enforceable order for payment on the amounts determined to be owed to
ASL, this is expected towards the end of Q1 2024. Further updates will be
announced in due course.

 

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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