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.