Confirmation of Geoenergo d.o.o. administration

Ascent Resources PLC

02 April 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.

2 April 2024

Ascent Resources plc

("Ascent" or the "Company")

Confirmation of Geoenergo d.o.o. administration and filing of Ascent's claims

Ascent Resources Plc (LON: AST) has today been informed that the high court has rendered final approval of the insolvency of Geoenergo d.o.o., the Company's Slovenian joint venture partner. As announced on 21 December 2023 the Company is owed approximately €8,000,000 of revenues which have already been received by Geoenergo and as announced on 8 January 2024, is working to register Ascent Slovenia Limited's ('ASL') claim in the insolvency proceedings and simultaneously evaluating initiating civil and criminal charges against the Directors and shareholders of Geoenergo, including Nafta Lendava d.o.o., a 100% Republic of Slovenia controlled entity, and Petrol d.d. which is a publicly listed entity and approximately 30% controlled by the Republic of Slovenia.  

The Company also notes the administrator initiated a non-binding invitation to tender for the Geoenergo business unit which includes the concession agreement and business relationships with its service provider Petrol GEO, with a view to monetising these assets. The Company expects that any proceeds received from any sale would ultimately largely accrue to ASL due to its large creditor position. The Company is now finalising the filing of its claim in the insolvency proceedings. Further announcements will be made as necessary.

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Communications
WH Ireland, Nominated Adviser & Broker James Joyce / Sarah Mather	0207 220 1666
Novum Securities, Joint Broker Jon Belliss	0207 399 9400

 

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