TIDMAST

RNS Number : 7857V

Ascent Resources PLC

12 August 2022

12 August 2022

Ascent Resources plc

("Ascent" or the "Company")

Receipt of First Revenue Payment

Ascent Resources Plc (LON: AST), the onshore Hispanic America and European focussed energy and natural resources company, is pleased to announce receipt of the first cash payment from its Slovenian partner following the recently announced agreement on revenue recognition.

As announced on 2 August, the Company and its JV partner agreed Ascent's entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells for the period of April 2020 through to June 2022. The Company's 100% owned subsidiary, Ascent Slovenia Limited, has received the first net cash payment of EUR650,560 in relation to production from April 2020 through to December 2021 (the "First Period"). This net payment is calculated as EUR832,168 in revenue for the First Period, less EUR180,607 of JV costs relating to historic concession and legal fees. The second and final payment relating to the 2022 hydrocarbon revenues, totalling a further net cash payment of EUR857,617 to Ascent, is expected to follow shortly.

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.

Enquiries:

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBKDBKDBKBOFD

(END) Dow Jones Newswires

August 12, 2022 02:00 ET (06:00 GMT)

Ascent Resources (LSE:AST)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Ascent Resources Charts.
Ascent Resources (LSE:AST)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Ascent Resources Charts.