Ascent Resources PLC Update on Gas Price and Slovenian JV Partner (5613O)

TIDMAST

RNS Number : 5613O

Ascent Resources PLC

11 October 2021

11 October 2021

Ascent Resources plc

("Ascent" or the "Company")

Update on Gas Price and Slovenian JV Partner Discussions

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, is pleased to update on gas prices at its Petisovci gas project in Slovenia.

The Company notes recent significant increases in global gas prices. Central Eastern Gas Hub spot prices are currently circa Eur 105.0 / MWh whilst Central Eastern Gas Hub pricing for Q1 2022 futures are currently Eur 104.725 / MWh. This is an 905% increase from the EUR 11.4 / MWh price as set out in the Company's 10 September 2020 announcement.

The Company now expects, at current gas prices and production levels, the PG-10 and PG-11A production wells to generate net production revenues (after extraction, processing and handling costs) of at least Euro 100,000 per month, net to Ascent.

Furthermore, the Company is also delighted to announce that, following a recent Operating Management Committee meeting and partner engagement process in Slovenia, it is aligned with its JV partner on key workstreams including the long term concession extension, environmental impact assessment and permitting to re-stimulate the PG-10 and PG-11A wells. The Company is also in constructive dialogue with its JV partners in Slovenia regarding the resolution of all disputed legacy matters and the restructuring of certain production costs. Further announcements will be made in due course.

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 
  John Belliss                             0207 399 9400 
 

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October 11, 2021 02:00 ET (06:00 GMT)