Ascent Resources PLC Upgrade in Estimate of Revenue Recognition (5339X)
December 21 2023 - 2:00AM
UK Regulatory
TIDMAST
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 EUR8 million (the
previous guidance was in excess of EUR3.5 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
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
Jon Belliss 0207 399 9400
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END
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