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7 October 2025

Ascent Resources plc

("Ascent" or the "Company")

Update on disputes arising out of Slovenian Joint Venture

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, is pleased to update investors in relation to the Company's ongoing domestic disputes arising out of the insolvency of the Company's former Slovenian joint venture partner, Geoenergo d.o.o.

As previously announced on 3 July 2025, the Company's wholly owned subsidiary Ascent Slovenia Limited ("ASL") received a binding domestic arbitration award confirming its entitlement to an increased amount totalling approximately €7.8 million in hydrocarbon production proceeds owed to ASL by Geoenergo from historic production prior to Geoenergo entering insolvency in January 2024. ASL has now filed a court application to make the award enforceable. This filing includes a request for the Administrator to immediately pay €56,825, as specified in the Tribunal's decision, which is expected to be paid in full ahead of completion of the insolvency process. Recovery of the c. €7.8 million plus other ancillary amounts owed remains subject to the conclusion of Geoenergo's administration and consequently ASL may ultimately recover less than the full amount.

Following Geoenergo's insolvency, ASL has been defending (on behalf of the joint venture) a claim by Petrol Geo d.o.o. (a connected party to Geoenergo by virtue of their common, significant and controlling shareholder Petrol d.o.o.) under the Service Agreement ("SA") for approximately €440,000 of claimed invoices covering March 2023 to April 2024, alleged to be unpaid by the joint venture. The Tribunal agreed with ASL and found that it had no valid jurisdiction over amounts claimed up to 28 November 2023 and determined that Petrol Geo is owed approximately €240,000 for the period 29 November 2023 to 19 April 2024. While the Company is surprised that the Tribunal asserted jurisdiction for the period after 19 January 2024-the date on which the administrator was appointed and unilaterally terminated the joint venture and which consequently caused the SA to terminate at the same time-ASL is exploring a possibility of filing an additional (post-insolvency) claim against its former JV partner, Geoenergo d.o.o., for ASL's share of hydrocarbon proceeds produced during 20 January 2024 to 19 April 2024 (the date the concession contract was terminated). Ascent calculates these amounts to be approximately €420,000 and such amounts should be payable in full from cash currently held on account by the administrator, which stood at approximately €1.633 million as of 30 June 2025.

In parallel, ASL initiated mediation against Petrol Geo under the Framework Build Operate Transfer Agreement (FBOTA) seeking reimbursement of approximately €66,000 in prepaid easement costs-benefits ASL will no longer receive and which have unjustly enriched Petrol Geo-and to require Petrol Geo to meet its contractual obligation under the FBOTA to acquire ASL's 75% interests in plant and infrastructure acquired by the joint venture after October 2013. The parties are in direct discussions exploring an amicable, holistic solution to these interrelated matters. ASL remains focused on a pragmatic outcome, which could include ASL's exit from any remaining interests in plant and property in Slovenia; however, there is no certainty that agreement will be reached. Further updates will be provided as appropriate.

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