Ascent Resources Regulatory News (AST)

30 May 2017

Ascent Resources plc

("Ascent" or the "Company")

Conversion of Loan Notes held by the board

Ascent Resources plc, the AIM quoted European oil and gas exploration and production company has, following a request from the Company, received notices of exercise ("the Notices") to convert 67,500 convertible loan notes of £1 each held by members of the Ascent board:

- 17,500 of which were issued in May 2013 as part of an open offer to all shareholders (the "2013 Loan Notes") and the terms of which were amended in February 2015 and October 2016.

- 50,000 of which were issued to the Directors pursuant to the fundraising announced on 27 October 2016 ("2016 Loan Notes").

Each of the 2013 Loan Notes, including rolled up interest, and the 2016 Loan Notes are convertible into new Ordinary Shares at a rate of 100 new Ordinary Shares per £1 loan note. Consequently, a total of 6,970,931 new Ordinary Shares ("the Conversion Shares") will be issued pursuant to the Notices.

This has been done to assist the Company in further removing debt. None of the Directors currently intend to sell any of their shareholdings.

The decision to convert the Loan Notes reflects in part that since January 2015 the outstanding Loan Notes have carried no interest payments and have only preferential rights compared to the Ordinary Shares in limited circumstances, such as a winding up of the Company.

Following the Directors' loan note conversions, which comprise 100% of the loan notes held by the board, £3,191,489 nominal convertible loan notes (including rolled-up interest) remain outstanding. The 2016 Loan Notes have now been fully converted.

The table below details the Directors' interests.

Admission and Settlement

Application has been made for the admission to trading on AIM of the Conversion Shares ("Admission"). Admission is expected to occur on 5 June 2017. Following Admission, Ascent will have 1,835,618,526 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 1,835,618,526 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Clive Carver, Chairman commented

"It is pleasing that the entire board has agreed to convert their Loan Notes. This underlines the progress the Company has made in its financial standing."

Enquiries:

Ascent Resources plc 0207 251 4905

Clive Carver, Chairman

Colin Hutchinson, CEO

Stockdale Securities Limited, Nominated Adviser and Joint Broker 0207 601 6100

Richard Johnson

Edward Thomas

Northland Capital Partners Limited, Joint Broker 0203 861 6625

Tom Price

IFC Advisory Ltd, Financial PR and IR 0203 053 8671

Graham Herring

Tim Metcalfe

Heather Armstrong