Ascent Resources Regulatory News (AST)

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

20 June 2025

Ascent Resources plc

("Ascent" or the "Company")

Initiation of work-program on ARB Energy Utah, LLC operated leases

Ascent Resources Plc (LON: AST) is pleased to announce that, further to its conditional acquisition of a 10% interest in leases operated by ARB Energy Utah, LLC ("ARB" or the "Operator") and rights to 50% of incremental production generated from work-over style operations on existing wells which are 100% funded by Ascent as announced 22 May 2025, together with the Operator (the "Parties") have reviewed the work-over opportunities relating to existing (producing and shut-in) wells in the acreage and have identified the first 15 wells to target which have an aggregate budget of $100,000 to implement.

As part of initiating a low-cost operational work program to reinstate production from multiple previously producing wells, Ascent has agreed with the Operator to install compression units to address high export pipeline back-pressures which is currently preventing the wells from producing. The first operation will seek to bring the first five wells back into production. Ascent has agreed to pay 100% of the costs of these operations such that Ascent will receive a 50% interest in the increased production generated from this first operational investment. These amounts will be advanced by Ascent to ARB via a loan note ahead of the closing of the acquisition ("Closing"), which remains conditional on shareholder approval to issue new shares. Subject to Closing the loan will be extinguished and the amounts will be treated as JOA partner contributions for payment of operational costs.

The gas gathering third-party has been advised to expect additional volumes once production has been restored. Over the coming weeks, the Operator expects to proceed with further rig-less operations. Updates will be announced as appropriate and in due course.

Enquiries:

Qualified Persons Statement

Leonardo Salvadori, a qualified Geologist with over 35 years of relevant experience in the oil and gas industry and a member of SPE (Society of Petroleum Engineers) has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009 and in accordance with the Petroleum Resources Management System (PRMS) issued in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European Association of Geoscientists & Engineers (EAGE).

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