Ascent Resources PLC - Interim results for the period ended 30 June 2025

29 September 2025

Ascent Resources plc

("Ascent" or the "Company")

Interim results for the period ended 30 June 2025

Ascent Resources Plc (LON: AST), the onshore US focused oil & gas company, ("Company") is pleased to report its interim results for the six months ended 30 June 2025.

Highlights:

·      Completion of shareholder distribution with ring-fenced access to 41% of the net proceeds received in relation to a positive outcome of the Company's significant Energy Charter Treaty ("ECT") damages claim.

·      Conclusion of the hearing on merits and quantum in relation to the Company's significant ECT damages claim against the Republic of Slovenia.

·      Expansion of the Company's footprint in the United States of America and significant increase in exposure to proven reserves with acquisitions of interests in oil and gas with helium leases owned and operated by ARB Energy Utah LLC in Utah and leases owned and operated by Locin Oil Corporation in Colorado.

·      Positive decision received in Ascent's favour relating to long standing dispute with Geoenergo D.o.o. (in administration) relating to amounts Ascent is owed from historic production but which Geoenergo refused to previously pay to Ascent.

·      Board changes initiated, reprofiling of senior secured debt, implemented G&A cash cost reduction exercise and new funding secured.

Post Period End Highlights:

Arbitration Outcome:

·      On 3 July 2025 the Company announced that the arbitration initiated in December 2024 against former Slovenian joint venture partner Geoenergo d.o.o. concluded in favour of the Company's wholly owned subsidiary, Ascent Slovenia Limited.

·      Ascent Slovenia Limited was awarded €4,990,976 plus interest from 19 January 2024.

·      Actual recovery of these funds depends on the finalisation of Geoenergo's administration process.

Leadership Changes:

·      On 9 July 2025, David Patterson was appointed as Chief Executive Officer.

·      On 30 July 2025, Jean-Michel Doublet became Independent Non-Executive Chairman.

Share Issuance on 15 July 2025:

·      215,274,654 new Ordinary shares (0.5 pence nominal value each) were issued.

·      89,552,239 shares to Locin Oil Corporation for a 49% interest in certain Colorado oil and gas leases.

·      111,940,299 shares to Arb Energy Utah, LLC for a 49% interest in certain Utah oil and gas leases.

·      13,782,116 shares to C-suite and certain Directors, reflecting a 30% reduction in their cash compensation for six months, with settlement via equity on the same terms as the 22 May 2025 placing.

·      6,891,058 new warrants were issued to C-suite and Directors in respect of these shares, as per the 22 May 2025 placing terms.

Energy Charter Treaty (ECT) Claim Update:

·      On 23 September 2025, the Company announced that, regarding its ICSID-registered ECT claim against the Republic of Slovenia, the Arbitration Tribunal has no further questions for the parties.

·      No further substantive submissions are expected.

·      The Tribunal's award on merits is expected towards the end of Q1 2026, with further updates to follow as necessary.

Enquiries

Chairman's Statement & Report

I am pleased and honoured to be addressing you for the first time as the new Chairman of your Company and to update you on progress through the first half of 2025 (the "Period" or "H1 2025"), which has seen significant evolution of Ascent Resources Plc's ("Ascent")  as it continues to focus on growth in the U.S. oil and natural gas and helium markets in tandem with continued pursuit of the Company's legacy matters rooted in Slovenia. Key highlights for the first half of the year include:

-       Completion of shareholder distribution with ring-fenced access to 41% of the net proceeds received in relation to a positive outcome of the Company's significant Energy Charter Treaty ("ECT") damages claim;

-       Conclusion of the hearing on merits and quantum in relation to the Company's significant ECT damages claim against the Republic of Slovenia;

-       Expansion of the Company's footprint in the United States of America and significant increase in exposure to proven reserves with acquisitions of interests in oil and gas with helium leases owned and operated by ARB Energy Utah LLC in Utah and leases owned and operated by Locin Oil Corporation in Colorado;

-       Positive decision received in Ascent's favour relating to long standing dispute with Geoenergo D.o.o. (in administration) relating to amounts Ascent is owed from historic production but which Geoenergo refused to previously pay to Ascent; and

-       Board changes initiated, reprofiling of senior secured debt, implemented G&A cash cost reduction exercise and new funding secured.

Shareholder Distribution

The first half of 2025 has seen the Company implement a shareholder distribution with rights to redeemable A2 Preference Shares which enfranchises the holder to receive their relevant pro rata portion of 41% of the net economic proceeds which may be realised in the Company's significant and well-advanced ECT damages claim against the Republic of Slovenia ("ROS"). The Company still retains 100% ownership and decision-making control in relation to the claim and retains a direct 10% economic interest in the net amounts received in the event of a successful claim and payment of damages award. This distribution was completed following engagement with shareholders and to enfranchise those that held the Company's shares on the record date with a ring-fenced access to a further portion of the proceeds to be received in the event of a positive claim outcome, that would not be diluted in the event of any future changes in the Company's issued share capital.

ECT Claim Progress

The ECT claim has continued to proceed in accordance with the timetable previously agreed at the opening of the arbitration proceedings. Notably during H1 2025, the Company and its lawyers attended the hearing on merits and quantum which was scheduled over five days in April this year and held in Paris. After the period under review both parties have submitted their respective post hearing briefs and the Company has been notified by the Arbitration Tribunal that no further submissions are required in the proceedings. In accordance with the 2022 ICSID Convention Arbitration Rules, a tribunal must aim to render its award within 240 days after the last submission in the proceedings. The Company therefore expects to receive the Arbitration Tribunal's award on merits towards the end of Q1 2026.  It should be cautioned that in the event the Company is successful in its claim any amount received by the Company may be significantly lower than the amount claimed.

Update on GNG Partners LLC Lisbon Valley gas processing plant investment and 49% interest in American Helium LLC operated oil and gas with helium leases in Utah and Colorado

Further to the Company's investment in GNG Partners LLC ("GNG") (the owners of the Lisbon valley natural gas and helium processing plant in Utah - as announced in April 2024) and the acquisition of a 49% interest in oil and gas leases operated by American Helium LLC in Utah and Colorado, the Company is pleased to update shareholders that post period under review GNG have signed a non-binding term sheet for an investment from a strategic investor which is expected to provide sufficient funding for GNG to complete the recommissioning and further enable the development of the 60 mmscfpd nameplate Lisbon Valley natural gas and helium processing plant in Utah, which was shut-in at the beginning of the year for maintenance and repair works. Subject to the closing of the proposed financing, the Plant is now expected to be back on line and processing gas from upstream producers by the calendar year end with the helium purification unit expected to be back online and purifying a five "9s" (99.999%) gaseous helium by that time and with the 550 mscfpd helium liquefier now expected to be recommissioned in H1 2026.

As a result of the indicated investment into and subsequent resumption of gas processing operations, Ascent and American Helium are positioned to resume production from their existing well bores which are already connected to the GNG gas gathering transmission system, and which were producing circa 3.2 mmscfpd gross to the JOA partners interests through H2 2024, prior to being shut-in alongside the GNG plant earlier this year. The resumption of gas processing activities by GNG and resumption of gas production from the American Helium operated leases in Utah and Colorado will be a landmark event for the Company and we look forward to updating shareholders on progress through this exciting recommissioning and initial ramp up phase.

Expansion of entry into U.S. Onshore Oil and Natural Gas and Helium Sector

Consistent with the Company's prior move in 2024 into U.S. onshore oil, natural gas and helium markets, the Company announced in May 2025 a fundraising of £1.35 million combine with

-       the acquisition of a 49% direct interest in over 100,000 acres of oil and gas leases in Colorado owned and operated by Locin Oil Corporation for a total consideration of US$2.5 million;

-       an initial acquisition of a 10% interest in 80,000 acres of leases owned and operated by ARB Energy LLC in Utah for a consideration of US$750,000; and

-       changes to its Board including the decision by Andrew Dennan not to stand for re-election as Director at the Company's upcoming AGM, following which he retired as Director and Chief Executive Officer of the Company. After completion of customary on-boarding checks, the Company, post period under review, appointed David Patterson, a seasoned U.S. onshore oil and gas veteran with over 43 years of experience in oil and gas exploration and production as Chief Executive Officer and Director of the Company.

These acquisitions are consistent with the Company's strategy to grow onshore U.S. focused portfolios which have proved producing reserves and significant prospective upside in up-dip, step-out, and well deepening opportunities, to target natural gas reservoirs in formations that tested high helium concentrations such as Leadville, McCracken and Entrada formations.

Accordingly, the Company entered into an agreement and joint operating agreement ("JOA") to acquire a 10% direct non-operated interest in oil and gas leases owned and operated by ARB Energy Utah, LLC ("ARB") which includes a portfolio of approx. 80,000 acres of oil and gas and helium rich leases in Northern Utah. The Company acquired these interests for a total consideration of US$750,000 which was satisfied with the issue of new shares at the same price as the capital raise completed in May 2025 (as set out further below) such that ARB received 111,940,299 new shares in the Company. Additionally, the Company has secured a 50% economic interest in the incremental production generated from existing well bores where the Company invests in 100% of the capital needed to implement low-cost work programs to install artificial lift technologies aimed at enhancing immediate production. The Company also has the right to have a 50% direct interest in leases where the JOA partners drill a new well in the future, as well as the option to acquire a further 23% direct interest in the leases by paying a cash consideration of US$1.5 million on or before 15 October 2025. As part of this transaction, the Company has also agreed to issue to Mr Humberto Sirvent, CEO of ARB Energy with 18,656,716 warrants exercisable at 1.0 pence per share over 3 years.

The ARB portfolio has Proved Reserves (PDP plus PDNP) of 8.9 Bcf of natural gas net to the JOA partners (APN Energy Consultants LLC Appraisal of Reserves Report dated 1 June 2024 prepared using the standard petroleum engineering practices in conformity with the SPE Petroleum resources Management System guidelines). The leases have 147 well bores, of which 110 are currently producing. The average aggregate daily production rate from these wells in 2024 was approx. 2.3mmscfpd which resulted in net earnings of US$496,134.

ARB has tested the gas composition of many of the existing wells and identified up to 0.54% helium content in the producing gas streams. The leases have multiple potential upsides in up-dip and on-trend step-out prospects which ARB has estimated to have Proved Undeveloped Reserves of 44 Bcf, Probable Reserves of a further 23 Bcf and Prospective Resources of an additional 109 Bcf of natural gas with potentially 1.3 Bcf of helium included as well. At the time of signature of the transaction documents, the JOA partners agreed to jointly evaluate the prospect inventory with a view to high grading the opportunity set which is work that is currently on-going and expected to be finalised in the second half of 2025. In these evaluations the partners are evaluating targets in the Entrada formation which has a high helium content association of up-to 1% contained within the produceable natural gas and condensate volumes.

Shortly after announcing the transaction, towards the end of June, the Company and ARB initiated workover operations focusing on the Wolf Point acreage in Utah where they had identified potential to connect 4 shut-in wells to a low-pressure gas transmission system and put them back into production. This operation was implemented and the initial four previously shut-in wells were brought back into production in July with initial production rates significantly higher than expected and have continued to produce since July with a stabilised flow rate of approx. 350 mmcfpd. Subsequent to these successful operations, a further four wells were targeted with workover operations.

At the same time as the ARB acquisition described above, the Company also entered into an agreement and joint operating agreement ("JOA") to acquire a direct non-operated interest in 49% of the oil and gas leases owned and operated by Locin Oil Corporation ("Locin") which includes a portfolio spanning more than 100,000 acres of oil and gas and helium rich leases in western Colorado. Ascent agreed to acquire this interest for a total consideration of US$2.5 million which was satisfied with the issue of new shares in Ascent at the placing price for an aggregate  value of US$600,000 (as set out further below) such that Locin received 89,552,239 new shares in the Company and the issue by Ascent to Locin of a vendor note for an amount of US$1.9 million which has a 3-year term and can be converted into shares in Ascent at a conversion price of 1.0 pence per share (being a 100% premium to the price of the placing completed in May 2025) and accruing interest at a rate of 6.5% per annum, payable quarterly in arrears after the one year anniversary of issue ("Vendor Note"). The issue of the Vendor Note was to facilitate the Company's acquisition of 49% interest in the oil and gas leases owned by Locin without Locin and its affiliates holding more than 29.9% of the Company's enlarged share capital at any time. Accordingly, the conversion rights under the Vendor Note can only be exercised in the event they do not cause Locin and/or its concert party to hold more than 29.9% of the enlarged share capital.

Locin's asset position in Colorado is a portfolio of oil and gas leases which has Proved Reserves (PDP plus PDNP) of 8.06 Bcf of natural gas net to the JOA partners (APN Energy Consultants LLC Appraisal of Reserves and Revenues report dated 1 June 2024 prepared using the standard petroleum engineering practices in conformity with the SPE Petroleum resources Management System guidelines). The leases have 333 well bores, of which approximately 115 wells are currently producing, having averaged daily production rates of approx. 2mmscfpd throughout 2024 and generated net earnings of US$535,798. Additionally, there is a further ~3mmscfd of currently shut-in production pending the relocation of a third party's gas processing plant. The Company and Locin believe that such gas assets, (i) with proved production, (ii) adjacent to existing infrastructure and (iii) located in cool environments, are well suited for development of wellhead AI data centres and intend to evaluate partnerships to commercialise gas via collaboration and strategic alignment with AI data centre developers.

Locin has tested the gas composition of several of the existing wells and has identified up-to 1.2% helium concentration in the producing gas streams. Also, Locin has identified several material prospects into target structures which have previously tested or produced gas in the 1960's and 70's as well as on-trend step-out prospects estimated by Locin to have gross Prospective Resources of an additional 663 Bcf of natural gas and potentially up to 5.3 Bcf of helium. Ascent and Locin have agreed to jointly evaluate the prospect inventory with a view to high grading the opportunity set over the coming months. In these evaluations, partners expect to target the Entrada producing formation which has a high associated helium content.

Slovenian Joint Venture Partner Insolvency & related disputes

Further to the Company's wholly owned subsidiary Ascent Slovenia Limited ("ASL") receiving a favourable interim award in Q4 2023 in relation to ASL's Slovenian arbitration claims for payment of 90% of the proceeds received by its joint-venture partner and the subsequent self-appointed insolvency of the joint-venture partner, after the period under review, ASL received a final award confirming that the amounts it claimed as owed were indeed owed to it. Accordingly, the tribunal decision confirms that ASL's interpretation of the terms of the Restated Joint Operating Agreement (the governing document and rules for the joint venture as amended in 2013) ("RJOA") is the correct one and has awarded ASL a further €4,990,976 plus interest since 19 January 2024 until payment in revenues owed to it from production above the baseline production profile, which is in addition to the amounts of €2,890,519.17 which has already been accepted by the Geoenergo administrator ("Administrator") and approved by the relevant insolvency court. Whilst ASL is entitled to these amounts, the recovery of these payments is subject to the finalisation of the administration of Geoenergo and consequently ASL may recover less than the full amount of what it is owed. Furthermore, the tribunal has also awarded costs of €79,234.83 which were claimed by ASL ahead of the insolvency of Geoenergo and which are now expected to be approved creditor claims in the Geoenergo insolvency estate and further amounts of €56,825 which are instructed to be paid in cash.

Separately to the award above, ASL has also been invited by the insolvency court to enter mediation with the Administrator in relation to the Administrator's attempts to challenge the jurisdiction of the arbitration tribunal which was lodged around the time ASL requested to resume the arbitration proceedings. ASL believes the administrators position on this is also manifestly wrong, a view which was supported by the tribunal which included one Slovenian senior judge (former Supreme and Constitutional Court Judge) but remains hopeful that an amicable agreement can be reached with the Administrator in the near term. The Company also continues its disputes with Geoenergo's connected party and joint-venture service provider Petrol Geo d.o.o. and expects outcome of the Service Agreement (the agreement with which ASL and Geoenergo, together as joint-venture partners, entered into at the same time as the RJOA to appoint Petrol Geo to operate the joint venture wells) dispute in H2 2025, whereas the Framework Build Operate Transfer Agreement (an ancillary agreement between the joint venture partners and Petrol Geo relating to operation and future transfer of joint venture plant and property upon termination of the RJOA or concession contract and which was signed at the same time as the other agreements) dispute will is in the final stages of mediation, which if unsuccessful will likely result in ASL initiating arbitration.

Board Changes & Cost Savings

Further to the Company's transformation over the last eighteen months, which include significant advancement of its Slovenian legacy claims and a successful repurposing of the Company to focus itself on growing onshore US oil and gas with helium assets, the Company proposed to appoint David Patterson as Chief Executive Officer and Director of the Company, which was completed following customary on-boarding due diligence checks after the period under review. David is an experienced oil and gas explorer and geologist who has over 43 years of experience in the oil and gas industry onshore U.S. which includes several years of work in Utah and Colorado where most notably David was VP Geology for Rose Petroleum Plc (now called Zephyr Energy Plc) where he led the evaluation of over 250,000 acres of leases in Utah. David has held previous roles which include VP and manager of Exploration, VP of Geology, Supervisor of Reserves and Senior Geological Engineer in prior roles through his career. David is currently Partner and Technical Manager of Navarro Energy where he will also continue his role and he is retained by the Company for his services to Ascent with a salary of US$120,000 per annum, relating to which the Company has agreed with American Helium, Locin and ARB Energy that Ascent can re-charge the respective joint operations the full annual salary such that Ascent expects to pay US$43,200 of this amount per annum.

During the period under review, Mr Andrew Dennan elected not to stand for re-election at the Company's upcoming AGM and retired as Director and Chief Executive Officer of the Company upon the convening of the AGM. Andrew has led Ascent for five years and felt this transformative moment was the right time to step aside as the business enters a new phase with a particular focus on U.S. onshore assets. He will continue to support the Company during an extended handover period to the proposed new CEO and will in addition continue to support the Company in its pursuit of the Company's highly valuable claims against the Republic of Slovenia under the ECT, as well as in insolvency and associated proceedings against its Slovenian former joint-venture partner and service provider. His detailed knowledge of these ongoing processes remains invaluable to Ascent. The Board are very thankful for the leadership and strategic input from Andrew over the last five years, where he has been instrumental in defending the Company's interests in Slovenia and re-purposing the Company to execute its new U.S. onshore growth strategy and wish him success in future pursuits.

During the period under review the Company also announced that as part of the refining of its board composition it no longer intended to immediately appoint a Chairman to the Board and accordingly the Company will now not be appointing Mr Gilles Thieffry to that position as previously announced on 9 December 2024. Mr Jean-Michel Doublet initially assumed the role of Interim Chairman, which after the period under review was cemented with his appointment as Non-executive Chairman of the Company becoming effective.

Additionally, as part of positioning the Company to grow via a production-led strategy onshore U.S., the Company has implemented certain cash preservation measures which include current C-suite and Board of Directors of the Company agreeing to reduce the cash component of their employment and/or service contracts by 30% over the next six months and their corresponding intention to settle these owed amounts, by subscribing for equity on the same terms as the placing (above), as soon as they are either out of a closed period or otherwise not in receipt of insider information and can cause a PMDR dealing which was completed in June 2025. Furthermore, the Company also expects to implement further cost saving measures, which in aggregate with the above changes are expected to reduce the general and administrative cash costs of the business by approximately 20% per annum, with such savings expected to be realised through H2 2025 and beyond.

Corporate

In May 2025, in support of the Company's expanded investment in U.S. onshore gas and helium markets, the Company successfully announced the raise of £1.35 million (US$ 1.8 million) of additional equity via the issue of new shares at a placing price of 0.5 pence per new share. The new shares were issued with one warrant attached to every two placing shares subscribed for with the warrants being exercisable at a price of 1p per new warrant share at any time over the next two years. The Company also successfully re-profiled its existing senior secured debt with RiverFort by using £224,000 (US$0.3 million) of the fundraising proceeds to partially redeem in cash part of the RiverFort senior secured loan (as originally announced on 22 April 2024) and RiverFort agreed to convert US$100,000 of loan principal into equity at a price of 0.7245 pence per share (representing a 44% premium to the fundraising issue price).

The Company has further agreed with RiverFort to extend the remaining balance of the senior secured loan, being US$1.05 million (inclusive of remaining principal and outstanding coupon) on the same terms as announced 22 April 2024, save that the balance outstanding will accrue a 10% extension fee which will be added on to the outstanding balance and the loan notes will be amended with an extension of the maturity date to 22 April 2027. The loan notes have retained a fixed conversion price of 1p per conversion share throughout the term of the loan note through to the extended maturity date, save as if the Company issues new equity securities at a price below 0.71 pence per new share during the term of the loan then the conversion price will automatically reset to a 40% premium to such future placing price in the event it is less than 0.71 pence per new share. Furthermore, Ascent expects to redeem US$250,000 of principal on the 22 April 2026 and to amend the warrant deeds relating to 18,439,431 existing warrants such that they are exercisable at 1p per warrant share at any time over the next four years and the Company has agreed to issue RiverFort with warrants equal to 35% of the reprofiled debt amount exercisable at 1p per warrant share. For the avoidance of doubt this re-profiling of senior secured debt is at a fixed conversion price, and the lender will not have any rights to convert into new equity of Ascent at a price below this level during the term of the loan notes.

The balance of new fundraising proceeds raised are being used to fund Ascent corporate costs and investment in the initial campaign to install artificial lift technologies on at least six existing wells included in the newly acquired ARB Energy acreage. Furthermore, the 9,480,000 million warrants issued to the December 2024 subscribers have reset in accordance with their terms such that there is now a revised total of 43,608,000 million warrants in issue which are exercisable at 0.5 pence per revised warrant share.

For the period to 30 June 2025, the Company has only recognised limited production revenues from the U.S., derived from sales to an industrial client, since the GNG Lisbon plant remained offline and unable to process American Helium's gas flow, and the effective closing date of the ARB and Locin operated assets being 1 July 2025. Administrative costs in H1 2025 were higher than in H1 2024, most notably due to exceptional one-off workstreams relating to the shareholder distribution and costs of initiating the Company's insolvency claim in against its former JV partner.

Outlook

The Company is well positioned at the end of H1 2025 to be a U.S. onshore upstream oil and gas producer following the Company having (i) completed a second distribution to shareholders with ring fenced access to 41% of the net proceeds to be received in the event of a positive ECT claim outcome in February, (ii)  scaled the Company's position and interests in producing and discovered reserves of natural gas with proven helium included in the gas streams, (iii) implemented a cost savings initiative and refocused its executive team on industrial upstream operations, and (iv) continued its resolute defence of the Company and its subsidiary's claims in Slovenia. With GNG looking to secure a significant investment after the period under review, we expect a significant increase in production from American Helium's operated acreage by calendar year-end.

Jean-Michel Doublet

Non-Executive Chairman

 Qualified Person's Statement

Dave Patterson, CEO of the Company and a qualified Geologist with over 40 years of relevant experience in the oil and gas industry 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).

Consolidated Income Statement

for the Period ended 30 June 2025

Consolidated Statement of Comprehensive Income

for the Period ended 30 June 2025

Consolidated Statement of Financial Position

As at 30 June 2025