Exercise of warrants and debt reduction

26 October 2020

Ascent Resources plc

("Ascent" or the "Company")

Exercise of Warrants and Debt Reduction

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European natural resources company announces that it has received a Warrant Exercise notice over 4 million new ordinary shares for a consideration of £100,000. The Warrants are being exercised by Align Research in consideration for surrendering an equivalent value of loan notes. Additionally the Company has agreed to issue 320,000 new shares at 2.5 pence, being the coupon conversion price, in lieu of the 8% cash coupon that is incurred on the converted loan amount. The Company and the Lender confirm that the outstanding loan balance of £216,000, which is due on 31 March 21, has now been reduced to £108,000.

The Company has therefore today issued 4.32 million new shares and admission of these shares is expected to take place on or around 30 October.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the warrant and the coupon shares, its issued ordinary share capital will comprise 82,455,561 ordinary shares. All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 82,455,561. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

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