Operations Update and Amendment to the PSAs

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15 July 2025

Ascent Resources plc

("Ascent" or the "Company")

Operations Update, Amendment to the PSAs, Share Issue, Directors Dealings & TVR

Operations Update

Further to the Company's announcement on 27 June 2025, ARB Energy has updated the Company that the flow rates from the first five wells which have been put back into production remain strong at 350 mcfd (c58 boed). The Company has also been advised that a further four wells are currently receiving maintenance works and are expected to be put back into long term production, following which Ascent and ARB intend to turn their attention to a further five wells as part of this initial work program.

Ascent's new CEO will now also lead the Company's review and high grading of both the natural gas and oil reserves of Locin Oil with a view to finalising a first work program with an initial focus on accelerating the safe resumption of production of oil and gas from existing well bores, which is expected to be completed in the coming weeks, whilst it also finalises its evaluations on the large inventory of prospective resources with view to selecting targets for potential development next year.

Amendment to the PSAs

The Company has agreed with Arb Energy Utah, LLC and Locin Oil Corporation a revised effective date of 1 July alongside updated agreements relating to Ascent's ability to go direct title holder on the relevant leases which is now expected to happen at a time of Ascent's choosing in the next 12 months. At the same time, given the significant number of shut-in wells (a large number of which the JOA partners expect to bring back into production, as was already initiated and as announced by the Company on 20 June 2025), Ascent and the vendors have agreed an indemnification between the parties relating to historic non-producing wells abandonment liability such that Ascent will only take on its agreed share of the abandonment liability relating to the wells it invests in prior to exercising its right to receive a direct lease interest. The JOA partners expect to continue to focus their immediate attention and efforts on increasing production across the leases by investing in affordable low-risk high impact workover operations to bring shut-in production back online. Further updates will be announced in due course.

Share Issues, Directors Dealings, Admission & Total Voting Rights

Ascent Resources Plc (LON: AST) is pleased to announce that, following the Company's announcement on 22 May 2025 and 13 June 2025 a total of 215,274,654 ("New Shares") new Ordinary shares, each of 0.5 pence nominal value, are being issued, of which:

o  89,552,239 New Shares to Locin Oil Corporation, as consideration for a 49% share of their interest in certain oil and gas leases in Colorado;

o  111,940,299 New Shares to Arb Energy Utah, LLC as consideration for a 49% share of their interest in certain oil and gas leases in Utah; and

o  13,782,116 New Shares to C-suite and certain Directors following their agreeing to reduce the cash component of their employment and/or service contracts by at least 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 announced on 22 May 2025. 6,891,058 New Warrants have been issued, in respect of the 13,782,116 New Shares to be issued to C-suite and certain Directors, as per the terms of the placing of 22 May 2025 (the "New Warrants").

Of the 13,782,116 New Shares and 6,891,058 New Warrants to be issued - directors / PDMR's will be issued as follows:

David Bullion, Non-Executive Director - 702,000 New Shares and 351,000 New Warrants;

Edouard Etienvre, Independent Non-Executive Director - 571,968 New Shares and 285,984 New Warrants.

Following the issue of New Shares and New Warrants, David Bullion and Edouard Etienvre interests in the Company are as follows:

Admission & Total Voting Rights

Application has been made to the London Stock Exchange for the Locin Oil Corporation consideration shares, the Arb Energy Utah, LLC consideration shares, and the Director and Employee Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission shall take place on or around 8.00 a.m. on 21 July 2025.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following Admission of the New Shares the Company will have 810,887,442 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, the total number of voting rights in the Company will be 810,887,442 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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