TIDMAST

RNS Number : 5793M

Ascent Resources PLC

31 July 2017

Ascent Resources plc

("Ascent" or the "Company")

Conversion of the final remaining 2014 Convertible Loan Notes

Ascent Resources plc, the AIM quoted European oil and gas exploration and production company, has received a notice of exercise ("the Notice") to convert 1,204,305 convertible loan notes of GBP1 each:

- 185,185 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. The 2013 Loan Notes, including rolled up interest, are convertible into new Ordinary Shares at a rate of 100 new Ordinary Shares per GBP1 loan note.

- 1,019,120 of which were issued to Henderson Global Investors and EnQuest plc between February 2014 and July 2015 (the "2014 Loan Notes") and the terms of which were amended in February 2015 and October 2016. The 2014 Loan Notes, including rolled up interest, are convertible into new Ordinary Shares at a rate of 100 new Ordinary Shares per GBP1 loan note.

Consequently, a total of 121,609,758 new Ordinary Shares ("the Conversion Shares") will be issued pursuant to the Notice.

Following the above conversion, the 2014 Loan Notes, which were originally issued to Henderson Global Investors and EnQuest plc in February 2014, have been fully converted. The GBP49,423 nominal convertible loan notes (including rolled-up interest) that remain outstanding all comprise loan notes subscribed for by shareholders as part of the open offer in May 2013.

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 4 August 2017. Following Admission, Ascent will have 2,147,364,779 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 2,147,364,779 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.

Colin Hutchinson, CEO commented:

"The almost total conversion of the GBP12 million Loan Notes reflects the entry by the Company over the past 16 months of a new stage in its history.

While these Loan Notes were an essential part of the financial survival plan for the Company as we struggled to reach first gas they no longer play any significant role in the future funding structure of the Company.

Repaying the GBP12 million Loan Note debt solely via market conversions over the past 16 months demonstrates the strength of interest in the Company's future prospects"

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

Abchurch, Financial PR and IR 0207 398 7700

Tim Thompson

This information is provided by RNS

The company news service from the London Stock Exchange

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July 31, 2017 06:13 ET (10:13 GMT)

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