Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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Ascent Resources plc

("Ascent" or the "Company")

Final Results for the Year ended 31 December 2019

Ascent Resources plc (LON: AST), the onshore Caribbean, Hispanic American and European energy and natural resources company, is pleased to announce its results for the year ended 31 December 2019. The information below is extracted from the Company's Annual Report and Accounts.

Developments in 2020 to date:

���� New Board of Directors focused on unlocking value in Slovenia and introducing a portfolio approach to broaden the Company's asset base

���� Launched new international growth strategy focused on Special Situations across Hispanic Americas, Caribbean and wider territories

���� Strategic review of Slovenian interests which resulted in restructuring proposal submitted to Joint Venture partners and decision to submit a Notice of Dispute to the Republic of Slovenia, expected shortly

���� Engaged new technical team to prepare the required environmental impact assessment and design the longer term field development plan for the Peti�ovci gas field

���� Entered Cuban oil and gas market with the acquisition of Energetical Limited, securing exclusive rights to negotiate the production sharing contract for Cuba onshore producing block 9B

���� Expanded interests in Cuba with three further MOUs direct with Cuban national oil and gas company ("CUPET") over onshore Blocks 9A, 12 and 15, in total covering over 7,000 km2

2019 Highilights:

���� Produced over 3 million standard cubic meters of gas and over 136 thousand litres of condensate during the year

For further information please contact:

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Chairman and Chief Executive Officers' Statement

The Ascent story has been transformed since the period under review ended, and the changes made since then point to an exciting future with a revamped strategy, re-energised senior team, and new assets already being accessed. In March 2020, the Company announced a complete restructuring of its business, including the appointment of a new Board of Directors and Executive Management, alongside new funding and the launch of an international growth strategy focused on unlocking select special situations across Hispanic Americas, the Caribbean and wider territories. As a first step in that growth strategy, the Company has announced exclusive negotiations on an onshore oil portfolio in Cuba.

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Legacy Slovenian Asset:

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Under the previous leadership, 2019 was a challenging year for the Company and its attempts to develop the Peti�ovci gas field in Slovenia.� Throughout the year the Company experienced continued delays in permitting which have created significant headwinds for the Company to develop the Peti�ovci gas field commercially.�

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Notwithstanding these difficulties, some operational progress was achieved.� Total production in 2019 was 3,074,842 scm of gas and 136,836 litres of condensate. An IPPC permit for a new gas processing plant was received in March 2019.� An appeal against the decision of the Slovenian Environment Ministry to require an Environmental Impact Assessment ('EIA') for the proposed well stimulation work at its Peti�ovci project was submitted in July 2019.� Whilst the stimulation work is considered essential in order to address the production decline and operations of this nature having been carried out in Slovenia more than a hundred times since the 1950's, the Company was made aware in June 2020 that the Administrative Court of the Republic of Slovenia had ruled that an EIA would be required to enable the re-stimulation of PG-10 and PG11A wells. Accordingly, the Company is beginning preparations for submission of an EIA.

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Gas sales to INA are currently suspended as wellhead pressure is below the pipeline pressure. The sales contract remains valid and, should the Company receive permitting to stimulate the PG wells or add compression to the reservoir, production may be able to be resumed.

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Despite the challenges faced in 2019, the Company remains firmly resolved to protect its Slovenian investment and extract value from its interests in the Peti�ovci field.� With this goal in mind, the recently appointed Board initiated in Q1 2020 a review of its portfolio in Slovenia and has begun discussions with its partners and the government.� This review has initially concluded;

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i)������������ That continued material production from the tight gas project will require regular stimulation activity and that the Slovenian government is clearly taking positive action to maximise the potential of the local resources and streamlining and positively reforming the local permitting framework (including the framework for EIAs). There will, however, always remain inherent permitting risk.� This is a common issue for stimulation activities in other European countries and is considered by the new Board to be an ordinary risk of oil and gas developments;

ii)����������� That further stimulation at PG-10 and PG-11A should have a material impact on production levels, potentially returning them to close to historic levels, on the assumption that the stimulation is designed and executed to the highest technical standards using modern techniques.

iii)���������� That production is sold with reference to the Central European Gas Hub Index ("CEGH") and requires realised gas prices above �1.80 to �2.00 per Mscf (which means a CEGH index of Euro 10.5/MWh based on the current sales price formula) to generate positive cash flow.� The Company notes that the average 2019 CEGH index was Euro 14.4/MWh and despite the recent collapse in global oil and gas prices that the 2021/22 gas futures are already circa Euro 13-15/MWh.� Hence the Board see significant core economic value at Petis?ovci and expect significant cash generation from the asset in the medium term with further upside if global oil and gas prices continue to recover.

iv)���������� The potential legal claim against the Republic of Slovenia, to be brought under the Energy Charter Treaty, has some risks and inherent uncertainty at this stage but appears to have a valid legal basis.� The Company is refining its view on the prospects of success and the likely quantum of any potential award.

Ascent has therefore decided upon a dual-pronged strategy which simultaneously progresses both industrial and legal alternatives for the next three months (as of the date of this document).� The updated strategy accelerates the asset's development, as well as clearly setting out the Company's legal position and retaining optionality for that process if required.�

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Recently Launched International Growth Strategy:

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The Company recently launched an international growth strategy focused on unlocking special situations across Hispanic Americas, the Caribbean and Europe.� This strategy is being introduced counter cyclically against the backdrop of exceptionally volatile commodity markets for oil and gas driven by a combination of COVID-19 related demand decline and market oversupply from the disbandment of OPEC+ earlier this year. The Board believes that this volatile pricing environment provides a unique window of opportunity to expand the Company's asset footprint at favourable prices. The strategy is focused on securing low cost barrels with manageable capital commitments and material upside.

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Cuba Market Entry:

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The Republic of Cuba is one of the few remaining world-class, yet largely unexploited hydrocarbon systems. Cuba currently produces approximately 45,000 bopd of mostly heavy oil with c. 100 mscf/d of gas with clear targets for growth in their E&P sector to fuel electricity generation. Cuba has the advantage of offering an international investor access to good infrastructure and an educated workforce alongside significant under exploited hydrocarbon resource potential. To promote international investment Cuba enacted a new law in 2014 to offer protections to foreign investors, allowing payments in foreign currency and withdrawal of funds from the country. Cuba currently offers excellent fiscal and commercial terms for oil and gas operators, including nil cost entries into PSCs and the right to sell all crude at the wellhead priced in foreign currency, thereby securing oil commercialization.

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The Company sees clear first mover opportunity for a quoted oil and gas Company to counter cyclically deploy its operational skill and access to capital in a country which has been starved of investment and technology and impacted by US Sanctions.

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As the first step in advancing its international growth strategy the Company announced on 14 April 2020 the acquisition of Energetical Limited ('Energetical') for a total consideration of �652,500 of which �202,500 has been satisfied by the issue of 6 million new shares and, subject to the Company signing a production sharing contract ('PSC') over Cuban onshore producing block 9B, deferred consideration of �450,000 which will be satisfied by way of a cash payment of �100,000 and the issue of new shares for a consideration of �350,000 to be issued at the 30 day volume weighted average share price of the Company at the time of PSC signature.

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The acquisition of Energetical has secured the rights for the Company to exclusively negotiate the production sharing contract for block 9B which is expected to give the Company an entitlement to incremental barrels produced above the existing base of circa 190 bbls/day from three wells. The Company has initially assessed that recovery rates could be significantly rejuvenated with the simple and relatively low-cost addition of basic equipment and reservoir management.� It is also assessing the viability of new deviated onshore wells drilled into the crest of the fields which it expects to flow with an initial production rate in excess of 1,000 bopd. None of these operations require new seismic and none of the wells have yet to produce any water and no oil water contact has been identified. There are another three wells at Majaguillar and the San Anton field that are shut in at this time mainly due to the lack of basic equipment such as pumps.

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Building momentum on this new market entry into Cuba, also post period in review, the Company announced the signature of binding MOUs with the Cuban national oil company CUPET over Cuban onshore exploration blocks 9A, 12 and 15 which covers an aerial extent over 7,000 km2 along the northern coast. The combination of Blocks 9a, 9b, 12 and 15 positions the Company with exclusive negotiating rights to potentially one of the largest non-state-owned, onshore Cuban portfolios.� The portfolio provides a blend of existing production for low risk redevelopment with significant upside potential for both appraisal and exploration.� The portfolio is consistent with the Company's strategy of counter cyclical acquisitive growth with a focus on low cost production, manageable initial capital commitments and near-term high growth potential.

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This targeted portfolio is primarily low-cost barrels with a blend of development, appraisal and exploration potential, representing a balance of opportunities across the cycle, with selective mining assets also being considered.

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Board Restructuring:

In March 2020, several new Board members joined to strengthen the management of the Company while bringing significant international oil, gas and mining experience and access to capital in order to take the Company forward including James Parsons as Executive Chairman, Ewen Ainsworth as Non-executive Director and Chairman of the Audit Committee and Leonardo Salvadori as Non-executive Director. In April the Company announced the appointment of Andrew Dennan as Chief Executive Officer.

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Funding:

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The recently appointed Board has reduced costs, dealt with various historical outstanding balances and raised some additional funds to enable the new Cuban work programme to be delivered.� This has now positioned the company as a clean vehicle with strong management, access to capital and a growth trajectory.�

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During the course of 2019 the previous management of the Company accessed new equity funding totalling gross proceeds of circa �1.2 million from placings in January and April.� In January the Company raised gross proceeds of �363,156 through the issue of new shares at a price of 0.3 pence per new share by way of an offer for shares conducted through PrimaryBid. In April the company raised gross proceeds of �750,000 at a price of 0.35 pence with a small number of institutional investors.� Additionally, in September the Company entered into arrangements with RiverFort Global Opportunities PCC Limited which resulted in Ascent issuing to RiverFort 393m shares with an agreement to pay for them over 12 months under an Equity Sharing Agreement.� At the same time RiverFort lent Ascent US$500k repayable on or before September 2020 under a US$1.0m loan facility.� Each month RiverFort was allowed to sell up to a fixed number of shares in the market dependent on market liquidity and share price.� The proceeds realised from these share sales were to be used to repay the US$500k loan (less interest and dealing commission).� Once the loan was repaid the remaining funds for share sales were due to come directly to the company.

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Post period in review, the new Board has sought and achieved a restructuring of the September 2019 RiverFort Arrangement. The Equity Sharing Agreement with RiverFort as announced on 20 September 2019 has now been cancelled, effective February 14, 2020. The outstanding�US $468,776�loan (as of the restructuring date and inclusive of fees and commission) with Riverfort has been re-negotiated to a two-year coupon free bullet repayment due on maturity with conversion rights for the lender at 0.075 pence (7.5 pence per share post re-organisation, details below).� No conversion can occur until the share price exceeds 0.1 pence (10 pence per share post re-organisation) for five consecutive days.� The Company has a right to buy out up to 50% of the loan prior to its expiry at nil premium whilst the share price is below the conversion price.� If the Company does exercise this right, then the conversion price is adjusted upwards to 0.0875 pence (8.75 pence post re-organisation) per conversion share. The 43 million warrants initially to be awarded to Riverfort, as announced on 20 September 2019, will no longer be awarded.

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Post period in review, in March 2020, shareholders approved a share re-organisation, including a 100:1 consolidation, with the nominal value of the shares to be set to 0.05 pence. Further to the successful passing of the resolutions at the Company's General Meeting held on 5 March 2020 and despite the market volatility at the time, the Company completed a fundraising for gross proceeds of �685,000 at 5 pence per share. Furthermore, in support of funding work streams associated with advancing the Company's entry into Cuba the Company raised a further �212,500 by the issuance of new shares at 2.75 pence being a nil premium to the closing bid price at the time of issue in April.

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COVID-19:

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Summary:

After a challenging 2019, we believe shareholders have good cause to be optimistic about the future of Ascent Resources as it enters a new growth phase targeting the Hispanic Americas, the Caribbean and Europe. As a new Board we are determined to both protect the Company's investment in Slovenia and expand our international footprint accessing special situations.�

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We thank our shareholders for their patience and support during 2019 and wish them, our advisors, staff and their family's safe passage through these turbulent times.�

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Andrew Dennan������������������������������������������� James Parsons

Chief Executive Officer��������������������������������� Executive Chairman

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Strategic Report

Section 414C of the Companies Act 2006 ('the Act') requires that the Company inform its members as to how the Directors have performed their duty to promote the success of the Company by way of a Strategic Report which includes a fair review of the business, an analysis of the development and performance of the business and analysis of financial position and key performance indicators.

We have incorporated these requirements into the information set out below.

Company Overview

Ascent Resources plc ('Ascent' or 'the Company') is an independent oil and gas exploration and production ('E&P') company that was admitted to trading on AIM in November 2004 (AIM: AST). Ascent has been involved in Slovenia for just over 11 years where it operates the Petis?ovci Tight Gas Project. To date it has invested around �50 million in this project. This asset, despite significant legal and permitting complexity, has significant oil and gas reserves and resources and an established, local production infrastructure with connections to local and export customers.

During 2017 the Company brought two wells into production and started export production from the Petis?ovci field in Slovenia to INA in Croatia. In 2019 production was suspended and sales of gas to INA stopped as a result of well head pressure falling below the pipeline pressure.

Post period in review, the Company has undergone a transformation including the appointment of a new Board of Directors and new initial seed funding alongside the launch of a strategic review of its Slovenian portfolio and the implementation of a new international growth strategy focused on Hispanic Americas, the Caribbean and Europe which has already resulted in the announcement of a new market entry into Cuba.

Asset Overview

Slovenia - Petis?ovci Tight Gas Project

The Petis?ovci Tight Gas Project is in an area that has been exploited since 1943. The project targets the significant gas reserves and resources in the Middle Miocene Badenian or Petis?ovci-Globoki ('Pg') gas reservoirs.

Using the results of an extensive 3D seismic survey conducted in 2009 by Ascent and its partners, the locations of two new wells were determined. These wells, Pg-11A and Pg-10 were successfully drilled, completed and stimulated between 2010 and 2012. During 2017 the Company brought both of these wells into production and started exporting gas from Petis?ovci to INA in Croatia.

Cumulative gas production from the Pg gas field since 1988, including fuel and flare use and accounting for the gas equivalent of the historical condensate production, is 9.8 Bcfe (277.6 MMsm3). This is 2% of the currently estimated gas initially in place ('GIIP') of 456 Bcfe, (12.9 Bsm3), based on independent third-party estimates.

Further details of the asset and current reserves and resources can be found on page 18.

Ascent operates the Petis?ovci project on behalf of the Joint Venture between Ascent Slovenia Limited and Geoenergo. Ascent has a 75% working interest in the project and carries 100% of the costs. Until Ascent has recovered its costs in full it will receive 90% of the net revenues.

Cuba - MOUs blocks 9A, 9B, 12 and 15

Post period in review, the Company announced the acquisition of Energetical Limited which� has secured the rights for the Company to exclusively negotiate the production sharing contract for Cuban onshore producing oil block 9B which is expected to give the Company an entitlement to incremental barrels produced above the existing base of circa 190 bbls/day from three wells.

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The Company has initially assessed that recovery rates could be significantly rejuvenated with the simple and relatively low-cost addition of basic equipment and reservoir management.� It is also assessing the viability of new deviated onshore wells drilled into the crest of the fields which it expects to flow with an initial production rate in excess of 1,000 bopd. None of these operations require new seismic and none of the wells have yet to produce any water and no oil water contact has been identified. There are another three wells at Majaguillar and the San Anton field that are shut in at this time mainly due to the lack of basic equipment such as pumps.

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Additionally, the Company has also secured binding MOUs with the Cuban national oil company CUPET over Cuban onshore exploration blocks 9A, 12 and 15 which covers an aerial extent over 7,000 km2 along the northern coast. The combination of Blocks 9a, 9b, 12 and 15 positions the Company with exclusive negotiating rights to potentially one of the largest non-state owned, onshore Cuban portfolios.� The portfolio provides a blend of existing production for low risk redevelopment with significant upside potential for both appraisal and exploration.� The portfolio is consistent with the Company's strategy of counter cyclical acquisitive growth with a focus on low cost production, manageable initial capital commitments and near term inflection points.

Our strategy

Historically the Company has focussed all of its resources on its Slovenian project, directing available funding towards bringing Petis?ovci into production. The commencement of production during 2017 was a significant milestone. The development of the project stalled during 2018 due to the Slovenian environmental permitting process. The appointment of a new government and the award of the IPPC Permit in April 2019 may provide some confidence that the remaining permit can be obtained in due course but there is no certainty of this happening. In 2020 we have observed recent changes being introduced by the new Slovenian Government including proposals to make amendments to the Nature Preservation Act and Environment Protection Act intended to better facilitate to development of industrial projects.

Following a strategic review in Q1 2020 the new Board identified that the successful commercialisation of the Petis?ovci field is economic at the prevailing 2021/2022 gas future prices of circa Euro 13-15/Mwh and that stimulation is required to materially increase and sustain production at the field. In June 2020 the Administrative Court of the Republic of Slovenia decided that the JV partner's appeal against ARSO decision to require an EIA to re-stimulate PG-10 and PG-11A well was rejected and an EIA would be required. The Company has started work to submit an EIA and contracted a new expert consultancy team of professionals to review the historic stimulation data at Petis?ovci, design the detailed forward stimulation programme so that equipment can be procured without delay when permits are received, and prepare a full Field Development Plan. This strategy will take maximum advantage of the current reduction in industry contractor and stimulation equipment rates and avoid further project delays and increase production levels.

Additionally, the new Board of Directors have launched an international growth strategy focused on unlocking latent value in special situations across Hispanic Americas, the Caribbean and Europe. This will see the Company diversify its breadth and become a portfolio of assets. This strategy is being introduced counter cyclically against the backdrop of exceptionally volatile commodity markets for oil and gas driven by a combination of COVID-19 related demand decline and market oversupply from the disbandment of OPEC+. The Board believe that this volatile pricing environment provides a unique window of opportunity to expand the Company's asset footprint at favourable prices. The strategy is focused on securing low cost barrels with manageable capital commitments.

Our markets

Dependency on imported gas is very high throughout the EU, particularly in Slovenia. This, and the history of relatively stable gas prices in Europe underpins our strategy of exploration, development and production in this region. Our wells are connected to existing processing facilities, intra-field and international pipelines, ensuring low cost connection and easy access to the market.

The Board recognises the attractiveness of the region for oil and gas development and many countries outside of Slovenia have strong gas prices, well organised regulatory frameworks and a history of oil and gas development.

The Company has identified the Caribbean and Hispanic America region as highly prospective for oil and gas, even when taking into consideration current volatile markets and the recent decline in global oil prices.

The Republic of Cuba is one of the few remaining world-class, yet largely unexploited hydrocarbon systems.� The Company sees clear first mover opportunity for a quoted oil and gas Company to counter cyclically deploy its operational skill and access to capital in a country which has been starved of investment and technology and impacted by US Sanctions. Cuba currently produces approximately 45,000 bopd of mostly heavy oil with c. 100 mscf/d of gas with clear targets for growth in their E&P sector to fuel electricity generation. Cuba has the advantage of offering an international investor access to good infrastructure and an educated workforce alongside significant under exploited hydrocarbon resource potential.

Directors' Statement under Section 172 (1) of the Companies Act 2006

The Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole.

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The section specifies that the Directors must act in good faith when promoting the success of the Company and in doing so have regard (amongst other things) to:

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a.�� the likely consequences of any decision in the long term,

b.�� the interests of the Company's employees,

c.�� the need to foster the Company's business relationship with suppliers, customers and others,

d.�� the impact of the Company's operations on the community and environment,

e.�� the desirability of the Company maintaining a reputation for high standards of business conduct, and

f.��� the need to act fairly as between members of the Company.

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The Board of Directors is collectively responsible for the decisions made towards the long-term success of the Company and how the strategic, operational and risk management decisions have been implemented throughout the business is detailed in this Strategic Report on page 6to 9.

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The Company has gone through significant change during the last year. The previous Board worked with the newly appointed directors and management team to provide a transition across to the new management for the benefit of all stakeholders of the Company. The newly appointed Board has taken the important strategic decision to continue its commitment in Slovenia and to try and work with the Government and authorities in to move the business forward in country. At the same time steps have been taken to develop a growth strategy within Hispanic Americas, the Caribbean and Europe. This has been combined with capital raises to fund the business moving forward for the benefit of all stakeholders: shareholders, employees and suppliers alike.

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Stakeholder engagement

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The Board recognises that our employees are one of the key resources of our business which enables delivery of Company's vision and goals. Annual pay and benefit reviews are carried out to determine whether all levels of employees are benefited equally and to retain and encourage skills vital for the business. The Remuneration Committee oversees and make recommendations of executive remuneration and any long-term share/option awards. The employees are informed of the results and important business decisions and are encouraged to feel engaged and to improve career potential.�

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In light of COVID-19 all employees within the business are working from home, this situation will continue to be monitored and at a point when it is considered right return to work will be managed and considered by the Company will full consultation of its employees.

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The Board acknowledges that a strong business relationship with suppliers and customers is a vital part of the growth. Whilst day to day business operations are delegated to the executive management, the Board sets directions with regard to new business ventures. The Board uphold ethical business behaviour and encourages management to seek comparable business practices from all suppliers and customers doing business with the Company. We value the feedback we receive from our stakeholders and we take every opportunity to ensure that where possible their wishes are duly considered.

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The Board considers that relationships and dealings with host Governments plays an integral part of developing oil and gas ventures and accordingly interacts with host Governments and the respective authorities.

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Policies and processes

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Under the direction of the Board, the Company operates a Management System that embodies Environmental, Health, Safety ('EHS') and Social Responsibility ('SR') principles. This system defines objectives to be met by the Company, its subsidiaries, affiliates, associates and operated joint ventures, in the management of EHS and SR.

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The Board is fully accountable for the necessary practices, procedures and means being in place so as to ensure that each EHS and SR objective is demonstrated in full and that continuous improvement practices are operating to ensure that the required practices, procedures and means are being monitored, refined and optimised as necessary.�

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In accordance with this policy, the Executive Directors are directly and collectively responsible to the Board for demonstrating that the EHS and SR objectives are attained throughout the Business.� The Executive Directors have adopted Management System Guidelines as guidance for demonstrating this.

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The Board periodically reviews the health and safety measures implemented in the business premises and improvements are recommended for better practices.

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Maintaining High Standards of Business Conduct

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The Company is incorporated in the UK, governed by the Companies Act 2006 and carries out its business in Cuba and Slovenia. The Board guides management and the employees to conform with relevant statutory and regulatory provisions in the United Kingdom and any other prevailing regulations and best practices at other operative locations.

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The Company has adopted the Quoted Companies Alliance Corporate Governance Code 2018 and the Board recognises the importance of maintaining a good level of corporate governance, which together with the requirements to comply with the AIM Rules ensures that the interests of the Company's stakeholders are safeguarded.

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The Board has prompted that ethical behavior and business practices should be implemented across the business. Anti-corruption and anti-bribery training are provided to staff and contractors and the anti-bribery statement and policy is contained in the Company's Employee Manual. The Company's expectation of honest, fair and professional behaviour is reflected by this and there is zero tolerance for bribery and unethical behaviour by anyone relating to the Company.

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The importance of making all employees feel safe in their environment is maintained and a Whistleblowing policy is in place to enable staff to confidentially raise any concerns freely and to discuss any issues that arise. Strong financial controls are in place and are well documented.

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Shareholders

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The Board places equal importance on all shareholders and recognises the significance of transparent and effective communications with shareholders. As an AIM listed company there is a need to provide fair and balanced information in a way that is understandable to all stakeholders and particularly our shareholders.

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The Company values the views of its shareholders, the newly appointed directors are keen to engage with shareholders and work with them so that they are aligned to the strategy and growth of the business. Once the restrictions in place with the COVID-19 pandemic have been lifted the Company will seek to engage with shareholders in person.

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The primary communication tool with our shareholders is through the Regulatory News Service, ("RNS") on regulatory matters and matters of material substance. The Company's website provides details of the business, investor presentations and details of the Board and Board Committees, changes to major shareholder information, QCA Code disclosure updates under AIM Rule 26. Changes are promptly published on the website to enable the shareholders to be kept abreast of Company's affairs. The Company's Annual Report and Notice of Annual General Meetings (AGM) are available to all shareholders. The Interim Report and other investor presentations are also available on our website.

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The AGM is an annual opportunity for shareholders to meet with the Company and receive a full update of the business from both the Board and management. With the constraints of the Coronavirus pandemic (Covid-19) and the inability to hold the 2020 AGM in the usual format the Company intends to keep shareholders engaged through the Company's website. There will be full transparency of the voting on the resolutions at the AGM, with the Company disclosing the proxy votes received on each resolution in the RNS released shortly after the AGM.

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In order to increase shareholder awareness, the Company has recorded a number of media interviews which are available to download on leading investor-focused websites and from the media section of the Company's website. An email alert service has also established to which shareholders can subscribe to receive company announcements as and when they are released.

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Community and Environment

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The Board places utmost importance of matters pertaining Environmental, Health safety and Social Responsibility and guides the Company on following due policies and processes in order to protect the Community the Company operates within. A management system has been implemented with set of clearly defined objectives of the Environmental, Health, Safety and Social Responsibility Policy.� Health and Safety measures implemented in the business premises are reviewed periodically and the necessary improvements are recommended for better practices. The Company recognises its role as an oil and gas exploration and production company and is aware of the potential impact that it may have on the environment. The Company ensures that its subsidiary companies comply with the local regulatory requirements with regard to the environment.

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Financial Report

Revenue for 2019 was �0.298 million, down from �1.9 million in the prior year due to a decrease in stabilised production rates and gas sales prices realised.

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Administrative expenses increased from �1.760 million in 2018 to �2.132 million in 2019. Administrative costs principally comprise staff costs, overheads and listing related expenses with the increase in 2019 being attributable to an increase in consultancy fees and legal fees incurred in relation to the Slovenian project.

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Finance costs increased from �9k in 2018 to �924k, principally due to the fair value loss associated with amounts receivable under the equity sharing agreement, reflecting the decrease in the Company's share price during the period which reduced the value of the amounts receivable.

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The loss for the year totalled �3.660 million versus �1.365 million in 2018, with the increase in loss most notably due to the contraction of revenues and increase in administrative and finance expenses.

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Operating cash flow was an outflow of �1.668 million In 2019 versus a positive inflow of �0.36 million in 2018. This reflects the reduction in revenue and an increase in expenditures with the principal difference to the overall accounting loss represented by non-cash depreciation charges and non-cash finance costs.

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Cash at the end of the period was �77k versus �376k at the end of 2018.��

Borrowings at the end of the year were �385k mostly constituted of the Riverfort Loan arrangement announced in September 2019.

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Financial KPI's� � � � � � � � � � � � � � �2019��������������������������� 2018��������������������������� Variance

Revenue� � � � � � � � � � � � � � � � � � � � � 298��������������� � � � � � �1,942� � � � � � � � � � � � � � � (1,644)
Administrative Expenses�������� (2,132)������������������������ (1,760)� � � � � � � � � � � � � � � �(372)
EBITDA���������������������������������� � � (2,296)� � � � � � � � � � � � � � (589)��������������������������� (1,707)
Operating Cash Flow�������������� (1,668)� � � � � � � � � � � � � � 360����� ����������������������� (2,028)
Cash Balance� � � � � � � � � � � � � � � � � �77���������������������� � � � 376� � � � � � � � � � � � � � � � � (299)

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Operational Performance

The Company produced 3,074,842 cubic metres of gas and 136,836 litres of condensate during the year and earned �298k in revenue.

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Production has declined further over the period. Once the necessary permits are in place the Company will be able to re-stimulate both wells to restore both to their full potential.

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Our Principal risks and uncertainties

How we operate

The Company utilises a full range of advanced geophysical, geological and other state-of-the-art technology to evaluate and de-risk projects and to reap maximum benefit from its appraisal, development and production activities. Our Petis?ovci project is operated through a local entity in a joint venture.

Our people

Ascent has a small executive team implementing a clear growth strategy and a more operationally focused team based in Slovenia. This is supplemented, as the need requires, with regional technical and operational expertise to ensure the highest standards are delivered on our projects. As an important local employer in our area of operation we take our environmental and social responsibilities seriously and always strive to be a good corporate citizen.

Approved for issue by the Board of Directors and signed on its behalf

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James Parsons

Executive Chairman

25 June 2020

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Summary of Group Net Oil and Gas Reserves As of 31 Dec 2019

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Net Reserves and Resources

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These figures are based on RPS Energy "Updated Independent Volumetric Review of the Peti�ovci Area" gas-in-place estimates with a management assumption of a 50% recovery factor and Ascent's 75% participation.

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Tested and/or produced commercial sands are included as Reserves while untested and unproduced sands remain as Resources. The condensate content of gas is not included.

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Remaining reserves have been adjusted to take into account historic field production since 1963, including estimates of process flare and fuel, which to the end of 2019 were 12.60 bcf. Ascent's share of this production and gas use is 9.45 bcf.

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Proven Reserves (P90) are those quantities of petroleum which can be estimated with reasonable certainty to be commercially recoverable, from known reservoirs and under current economic conditions, operating methods and government regulations.

Proven + Probable Reserves (P50) includes those unproven reserves which are more likely than not to be recoverable.

For the P90 (P50 and P10) Reserves there is at least a 90% (50%; 10%) probability that the quantities actually recovered will equal or exceed the estimate.�

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies.� Contingent resources may include, for example, projects for which there are currently no viable markets or where commercial recovery is dependent on technology under development or where evaluation of the accumulation is insufficient to clearly assess commerciality.

Prospective Resources are those quantities of petroleum which are estimated to be potentially recoverable from undiscovered accumulations.

The range of estimates shown for each category of reserves or resources is a measure of the uncertainty inherent in the estimation of producible volumes and includes the current perceptions of geological, operational and commercial risk.

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Directors' Report

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The Directors present their Directors' Report and Financial Statements for the year ended 31 December 2019 ('the year').

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Principal activities

The principal activities of the Group comprise gas and oil exploration and production.� The Company is registered in England and Wales and is quoted on the AIM Market of the London Stock Exchange.

The Group's corporate management is in London and its oil and gas interests are in Slovenia and post period end Cuba.� The Group operates its own undertakings both through subsidiary companies and joint ventures.� The subsidiary undertakings affecting the Group's results and net assets are listed in Note 11 to the Financial Statements.

Future developments

The Company has identified the European gas market as a relatively stable and secure arena in which to compete.� The European market continues to be a net importer of gas whilst diversity of supply is central to the energy security strategy of most nations.� The Peti�ovci field in Slovenia has the potential to supply a significant proportion of the country's gas requirement for many years. As part of its ongoing strategic review in Europe, the Company is pleased to confirm that given its existing skill sets and regional relationships, it continues to evaluate multiple opportunities to grow its European footprint, including in neighbouring Central Eastern European countries and in the United Kingdom.

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Post period in review, as part of an expanded international strategic review, the Company has also identified the Caribbean and Hispanic America region as highly prospective for oil and gas, and a region where the new team's industry experience, existing relationships and skill set can add value for shareholders. �The Company is focused initially�on attractive production and appraisal portfolios and views the current low oil price environment as an opportunity to secure advantageous entry terms.� It also notes recent legislative and licence changes to encourage foreign investment with attractive fiscal terms, reduced tax rates and tax holidays in some jurisdictions.�We expect Ascent will benefit from a counter cyclical early mover advantage as one of the few active foreign independent E&P companies in the region.

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Financial risk management

Details of the Group's financial instruments and its policies with regard to financial risk management are given in Note�24 of the Financial Statements.

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Results and dividends

The loss for the year after taxation was �3.7 million (2018:� �1.4 million).� The Directors do not recommend the payment of a dividend (2018: Nil).

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Post balance sheet events

Post year in review, in February 2020, the new Board has achieved a restructuring of the September 2019 RiverFort Arrangement. The Equity Sharing Agreement with RiverFort as announced on 20 September 2019 has now been cancelled, effective February 14, 2020. The outstanding�US $468,776�loan (including fees and commission) with Riverfort has been re-negotiated to a two-year coupon free bullet repayment due on maturity with conversion rights for the lender at 7.5 pence per share (post re-organisation).� No conversion can occur until the share price exceeds 10 pence per share for five consecutive days.� The Company has a right to buy out up to 50% of the loan prior to its expiry at nil premium whilst the share price is below the conversion price.� If the Company does exercise this right, then the conversion price is adjusted upwards to 0.0875 pence (8.75 pence post re-organisation) per conversion share. The 43 million warrants initially to be awarded to Riverfort, as announced on 20 September 2019, will no longer be awarded.

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Post period in review, in March 2020, shareholders approved a share re-organisation, including a 100:1 consolidation, with the nominal value of the shares to be set to 0.05 pence. Further to the successful passing of the resolutions at the Company's General Meeting held on 5 March 2020 and despite the market volatility at the time, the Company completed a fundraising for gross proceeds of �685,000 at 5 pence per share. Furthermore, in support of funding work streams associated with advancing the Company's entry into Cuba the Company raised a further �212,500 by the issuance of new shares at 2.75 pence being a nil premium to the closing bid price at the time of issue in April alongside the issue of 8,727,272 warrants exercisable by paying 5.5 pence per new share at any time in the two years from issue.

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Post Period in review the Company has announced a new country entry into Cuba via, initially the acquisition of Energetical Limited securing exclusive rights to negotiate the PSC for onshore production block 9B, followed quickly with the announcement of a signature of a further 3 memorandum of understanding directly with Cuban National oil company CUPET over onshore blocks 9A, 12 and 15. This positions the Company with exclusive rights to negotiate the production sharing contracts to one of the largest non-state owned portfolios of exploration and production licenses in Cuba covering over 7,000 km2.

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Directors

The Directors of the Company that served during the year, and subsequently, were as follows:

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Relevant details of the Directors, which include committee memberships, are set out in the full annual report.

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Directors' interests

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The beneficial and non-beneficial interests in the issued share capital and Convertible Loan Notes ("CLN") of the Company were as follows:

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*Resigned in period.

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Directors' emoluments

Details of Directors' share options and remuneration are set out in the Remuneration Committee report.

Third party indemnity provision

The Company has provided liability insurance for its Directors.� The annual cost of the cover is not material to the Group.� The Company's Articles of Association allow it to provide an indemnity for the benefit of its Directors which is a qualifying indemnity provision for the purposes of the Companies Act 2006.

Share capital

Details of changes to share capital in the period are set out in Note 18. to the Financial Statements.

As at 30 April 2020 the Company has been notified of the following significant interests in its ordinary shares, being a holding of 3% and above:

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Shareholder communications

The Company's website, www.ascentresources.co.uk, provides a platform for the purposes of improving information flow to shareholders, as well as potential investors.

Employees

The Company's Board composition provides the platform for sound corporate governance and robust leadership in implementing the Company's strategies to meet its stated goals and objectives.

The Group's employees and consultants play an integral part in executing its strategy and the overall success and sustainability of the organisation.� The Group has a highly skilled and dedicated team of employees and consultants and places great emphasis on attracting and retaining quality staff.� As an international oil and gas company, we facilitate the development of leadership from the communities in which we operate.� There is a large pool of qualified upstream oil and gas exploration and production professionals in the areas in which we operate, and we are committed to building and developing our teams from these talent pools.

The Group holds its employees and consultants at all levels to high standards and expects the conduct of its employees to reflect mutual respect, tolerance of cultural differences, adherence to the corporate code of conduct and an ambition to excel in their various disciplines.

Disclosure of information to auditors

In the case of each person who was a Director at the time this report was approved:

���� so far as that Director was aware there was no relevant audit information of which the Company's auditors were unaware; and

���� that Director had taken all steps that the Director ought to have taken as a Director to make himself aware of any relevant audit information and to establish that the Company's auditors were aware of that information.

This information is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

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Going Concern

The Financial Statements of the Group are prepared on a going concern basis as detailed in Note 1. to the financial statements.

The Company has raised �0.8975 million in new equity since the balance sheet date from new and existing investors.� Under the Group's forecasts, the funds raised together with existing bank balances provide sufficient funding for at least the next two� months, as of the date of the publication of this report, based on anticipated outgoings and in the absence of the receipt of revenues from production.� �

COVID-19 has had limited direct impact on Ascent's assets in Slovenia but there may be delays in obtaining the necessary governmental approvals and processes. Production operations in Slovenia have been unaffected to date.

In addition to the need to raise additional funding in the next two months, the forecasts are sensitive to the timing and cash flows associated with operational continuation in Slovenia and discretionary spend incurred on advancing the Cuban initiative including deferred consideration that would become payable if the Company elects to enter a PSC for Block 9b. As such, the Company will need to raise new capital within the forecast period to fund such discretionary spend.

Based on historical and recent support from new and existing investors the Board believes that such funding, when required, could be obtained through new debt or equity issuances. However, the ability to raise these funds is not guaranteed at the date of signing these financial statements.

As a consequence, there is material uncertainty which may cast significant doubt over the Group and Parent Company's ability to continue as a going concern.� The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Auditors

In accordance with Section 489 of the Companies Act 2006, a resolution for the reappointment of BDO LLP as auditors of the Company is to be proposed at the forthcoming Annual General Meeting.

Approved for issue by the Board of Directors

and signed on its behalf

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James Parsons

Chairman

25 June 2020

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Consolidated Income Statement &
Statement of Other Comprehensive Income

For the year ended 31 December 2019

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*Items which may be recycled through the income statement in future periods.

The Notes are an integral part of these consolidated financial statements.