ADM Energy PLC Barracuda Oil Field Option (0935B)
08 June 2021 - 4:00PM
UK Regulatory
TIDMADME
RNS Number : 0935B
ADM Energy PLC
08 June 2021
8 June 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Oil Field Option
Further to the announcement of 23 March 2021, ADM Energy PLC
(AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, provides the following clarification on the option rights
for a participating interest in the Barracuda oil field in OML 141,
offshore Nigeria ("the Field").
The investment in the Field was made by way of an acquisition of
a 51 per cent. interest in K.O.N.H. UK Limited ("KONH"), which
holds a 70 per cent. interest in a Risk Sharing Agreement ("RSA").
In the announcement, the Company advised that the RSA grants
investors in the RSA an option to acquire a participating interest
in the OML 141 licence, however, there are no option rights
attached to the RSA and, accordingly, to the benefit of ADM.
Enquiries:
ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Arden Partners plc +44 20 7614 5900
(Lead Broker)
Paul Shackleton, Daniel Gee-Summons
Hybridan LLP +44 20 3764 2341
(Joint Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural
resources investing company with an existing asset base in Nigeria.
ADM Energy holds a 9.2% profit interest in the oil producing Aje
Field, part of OML 113, which covers an area of 835km(2) offshore
Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs
in the Turonian, Cenomanian and Albian sandstones with five wells
drilled to date.
The Company also holds an investment in the development of the
Barracuda Field, an existing discovery and near-term production
asset in the NW part of OML 141, which covers 103 km(2) in the
swamp/shallow waters of the Niger Delta. Four existing wells have
been drilled to date and a fifth is intended to be drilled in Q4
2021.
ADM Energy is seeking to build on its existing asset base in
Nigeria and target other investment opportunities across the West
African region in the oil and gas sector with attractive risk
reward profiles such as proven nature of reserves, level of
historic investment, established infrastructure and route to early
cash flow.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FURUBUARAKUNRUR
(END) Dow Jones Newswires
June 08, 2021 02:00 ET (06:00 GMT)
Adm Energy (LSE:ADME)
Historical Stock Chart
From Mar 2024 to Apr 2024
Adm Energy (LSE:ADME)
Historical Stock Chart
From Apr 2023 to Apr 2024
