ADM Energy PLC Barracuda Oil Field (3201T)
24 November 2021 - 2:42AM
UK Regulatory
TIDMADME
RNS Number : 3201T
ADM Energy PLC
23 November 2021
23 November 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Oil Field
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, notes speculation regarding OML 141
and its interest in the Barracuda oil field risk sharing
contract.
On 28 April 2021, ADM announced that it had completed the
acquisition of a 51 per cent. equity shareholding in K.O.N.H UK
Limited ("KONH") which, through its subsidiary Noble Hill-Network
Limited ("NHNL"), holds an indirect 70 per cent. controlling
interest in a risk sharing agreement in the Barracuda oil field in
OML 141 in Nigeria.
KONH has subsequently been notified by NHNL of a dispute
regarding its ownership in NHNL and therefore its interest in the
Barracuda Field in OML 141. ADM and its legal advisers consider
that the dispute brought by NHNL is without merit and ADM confirms
there has been no change in its position as the majority
shareholder in KONH and the subsequent 70 per cent. indirect
interest in NHNL.
As notified on 15 November 2021, the Company is assessing the
draft Competent Person's report for the Barracuda field and is in
regular dialogue with Emerald Energy Resources Limited, operator of
the Barracuda field, in respect of the potential development of the
Barracuda field.
The Company will update the market further in due course.
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
Hybridan LLP +44 20 3764 2341
(Lead 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, Tan Siddique
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.
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.
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END
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