ADM Energy PLC Barracuda: Interlocutory Injunction Granted (6546K)
06 May 2022 - 10:00PM
UK Regulatory
TIDMADME
RNS Number : 6546K
ADM Energy PLC
06 May 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 May 2022
ADM Energy PLC
("ADM" or the "Company")
Barracuda Oil Field: Interlocutory Injunction Granted
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a
natural-resources investing company, provides an update on the
legal proceedings in respect of its interest in the Barracuda oil
field.
As previously announced on 13 December 2021, the Company and
K.O.N.H. (UK) Ltd ("KONH") obtained an interim injunction at the
Federal High Court of Nigeria, Lagos ("Court") restraining Noble
Hill-Network Limited ("NHNL"), its officers, agents, privies or
person howsoever connected from selling, disposing, divesting or
tampering with the 70% shareholding interest of KONH in NHNL to
third-party investors or in any other manner whatsoever.
Subsequently, NHNL ("the Defendant") applied to the court to set
aside the interim injunction order. The Court pronounced NHNL's
application as lacking in merit and the application was
dismissed.
ADM and KONH's application for interlocutory injunction on which
the above interim order was based, argued that the restraining
order of the court be maintained against the Defendant until the
final determination of the suit. The Court found the following:
1. There is a real threat to the Plaintiffs' (ADM and KONH)
rights and interests as the Defendant has demonstrated its moves to
bring a third-party investor;
2. There is a real issue to be tried or heard;
3. The Defendant's moves to bring in a third-party investor at
this stage will further compound an already compounded issue;
4. The balance of convenience is on the side of granting the
application in favour of the Plaintiffs; and
5. The Plaintiffs have shown that there will be irreparable loss
if the interlocutory injunction is not granted against the
Defendant.
The Court granted ADM and KONH's interlocutory injunction
application which restrains NHNL, its officers, agents, privies or
person howsoever connected from selling, disposing, divesting or
tampering with the 70% shareholding interest of KONH in NHNL to
third-party investors or in any other manner whatsoever until final
determination of the suit.
The Company has been advised that, further to the announcement
of 2 March 2022, the Court has further adjourned this matter to 30
June 2022. The interlocutory injunction is firmly in place and a
further update will be made 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
(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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