ADM Energy PLC OML 113 Update
01 July 2022 - 11:17PM
RNS Non-Regulatory
TIDMADME
ADM Energy PLC
01 July 2022
1 July 2022
ADM Energy PLC
("ADM" or the "Company")
OML 113 Update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, notes that Panoro Energy ASA
("Panoro") (OSE Ticker: PEN), and PetroNor E&P Limited
("PetroNor") (OSE Ticker: PNOR), have agreed to further extend the
long-stop date for Panoro to sell 100% of its ownership in OML 113
to PetroNor (the "Transaction"). It is expected that the
transaction will now formally close within 14 days.
In an announcement from PetroNor on 30 June 2022, the Company
stated: " PetroNor and Panoro have been working diligently to
complete the transaction and have made good progress. Most CP's
have been satisfied or waived and the companies are initiating the
final steps towards completion. PetroNor expects conclusion of the
outstanding matters and the subsequent closing with Panoro to
commence within 14 days. As a consequence, Panoro and PetroNor have
agreed to extend the long stop date under the SPA from 30 June 2022
to 15 July 2022."
ADM Energy holds a 9.2% profit interest in the Aje field in 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.
It currently has two producing wells, Aje-4 in the Cenomanian and
Aje-5 in the Turonian.
Enquiries:
ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO
www.admenergyplc.com
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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END
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