RCS - ADM Energy PLC - OML 113 Update

Adm EnergyAnnouncement

31/12/2021 07:00

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RNS Number : 1143X  ADM Energy PLC  31 December 2021

 

31 December 2021

 

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), an
independent exploration and production company, and PetroNor E&P Limited
("PetroNor") (OSE Ticker: PNOR), an independent oil and gas exploration and
production company with a focus on production, development and exploration
assets across sub-Saharan Africa, have agreed to further extend the long-stop
date for Panoro to sell 100% of its interest in OML 113 to PetroNor (the
"Transaction").

 

In an announcement from PetroNor on 30 December 2021, PetroNor stated: "The
long-stop date was extended to the 31 December 2021 per the announcement on 30
November 2021. However, the process of obtaining statutory government
approvals continues to take longer than expected. As such the Company and
Panoro have agreed a further one-month extension to the long-stop date. The
amended long-stop date to complete the Transaction is now 31 January 2022. All
other terms and conditions of the Transaction remain unchanged."

 

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 (http://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 835km² 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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