RCS - ADM Energy PLC - OML 113 Update

Adm EnergyAnnouncement

27/01/2022 11:30

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RNS Number : 8746Z  ADM Energy PLC  27 January 2022

27 January 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 the announcements today from Panoro Energy ASA ("Panoro") (OSE
Ticker: PEN), and PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR),
that all government approvals have now been received for Panoro to sell 100%
of its ownership in OML 113 to PetroNor (the "Transaction").  It is now
expected that the transaction will now formally close within 90 days.

 

In an announcement from PetroNor on 27 January 2022, PetroNor's interim CEO,
Jens Pace, stated: "The receipt of this long-awaited consent is exciting news
for PetroNor and for the development of OML 113. The Aje Field Development
Plan is focused on producing and commercialising gas, and has the potential to
provide low emission energy corresponding to 5 per cent of the total power
production of Nigeria. The terms of the transaction remain the same as per our
previous announcements. I look forward to working with our partners on the Aje
license and to welcoming the Panoro shareholders into PetroNor."

 

Osamede Okhomina, CEO of ADM Energy, said: "We are pleased that this
transaction has now received all government approvals. PetroNor's decision to
acquire a significant stake in the Aje field is a strong endorsement of the
quality and significant potential of the asset. PetroNor's considerable
experience in oil and gas development and production will help push forward
the field's development plan and take Aje to the next stage of its
development."

 

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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