RCS - ADM Energy PLC - OML 113 Update

Adm EnergyAnnouncement

01/07/2022 14:30

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RNS Number : 0715R  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 (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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