REG - ADM Energy PLC - Barracuda: Interlocutory Injunction Granted

Adm EnergyAnnouncement

06/05/2022 13:15

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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 (http://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 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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