REG - ADM Energy PLC - Barracuda Oil Field

Adm EnergyAnnouncement

23/11/2021 15:45

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RNS Number : 3201T  ADM Energy PLC  23 November 2021

 

 

23 November 2021

 

ADM Energy PLC

("ADM" or the "Company")

 

Barracuda Oil Field

 

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, notes speculation regarding OML 141 and its interest in the Barracuda
oil field risk sharing contract.

 

On 28 April 2021, ADM announced that it had completed the acquisition of a 51
per cent. equity shareholding in K.O.N.H UK Limited ("KONH") which, through
its subsidiary Noble Hill-Network Limited ("NHNL"), holds an indirect 70 per
cent. controlling interest in a risk sharing agreement in the Barracuda oil
field in OML 141 in Nigeria.

 

KONH has subsequently been notified by NHNL of a dispute regarding its
ownership in NHNL and therefore its interest in the Barracuda Field in OML
141. ADM and its legal advisers consider that the dispute brought by NHNL is
without merit and ADM confirms there has been no change in its position as the
majority shareholder in KONH and the subsequent 70 per cent. indirect interest
in NHNL.

 

As notified on 15 November 2021, the Company is assessing the draft Competent
Person's report for the Barracuda field and is in regular dialogue with
Emerald Energy Resources Limited, operator of the Barracuda field, in respect
of the potential development of the Barracuda field.

 

The Company will update the market further 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
 (Lead 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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