REG - ADM Energy PLC - Further re: Barracuda and Interim Injunction

Adm EnergyAnnouncement

01/07/2022 07:00

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RNS Number : 9288Q  ADM Energy PLC  01 July 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.

 

1 July 2022

 

ADM Energy PLC 

("ADM" or the "Company") 

 

Further re: Barracuda Oil Field and Interim Injunction

 

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.

 

Further to the announcement on 6 May 2022, the Company has been advised that
the Court has adjourned this matter until 16 November 2022.  The Company and
NHNL informed the Court they are in settlement discussions with a view to
resolving the dispute.  If no agreement can be reached that will satisfy the
Company's demands, ADM will await the Court's final determination of the
suit.  The interim injunction continues to stand in the meantime 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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