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

Adm EnergyAnnouncement

01/02/2023 14:30

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RNS Number : 6275O  ADM Energy PLC  01 February 2023

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.

 

01 February 2023

 

ADM Energy PLC

("ADM" or the "Company")

 

Further re: Barracuda 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 16 November 2022, the Company has been advised
that the Court has adjourned this matter until 28 March 2023.  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
 Oliver Andrews, Chairman

 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

 Gracechurch Group                         +44 20 4582 3500
 (Financial PR)
 Harry Chathli, Alexis Gore, Henry Gamble

 

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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