REG - ADM Energy PLC - Further re: Barracuda Oil Field

Adm EnergyAnnouncement

13/12/2021 10:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211213:nRSM4282Va&default-theme=true

RNS Number : 4282V  ADM Energy PLC  13 December 2021

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.

13 December 2021

 

ADM Energy PLC

("ADM" or the "Company")

 

Further re: Barracuda Oil Field

ADM Secures Interim Injunction

 

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, provides an update on recent developments concerning its indirect
interest in a risk sharing agreement in the Barracuda oil field in OML 141 in
Nigeria.

 

As previously announced on 23 and 29 November 2021, K.O.N.H. (UK) Ltd
("KONH"), a company in which ADM acquired a 51 per cent equity interest and
which holds, a 70 per cent interest in Noble Hill-Network Limited ("NHNL"),
holder of a risk sharing contract in NW OML 141, was notified by NHNL of a
dispute regarding KONH's ownership of its stake in NHNL.

 

ADM and its legal advisers, continue to assert that NHNL's position as
proffered is untenable and wholly without merit and are taking all necessary
legal steps to protect and secure ADM's interest in the circumstance.

 

In the above regard, ADM and KONH instigated proceedings against NHNL at the
Federal High Court of Nigeria, Lagos. The Court has been asked, inter alia, to
determine KONH's rights to its 70% interest in NHNL and all other related
matters. ADM is pleased to announce in the meantime that, on 10 December 2021,
it obtained an interim injunction restraining 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.

 

Even though the dispute is now sub judice, it was, and remains, ADM's and
KONH's preference to seek a resolution with NHNL without the intervention of
the Courts. ADM and KONH wish to assure its shareholders and other
stakeholders, however, that it is and will continue to take all appropriate
steps available to it in law to vigorously protect its interests in NHNL and
the risk sharing contract in respect of NW OML 141.

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  FURBXLFFFLLBFBK