REG - ADM Energy PLC - PetroNor acquires Aje interests from Panoro

Adm EnergyAnnouncement

13/07/2022 12:00

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RNS Number : 3606S  ADM Energy PLC  13 July 2022

 

13 July 2022

ADM Energy PLC 

("ADM" or the "Company") 

OML 113 Update: PetroNor Completes Purchase of Aje interests from Panoro
Energy

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, notes the announcement today that Panoro Energy ASA ("Panoro") (OSE
Ticker: PEN) has completed the sale of 100% of its ownership in OML 113 to
PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR).

 

In an announcement from PetroNor on 13 July 2022, interim CEO Jen Pace,
stated: "We are pleased to confirm that this long-awaited transaction with
Panoro has now been completed. The acquisition of the ownership interest in
the Aje field is strategically attractive and supports our stated growth
strategy of acquiring assets that add production, material reserves and
resources to the company. With the establishment of Aje Production, YFP and
PetroNor will form a dynamic and effective licence partnership to lead the
redevelopment of the Aje field."

 

PetroNor agreed to acquire Panoro's interest in OML 113 for an upfront
consideration of USD 10 million, with a contingent consideration of up to USD
16.67 million based on future gas production volumes. Following completion,
PetroNor holds a 6.502% participating interest, with 16.255% cost bearing
interest, representing an economic interest of 12.1913% in OML 113.

 

Osamede Okhomina, CEO of ADM Energy, said: "The conclusion of PetroNor's
acquisition of Panoro's interest in OML 113 marks a significant event for the
Joint Venture as it now allows us to further concentrate on accelerating the
development plans for Aje. PetroNor's decision to acquire a stake in the Aje
field is a strong endorsement of the quality and considerable potential of the
asset and we look forward to working with them to take Aje to the next stage."

 

ADM Energy holds a 9.2% profit interest in the Aje field in OML 113, which
covers an area of 835km(2)( )offshore Nigeria. Aje has multiple oil, gas and
gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones
with five wells drilled to date. It currently has two producing wells, Aje-4
in the Cenomanian and Aje-5 in the Turonian.

 

 

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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