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ADM ENERGY PLC ADM Energy PLC: Further re: Barracuda Oil Field

Directive transparence : information réglementée

29/11/2021 14:33

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: Further re: Barracuda Oil Field

29.11.2021 / 13:33
The issuer is solely responsible for the content of this announcement.




29 November 2021

ADM Energy PLC
("ADM" or the "Company")

Further re: Barracuda Oil Field

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, notes the announcement made today by Zenith Energy Limited in respect of its option agreement for OML 141 risk service contract.

As announced on 23 November 2021, K.O.N.H UK Limited ("KONH"), a company in which ADM acquired a 51 per cent. equity interest and which holds an indirect 70 per cent. controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141, was notified by Noble Hill-Network Limited ("NHNL") of a dispute regarding its ownership of NHNL.

ADM, and its legal advisers, continue to assert that the dispute brought by NHNL is without merit and confirms that there has been no subsequent change to KONH's position as majority shareholder in NHNL.

The Company further notes speculation in relation to a payment demand from NHNL for $1.75 million from the Company. ADM confirms that, whilst such an obligation had been included in non-binding pre-contractual documents in relation to the Barracuda field investment, this obligation was superseded and not replicated in the executed contractual documents which do not contain any obligation on the Company to fund NHNL with this amount. ADM's legal advisers wrote to NHNL outlining its position and stated that the claim was without merit.

The Company continues to take advice on this matter and will update the market further in due course.

Enquiries:

ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO  
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.

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 or visit www.rns.com.



29.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: ADM Energy PLC
60 Gracechurch street
EC3V 0HR London
United Kingdom
Phone: +44 (0)2077863555
E-mail: hello@admenergyplc.com
Internet: www.admenergyplc.com
ISIN: GB00BJFDXW97
WKN: A2PLC1
Listed: Foreign Exchange(s) London
EQS News ID: 1252599

 
End of News DGAP News Service

1252599  29.11.2021 

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