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ADM ENERGY PLC ADM Energy PLC: Further re: Barracuda and Interim Injunction

Directive transparence : information réglementée

01/07/2022 08:35

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: Further re: Barracuda and Interim Injunction

01.07.2022 / 07:35
The issuer is solely responsible for the content of this announcement.


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   
   
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 or visit www.rns.com.

 



01.07.2022 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: London
EQS News ID: 1388443

 
End of News DGAP News Service

1388443  01.07.2022 

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