ADM Energy PLC: Barracuda Oil Field Option

·3-min read

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
08.06.2021 / 08:30
The issuer is solely responsible for the content of this announcement.

8 June 2021

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

Barracuda Oil Field Option

Further to the announcement of 23 March 2021, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, provides the following clarification on the option rights for a participating interest in the Barracuda oil field in OML 141, offshore Nigeria ("the Field").

The investment in the Field was made by way of an acquisition of a 51 per cent. interest in K.O.N.H. UK Limited ("KONH"), which holds a 70 per cent. interest in a Risk Sharing Agreement ("RSA"). In the announcement, the Company advised that the RSA grants investors in the RSA an option to acquire a participating interest in the OML 141 licence, however, there are no option rights attached to the RSA and, accordingly, to the benefit of ADM.

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

 

 

 

Arden Partners plc

+44 20 7614 5900

(Lead Broker)

 

Paul Shackleton, Daniel Gee-Summons

 

 

 

Hybridan LLP

+44 20 3764 2341

(Joint 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, Joe Quinlan

 

 



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.

The Company also holds an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in the NW part of OML 141, which covers 103 km2 in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021.

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.


08.06.2021 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.
Archive at www.dgap.de

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:

1205238


 

End of News

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