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ADM Energy PLC: PetroNor acquires Aje interests from Panoro

·3-min read

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: PetroNor acquires Aje interests from Panoro
13.07.2022 / 12:45
The issuer is solely responsible for the content of this announcement.

 

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 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. 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

 

 

 

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.


13.07.2022 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.
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:

London

EQS News ID:

1397307


 

End of News

DGAP News Service

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