OML 113 Update

RNS Number : 0715R
ADM Energy PLC
01 July 2022
 

1 July 2022

 

 

ADM Energy PLC   

("ADM" or the "Company")   

 

OML 113 Update

 

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes that Panoro Energy ASA ("Panoro") (OSE Ticker: PEN), and PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR), have agreed to further extend the long-stop date for Panoro to sell 100% of its ownership in OML 113 to PetroNor (the "Transaction").  It is expected that the transaction will now formally close within 14 days.

In an announcement from PetroNor on 30 June 2022, the Company stated:  " PetroNor and Panoro have been working diligently to complete the transaction and have made good progress. Most CP's have been satisfied or waived and the companies are initiating the final steps towards completion. PetroNor expects conclusion of the outstanding matters and the subsequent closing with Panoro to commence within 14 days. As a consequence, Panoro and PetroNor have agreed to extend the long stop date under the SPA from 30 June 2022 to 15 July 2022."

 

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

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.

 

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature.

 

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. 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.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAEADXFEFSAEFA

Companies

ADM Energy (ADME)
UK 100

Latest directors dealings