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(Alliance News) - ADM Energy PLC on Friday said the Federal High Court of Nigeria has further adjourned legal proceedings over its Barracuda oil field until November 16.
Shares in ADM were up 14% to 0.80 pence each in London on Friday morning.
ADM is a London-based natural resource investor, which holds a 51% stake in KOHN (UK) Ltd.
Back in November, KOHN was notified by Noble Hill-Network Ltd of a dispute regarding KONH's ownership of its 70% stake in NHNL.
Subsequently, ADM and KONH instigated proceedings against NHNL at the Federal High Court of Nigeria, Lagos. The court has been asked to determine KONH's rights to its 70% interest in NHNL.
In December, ADM and KOHN were granted an interim injunction against NHNL, preventing the company or any associated person from "selling, disposing, divesting or tampering with" KOHN's 70% shareholding interest in NHNL to any third-party investors. NHNL challenged the order, but this was rejected by the court, ADM said.
Since then, the court has adjourned legal proceedings three times.
On Friday, ADM said that the court has further adjourned legal proceedings over its Barracuda oil field until November 16.
"ADM 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," ADM said.
By Sophie Rose; sophierose@alliancenews.com
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