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IN BRIEF: ADM Energy completes Barracuda Field acquisition

Wed, 28th Apr 2021 18:00

ADM Energy PLC - UK-based natural resources investing company - Says it has completed acquisition of a 51% interest for the development of the large-scale Barracuda Field in OML 141, an existing discovery and near-term production asset in shallow waters, offshore Nigeria. ADM now owns a 51% interest in the KONH UK Ltd vehicle, which in turn owns 70% of Barracuda. ADM Energy pays USD250,000 cash and USD550,000 shares for Barracuda deal. Future contingent payments may see the total deal consideration rise up to USD1.3 million.

Current stock price: 3.5 pence

Year-to-date change: 35% lower

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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