(Alliance News) - ADM Energy PLC on Monday said its legal proceedings had stalled in Lagos, Nigeria over its Barracuda oil field.
ADM announced that the Federal High Court of Nigeria would adjourn proceedings until March 1, and keep the interim injunction against Noble Hill-Network Ltd in place in the meantime.
The London-based natural resource investor's share price fell by 7.4% to 0.88 pence each in London on Monday morning.
In December, ADM and KOHN Ltd were granted an interim injunction against NHNL, preventing the company or any associated person from "selling, disposing, divesting or tampering with" KOHN's shareholding interest in NHNL to any third-party investors.
KONH, a company in which ADM acquired 51% equity interest, holds a 70% interest in NHNL, which is the subject of the ongoing legal dispute.
A further update will be made in due course, ADM said.
Separately, ADM announced that the resolutions to remove certain existing directors and install a new director were defeated in Friday's general meeting, by large margins of over 80%.
Osamede Okhomina, ADM Chief Executive Officer, said: "We are pleased to move past this requisitioned general meeting and would like to thank our shareholders for their support. We will continue to focus on executing our strategy to build shareholder value by targeting quality assets with attractive risk-reward profiles that can add to and enhance our investment portfolio."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Adm Energy (ADME)