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
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Adm Energy (ADME)