RE: OML 141 - Who Owns It?31 Aug 2021 10:46
AC talks of thr NW part of OML 141. Is that excluded from ADM?
they RNS'd this to clarify ownership which is clear as mud :
Further to the announcement of 23 March 2021, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, provides the following clarification on the option rights for a participating interest in the Barracuda oil field in OML 141, offshore Nigeria ("the Field").
The investment in the Field was made by way of an acquisition of a 51 per cent. interest in K.O.N.H. UK Limited ("KONH"), which holds a 70 per cent. interest in a Risk Sharing Agreement ("RSA"). In the announcement, the Company advised that the RSA grants investors in the RSA an option to acquire a participating interest in the OML 141 licence, however, there are no option rights attached to the RSA and, accordingly, to the benefit of ADM.
Anyone with any knowledge of how this works please feel free to enlighten me.
GL.