RE: RNS:Out14 May 2020 08:11
KEY POINTS:
· Payment of USD$250,000 deposit in cash and shares as part of the sale and purchase agreement
· ADM is in the process of applying for the consent of the Nigerian Minister of Petroleum Resources for the transfer of the interest from EER to ADM, which takes the Company closer to completing the Agreement
· Subject to completion of the Agreement ("Completion"), ADM's participating interest in OML 113 will increase to 4.9% with corresponding revenue and cost bearing interests increasing to 9.2% and 12.3% respectively
· Recently strengthened balance sheet and cash position following Loan Facilities Agreement, Directors' Subscriptions and Debt Conversion, as reported on 27 April 2020
· Operations at OML 113 remain largely uninterrupted, with production levels remaining stable