RNS: Acquisition if further interests in OJE24 Feb 2020 07:31
ADM to Acquire a Further Interest in OML 113 from EER
ADM Energy PLC (AIM:ADME), an oil and gas investing company quoted on AIM, is pleased to advise that it has entered into a sale and purchase agreement ("Agreement") with EER (Colobus) Nigeria Limited ("EER") to acquire, subject to satisfaction of certain conditions, a participating interest of 2.25% from EER in oil mining lease no. 113, which includes the Aje field ("Block"), in which it already has an interest of 2.7%. Consideration for the acquisition is $3,000,000, to be satisfied by the issue of $2,000,000 of new ordinary shares at 7 pence per share ("Consideration Shares") and $1,000,000 in cash at the time of completion.