Last checked at 8 Jun 2021 07:00
8 June 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Oil Field Option
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.
Enquiries:
ADM Energy plc | +44 20 7459 4718 |
Osamede Okhomina, CEO |
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www.admenergyplc.com |
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Cairn Financial Advisers LLP | +44 20 7213 0880 |
(Nominated Adviser) |
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Jo Turner, James Caithie |
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Arden Partners plc | +44 20 7614 5900 |
(Lead Broker) |
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Paul Shackleton, Daniel Gee-Summons |
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Hybridan LLP | +44 20 3764 2341 |
(Joint Broker) |
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Claire Louise Noyce |
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ODDO BHF Corporates & Markets AG | +49 69 920540 |
(Designated Sponsor) |
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Michael B. Thiriot |
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Luther Pendragon | +44 20 7618 9100 |
(Financial PR) |
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Harry Chathli, Alexis Gore, Joe Quinlan |
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
The Company also holds an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in the NW part of OML 141, which covers 103 km2 in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021.
ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.