Last checked at 13 Dec 2021 10:14
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
13 December 2021
ADM Energy PLC
("ADM" or the "Company")
Further re: Barracuda Oil Field
ADM Secures Interim Injunction
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, provides an update on recent developments concerning its indirect interest in a risk sharing agreement in the Barracuda oil field in OML 141 in Nigeria.
As previously announced on 23 and 29 November 2021, K.O.N.H. (UK) Ltd ("KONH"), a company in which ADM acquired a 51 per cent equity interest and which holds, a 70 per cent interest in Noble Hill-Network Limited ("NHNL"), holder of a risk sharing contract in NW OML 141, was notified by NHNL of a dispute regarding KONH's ownership of its stake in NHNL.
ADM and its legal advisers, continue to assert that NHNL's position as proffered is untenable and wholly without merit and are taking all necessary legal steps to protect and secure ADM's interest in the circumstance.
In the above regard, ADM and KONH instigated proceedings against NHNL at the Federal High Court of Nigeria, Lagos. The Court has been asked, inter alia, to determine KONH's rights to its 70% interest in NHNL and all other related matters. ADM is pleased to announce in the meantime that, on 10 December 2021, it obtained an interim injunction restraining NHNL, its officers, agents, privies or person howsoever connected from selling, disposing, divesting or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors or in any other manner whatsoever.
Even though the dispute is now sub judice, it was, and remains, ADM's and KONH's preference to seek a resolution with NHNL without the intervention of the Courts. ADM and KONH wish to assure its shareholders and other stakeholders, however, that it is and will continue to take all appropriate steps available to it in law to vigorously protect its interests in NHNL and the risk sharing contract in respect of NW OML 141.
A further update will be made in due course.
Enquiries:
ADM Energy plc | +44 20 7459 4718 |
Osamede Okhomina, CEO | |
www.admenergyplc.com | |
Cairn Financial Advisers LLP | +44 20 7213 0880 |
(Nominated Adviser) | |
Jo Turner, James Caithie | |
Hybridan LLP | +44 20 3764 2341 |
(Broker) | |
Claire Louise Noyce | |
ODDO BHF Corporates & Markets AG | +49 69 920540 |
(Designated Sponsor) | |
Michael B. Thiriot | |
Luther Pendragon | +44 20 7618 9100 |
(Financial PR) | |
Harry Chathli, Alexis Gore, Tan Siddique |
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.
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.