Last checked at 27 Jan 2022 11:30
27 January 2022
ADM Energy PLC
("ADM" or the "Company")
OML 113 Update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes the announcements today from Panoro Energy ASA ("Panoro") (OSE Ticker: PEN), and PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR), that all government approvals have now been received for Panoro to sell 100% of its ownership in OML 113 to PetroNor (the "Transaction"). It is now expected that the transaction will now formally close within 90 days.
In an announcement from PetroNor on 27 January 2022, PetroNor's interim CEO, Jens Pace, stated: "The receipt of this long-awaited consent is exciting news for PetroNor and for the development of OML 113. The Aje Field Development Plan is focused on producing and commercialising gas, and has the potential to provide low emission energy corresponding to 5 per cent of the total power production of Nigeria. The terms of the transaction remain the same as per our previous announcements. I look forward to working with our partners on the Aje license and to welcoming the Panoro shareholders into PetroNor."
Osamede Okhomina, CEO of ADM Energy, said: "We are pleased that this transaction has now received all government approvals. PetroNor's decision to acquire a significant stake in the Aje field is a strong endorsement of the quality and significant potential of the asset. PetroNor's considerable experience in oil and gas development and production will help push forward the field's development plan and take Aje to the next stage of its development."
ADM Energy holds a 9.2% profit interest in the Aje field in 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. It currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian.
Enquiries:
ADM Energy plc | +44 20 7459 4718 |
Osamede Okhomina, CEO | |
www.admenergyplc.com | |
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.
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