Last checked at 1 Dec 2021 07:05
1 December 2021
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 that Panoro Energy ASA ("Panoro") (OSE Ticker: PEN), an independent exploration and production company, and PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR), an independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Saharan Africa, have agreed to further extend the long-stop date for Panoro to sell 100% of its interest in OML 113 to PetroNor (the "Transaction").
In an announcement from PetroNor on 30 November 2021, PetroNor stated: "The long-stop date was extended to the 30 November 2021 per the announcement on 30 October 2021. However, the process of obtaining statutory government approvals continues to take longer than expected. As such the company and Panoro have agreed a further one-month extension to the long-stop date. The amended long-stop date to complete the transaction is now 31 December 2021. All other terms and conditions of the transaction remain unchanged."
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.