ADM Energy PLC Further re: Barracuda Oil Field (9047T)
November 29 2021 - 6:54AM
UK Regulatory
TIDMADME
RNS Number : 9047T
ADM Energy PLC
29 November 2021
29 November 2021
ADM Energy PLC
("ADM" or the "Company")
Further re: Barracuda Oil Field
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, notes the announcement made today by
Zenith Energy Limited in respect of its option agreement for OML
141 risk service contract.
As announced on 23 November 2021, K.O.N.H UK Limited ("KONH"), a
company in which ADM acquired a 51 per cent. equity interest and
which holds an indirect 70 per cent. controlling interest in a risk
sharing agreement in the Barracuda oil field in OML 141, was
notified by Noble Hill-Network Limited ("NHNL") of a dispute
regarding its ownership of NHNL.
ADM, and its legal advisers, continue to assert that the dispute
brought by NHNL is without merit and confirms that there has been
no subsequent change to KONH's position as majority shareholder in
NHNL.
The Company further notes speculation in relation to a payment
demand from NHNL for $1.75 million from the Company. ADM confirms
that, whilst such an obligation had been included in non-binding
pre-contractual documents in relation to the Barracuda field
investment, this obligation was superseded and not replicated in
the executed contractual documents which do not contain any
obligation on the Company to fund NHNL with this amount. ADM's
legal advisers wrote to NHNL outlining its position and stated that
the claim was without merit.
The Company continues to take advice on this matter and will
update the market further 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
(Lead 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 835km(2) 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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END
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