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included in non-binding pre-contractual documents in relation to the Barracuda field investment, this obligation was superseded and not replicated in the executed contractual documents which do not contain any obligation on the Company to fund NHNL with this amount.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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FURBDBDBBUDDGBC

(END) Dow Jones Newswires

November 29, 2021 07:54 ET (12:54 GMT)

Adm Energy (LSE:ADME)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Adm Energy Charts.
Adm Energy (LSE:ADME)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Adm Energy Charts.