ADM Energy PLC OML 113 Update
December 01 2021 - 1:04AM
RNS Non-Regulatory
TIDMADME
ADM Energy PLC
01 December 2021
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 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.
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 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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