OML 113 Update

RNS Number : 1143X

ADM Energy PLC

31 December 2021

 

31 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 December 2021, PetroNor stated: "The long-stop date was extended to the 31 December 2021 per the announcement on 30 November 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 January 2022. 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	[phone]
Osamede Okhomina, CEO
www.admenergyplc.com
Hybridan LLP	[phone]
(Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG	[phone]
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon	[phone]
(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.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature.

 

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