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ADM Energy PLC announced on 1 July 2022 an update regarding legal proceedings concerning its interest in the Barracuda oil field. The Federal High Court of Nigeria, Lagos, has adjourned the matter until 16 November 2022, continuing an interim injunction obtained by ADM and K.O.N.H. (UK) Ltd on 13 December 2021 which restrains Noble Hill-Network Limited from tampering with KONH's 70% shareholding interest. ADM and NHNL informed the Court that they are in settlement discussions.
| Date | 1 Jul 2022 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 9288Q |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
1 July 2022
ADM Energy PLC
("ADM" or the "Company")
Further re: Barracuda Oil Field and Interim Injunction
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil field.
As previously announced on 13 December 2021, the Company and K.O.N.H. (UK) Ltd ("KONH") obtained an interim injunction at the Federal High Court of Nigeria, Lagos ("Court") restraining Noble Hill-Network Limited ("NHNL"), its officers, agents, privies, or person howsoever connected from selling, disposing, divesting, or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors or in any other manner whatsoever.
Further to the announcement on 6 May 2022, the Company has been advised that the Court has adjourned this matter until 16 November 2022. The Company and NHNL informed the Court they are in settlement discussions with a view to resolving the dispute. If no agreement can be reached that will satisfy the Company's demands, ADM will await the Court's final determination of the suit. The interim injunction continues to stand in the meantime and a further update will be made in due course.
Enquiries:
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ADM Energy plc |
+44 20 7459 4718 |
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Osamede Okhomina, CEO |
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Cairn Financial Advisers LLP |
+44 20 7213 0880 |
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(Nominated Adviser) |
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Jo Turner, James Caithie |
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Hybridan LLP |
+44 20 3764 2341 |
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(Broker) |
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Claire Louise Noyce |
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ODDO BHF Corporates & Markets AG |
+49 69 920540 |
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(Designated Sponsor) |
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Michael B. Thiriot |
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Luther Pendragon |
+44 20 7618 9100 |
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(Financial PR) |
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Harry Chathli, Alexis Gore, Tan Siddique |
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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.