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Share Name Share Symbol Market Type Share ISIN Share Description
Adm Energy Plc LSE:ADME London Ordinary Share GB00BJFDXW97 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.75 0.70 0.80 0.75 0.75 0.75 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1.8 -2.5 -1.6 - 2

ADM Energy PLC OML 113 Update

01/07/2022 2:17pm

RNS Non-Regulatory


TIDMADME

ADM Energy PLC

01 July 2022

1 July 2022

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), and PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR), have agreed to further extend the long-stop date for Panoro to sell 100% of its ownership in OML 113 to PetroNor (the "Transaction"). It is expected that the transaction will now formally close within 14 days.

In an announcement from PetroNor on 30 June 2022, the Company stated: " PetroNor and Panoro have been working diligently to complete the transaction and have made good progress. Most CP's have been satisfied or waived and the companies are initiating the final steps towards completion. PetroNor expects conclusion of the outstanding matters and the subsequent closing with Panoro to commence within 14 days. As a consequence, Panoro and PetroNor have agreed to extend the long stop date under the SPA from 30 June 2022 to 15 July 2022."

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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July 01, 2022 09:17 ET (13:17 GMT)

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