ADM Energy PLC PetroNor acquires Aje interests from Panoro (3606S)

TIDMADME

RNS Number : 3606S

ADM Energy PLC

13 July 2022

13 July 2022

ADM Energy PLC

("ADM" or the "Company")

OML 113 Update: PetroNor Completes Purchase of Aje interests from Panoro Energy

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes the announcement today that Panoro Energy ASA ("Panoro") (OSE Ticker: PEN) has completed the sale of 100% of its ownership in OML 113 to PetroNor E&P Limited ("PetroNor") (OSE Ticker: PNOR).

In an announcement from PetroNor on 13 July 2022, interim CEO Jen Pace, stated: "We are pleased to confirm that this long-awaited transaction with Panoro has now been completed. The acquisition of the ownership interest in the Aje field is strategically attractive and supports our stated growth strategy of acquiring assets that add production, material reserves and resources to the company. With the establishment of Aje Production, YFP and PetroNor will form a dynamic and effective licence partnership to lead the redevelopment of the Aje field."

PetroNor agreed to acquire Panoro's interest in OML 113 for an upfront consideration of USD 10 million, with a contingent consideration of up to USD 16.67 million based on future gas production volumes. Following completion, PetroNor holds a 6.502% participating interest, with 16.255% cost bearing interest, representing an economic interest of 12.1913% in OML 113.

Osamede Okhomina, CEO of ADM Energy, said: "The conclusion of PetroNor's acquisition of Panoro's interest in OML 113 marks a significant event for the Joint Venture as it now allows us to further concentrate on accelerating the development plans for Aje. PetroNor's decision to acquire a stake in the Aje field is a strong endorsement of the quality and considerable potential of the asset and we look forward to working with them to take Aje to the next stage."

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                             [phone] 
Osamede Okhomina, CEO 
www.admenergyplc.com 
 
Cairn Financial Advisers LLP               [phone] 
(Nominated Adviser) 
Jo Turner, James Caithie 
 
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 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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July 13, 2022 07:00 ET (11:00 GMT)