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 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  

+44 20 7459 4718 

Osamede Okhomina, CEO 


www.admenergyplc.com 




Cairn Financial Advisers LLP 

+44 20 7213 0880 

(Nominated Adviser)  

  

Jo Turner, James Caithie 

  



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 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. 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCKZGMNGFDGZZM