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ADM Energy PLC: Further re: Barracuda and Interim Injunction

EQS-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: Further re: Barracuda and Interim Injunction

01.02.2023 / 16:00 GMT/BST
The issuer is solely responsible for the content of this announcement.


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.

 

01 February 2023

 

ADM Energy PLC 

("ADM" or the "Company") 

 

Further re: Barracuda 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 16 November 2022, the Company has been advised that the Court has adjourned this matter until 28 March 2023.  The interim injunction continues to stand in the meantime and a further update will be made in due course. 

 

 

 

Enquiries:

 

ADM Energy plc+44 20 7459 4718
Oliver Andrews, Chairman 
  
  
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 
  
Gracechurch Group+44 20 4582 3500
(Financial PR) 
Harry Chathli, Alexis Gore, Henry Gamble 

 

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.

 

 

 



01.02.2023 GMT/BST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language:English
Company:ADM Energy PLC
60 Gracechurch street
EC3V 0HR London
United Kingdom
Phone:+44 (0)2077863555
E-mail:hello@admenergyplc.com
Internet:www.admenergyplc.com
ISIN:GB00BJFDXW97
WKN:A2PLC1
Listed:London
EQS News ID:1549235

 
End of NewsEQS News Service

1549235  01.02.2023 GMT/BST

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