ADM Energy PLC PetroNor Acquires Aje interests from New Age (4457O)
October 03 2023 - 2:00AM
UK Regulatory
TIDMADME
RNS Number : 4457O
ADM Energy PLC
03 October 2023
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.
3 October 2023
ADM Energy PLC
("ADM" or the "Company")
OML 113 Update: PetroNor Acquires Aje interests from New Age
(Africa Global Energy), Ltd.
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, notes the announcement that PetroNor
E&P Limited ("PetroNor") (OSE Ticker: PNOR) has acquired the
32% cost sharing interest and 24% profit share interest of New Age
(Africa Global Energy), Ltd. ("New Age") in OML 113.
PetroNor agreed to acquire New Age's interest in OML 113 for an
upfront consideration of USD six million, with a contingent
consideration of up to USD 20 million based on future gas
production volumes. This acquisition represents PetroNor's second
acquisition into the field, noting the completion of PetroNor's
acquisition of 100% of the shares of Panoro Energy ASA's fully
owned subsidiaries, Pan-Petroleum Services Holding BV ("PPSH") and
Pan-Petroleum Nigeria Holding ("PPNH"), which held 100% of the
shares in Pan-Petroleum Aje Limited ("Pan Aje") as announced on 13
July 2022.
In an announcement from PetroNor on 2 October 2023, interim CEO
Jen Pace, stated: "This acquisition is consistent with PetroNor's
commitment to expanding its portfolio while demonstrating
shareholder value. Acquiring New Age's interests represents a big
step in achieving the partner alignment necessary to move forward
with plans for the re-development of the Aje field. We are excited
about the potential value of this gas resource which is located
close to major population centres and offers a cleaner source of
energy for power generation and industrial use compared to current
alternatives."
Stefan Olivier, CEO of ADM Energy, said: "We welcome PetroNor's
acquisition of New Age's interest in OML 113 which, in our view,
Aje is a highly attractive, geologically de-risked asset which has
produced more than 5 million barrels of oil.
"With the acquisition by PetroNor of Panoro's interest in 2022,
PetroNor's partnership with YFP Deepwater and now consolidation of
the New Age interest - PetroNor is now in position to provide the
strong and capable leadership that Aje requires. We look forward to
working with PetroNor toward re-initiation of development activity
and realising the intrinsic value of ADM's holding in OML 113."
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.
Enquiries:
ADM Energy plc +44 20 7459 4718
Stefan Olivier, 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
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
and the United States. 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 also owns a
portfolio of oil and gas leases in the U.S. states of California,
Texas and Kansas.
ADM Energy is committed to maximizing long-term value from its
existing asset base in Nigeria while targeting other investment
opportunities 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.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to
be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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
MSCEANEAELSDFFA
(END) Dow Jones Newswires
October 03, 2023 02:00 ET (06:00 GMT)
Adm Energy (LSE:ADME)
Historical Stock Chart
From Jul 2024 to Aug 2024
Adm Energy (LSE:ADME)
Historical Stock Chart
From Aug 2023 to Aug 2024