{"id":98711,"title":"ADM Energy PLC (AIM:ADME) OML 113 Update","publisher":"Share Talk","author":"sharetalk","published":"2022-07-01T13:55:54+00:00","modified":"2022-07-01T13:55:54+00:00","canonical_url":"https://www.share-talk.com/adm-energy-plc-aimadme-oml-113-update/","markdown_url":"https://www.share-talk.com/adm-energy-plc-aimadme-oml-113-update.md","json_url":"https://www.share-talk.com/adm-energy-plc-aimadme-oml-113-update.json","category":"Energy","categories":["Energy"],"tags":["ADM Energy","ADM Energy plc","ADME","Aje field","Al Zubair","Albian","AWGAL Investments","Cenomanian","condensate","drilled","gas","Ghana","Natural","Nigeria","offshore","oil","Osamede Okhomina","Panoro Energy","Peter Francis","PetroNor E&P","reservoirs","Resources","sandstones","Share Talk","Turonian","wells"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**ADM Energy PLC (AIM: ADME; BER an**d 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”).\n\nIt is expected that the transaction will now formally close within 14 days.\n\nIn 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.”\n\n**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.\n\nEnquiries:\n\n**ADM Energy plc  **\n\n**+44 20 7459 4718 **\n\n**Osamede Okhomina, CEO **\n\n[www.admenergyplc.com  ](http://www.admenergyplc.com)\n\n**About ADM Energy PLC**\n\nADM 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.\n\nADM 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.\n\nReach is a non-regulatory news service. By using this service an issuer is confirming that the information contained in this announcement is of a non-regulatory nature."}