ADM Energy PLC (AIM: ADME; BER and 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”).
It is expected that the transaction will now formally close within 14 days.
In 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.”
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.
ADM Energy plc
+44 20 7459 4718
Osamede Okhomina, CEO
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.
Reach 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.
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