Barracuda Oil Field Option

Source: www.gulfoilandgas.com 6/8/2021, Location: Africa

Further to the announcement of 23 March 2021, ADM Energy PLC, a natural resources investing company, provides the following clarification on the option rights for a participating interest in the Barracuda oil field in OML 141, offshore Nigeria ("the Field").

The investment in the Field was made by way of an acquisition of a 51 per cent. interest in K.O.N.H. UK Limited ("KONH"), which holds a 70 per cent. interest in a Risk Sharing Agreement ("RSA"). In the announcement, the Company advised that the RSA grants investors in the RSA an option to acquire a participating interest in the OML 141 licence, however, there are no option rights attached to the RSA and, accordingly, to the benefit of ADM.


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