ADM Energy Provides OML 113 Update

Source: www.gulfoilandgas.com 11/1/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, notes that Panoro Energy ASA, an independent exploration and production company, and PetroNor E&P Limited, an independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Saharan Africa, have agreed to extend the long-stop date for Panoro to sell 100% of its interest in OML 113 to PetroNor (the "Transaction").

In an announcement from PetroNor on 31 October 2021, PetroNor stated: "The process of obtaining statutory government approvals has taken longer than expected. As such the Company and Panoro have agreed a further one-month extension to the long-stop date. The amended long stop date to complete the Transaction is now 30 November 2021. All other terms and conditions of the Transaction remain unchanged."

ADM Energy holds a 9.2% profit interest in the Aje field in 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. It currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian.


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