ADM Energy Provides Barracuda Oil Field Updates

Source: www.gulfoilandgas.com 11/23/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, notes speculation regarding OML 141 and its interest in the Barracuda oil field risk sharing contract.

On 28 April 2021, ADM announced that it had completed the acquisition of a 51 per cent. equity shareholding in K.O.N.H UK Limited ("KONH") which, through its subsidiary Noble Hill-Network Limited ("NHNL"), holds an indirect 70 per cent. controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141 in Nigeria.

KONH has subsequently been notified by NHNL of a dispute regarding its ownership in NHNL and therefore its interest in the Barracuda Field in OML 141. ADM and its legal advisers consider that the dispute brought by NHNL is without merit and ADM confirms there has been no change in its position as the majority shareholder in KONH and the subsequent 70 per cent. indirect interest in NHNL.

As notified on 15 November 2021, the Company is assessing the draft Competent Person's report for the Barracuda field and is in regular dialogue with Emerald Energy Resources Limited, operator of the Barracuda field, in respect of the potential development of the Barracuda field.

The Company will update the market further in due course.


Russia >>  9/30/2022 - The centerpiece of the closing day of the Sakhalin Oil and Gas 2022 Far Eastern Energy Forum was the presentation of the Unified Integration Centre. T...
Ireland >>  9/29/2022 - Lansdowne Oil & Gas ("Lansdowne") is pleased to announce its unaudited results, for the six months ended 30 June 2022. The Company has targeted the Ir...

Netherlands/Holland >>  9/27/2022 - ONE-Dyas, together with partners EBN and Hansa Hydrocarbons, have made a final investment decision for the development of the N05-A gas field in the N...
Equatorial Guinea >>  9/26/2022 - VAALCO Energy, Inc. announced that the Government of Equatorial Guinea has approved the Venus - Block P Plan of Development (“POD”). VAALCO has an 80%...

Trinidad and Tobago >>  9/24/2022 - bp Trinidad and Tobago (bpTT) today confirmed that it is proceeding with the development of its Cypre offshore gas project.

This decis...

Denmark >>  9/23/2022 - INEOS and its partners in the Solsort Unit, Danoil and Nordsøfonden, have agreed on Final Investment Decision regarding the development of the Solsort...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.