ADM Energy Provides Barracuda Oil Field Updates

Source: www.gulfoilandgas.com 11/29/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, notes the announcement made by Zenith Energy Limited in respect of its option agreement for OML 141 risk service contract.

As announced on 23 November 2021, K.O.N.H UK Limited ("KONH"), a company in which ADM acquired a 51 per cent. equity interest and which holds an indirect 70 per cent. controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141, was notified by Noble Hill-Network Limited ("NHNL") of a dispute regarding its ownership of NHNL.

ADM, and its legal advisers, continue to assert that the dispute brought by NHNL is without merit and confirms that there has been no subsequent change to KONH's position as majority shareholder in NHNL.

The Company further notes speculation in relation to a payment demand from NHNL for $1.75 million from the Company. ADM confirms that, whilst such an obligation had been included in non-binding pre-contractual documents in relation to the Barracuda field investment, this obligation was superseded and not replicated in the executed contractual documents which do not contain any obligation on the Company to fund NHNL with this amount. ADM's legal advisers wrote to NHNL outlining its position and stated that the claim was without merit.


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