ADM Provides Barracuda Oil Field Updates and Interim Injunction

Source: www.gulfoilandgas.com 1/17/2022, Location: Africa

ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil field.

As previously announced on 13 December 2021, the Company and K.O.N.H. (UK) Ltd ("KONH") obtained an interim injunction at the Federal High Court of Nigeria, Lagos ("Court") restraining Noble Hill-Network Limited ("NHNL"), its officers, agents, privies or person howsoever connected from selling, disposing, divesting or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors or in any other manner whatsoever.

The Company has been advised that the Court has adjourned this matter until 1 March 2022. The interim injunction continues to stand in the meantime and a further update will be made in due course.


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