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.
Further to the announcement on 16 November 2022, the Company has been advised that the Court has adjourned this matter until 28 March 2023. The interim injunction continues to stand in the meantime and a further update will be made in due course.
