<

ADM ENERGY PLC ADM Energy PLC: Barracuda Oil Field: Interlocutory Injunction Granted

Transparency directive : regulatory news

06/05/2022 15:00

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: Barracuda Oil Field: Interlocutory Injunction Granted

06.05.2022 / 14:00
The issuer is solely responsible for the content of this announcement.


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 May 2022

ADM Energy PLC
("ADM" or the "Company")

Barracuda Oil Field: Interlocutory Injunction Granted


ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), 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.

Subsequently, NHNL ("the Defendant") applied to the court to set aside the interim injunction order. The Court pronounced NHNL's application as lacking in merit and the application was dismissed.

ADM and KONH's application for interlocutory injunction on which the above interim order was based, argued that the restraining order of the court be maintained against the Defendant until the final determination of the suit. The Court found the following:

1. There is a real threat to the Plaintiffs' (ADM and KONH) rights and interests as the Defendant has demonstrated its moves to bring a third-party investor;
2. There is a real issue to be tried or heard;
3. The Defendant's moves to bring in a third-party investor at this stage will further compound an already compounded issue;
4. The balance of convenience is on the side of granting the application in favour of the Plaintiffs; and
5. The Plaintiffs have shown that there will be irreparable loss if the interlocutory injunction is not granted against the Defendant.

The Court granted ADM and KONH's interlocutory injunction application which restrains 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 until final determination of the suit.

The Company has been advised that, further to the announcement of 2 March 2022, the Court has further adjourned this matter to 30 June 2022. The interlocutory injunction is firmly in place and a further update will be made in due course.


Enquiries:

ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO  
www.admenergyplc.com  
   
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)  
Jo Turner, James Caithie  
   
Hybridan LLP +44 20 3764 2341
(Broker)  
Claire Louise Noyce  
   
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)  
Michael B. Thiriot  
   
Luther Pendragon +44 20 7618 9100
(Financial PR)  
Harry Chathli, Alexis Gore, Tan Siddique  
 


About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of 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.

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.



06.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: ADM Energy PLC
60 Gracechurch street
EC3V 0HR London
United Kingdom
Phone: +44 (0)2077863555
E-mail: hello@admenergyplc.com
Internet: www.admenergyplc.com
ISIN: GB00BJFDXW97
WKN: A2PLC1
Listed: London
EQS News ID: 1346291

 
End of News DGAP News Service

1346291  06.05.2022 

fncls.ssp?fn=show_t_gif&application_id=1346291&application_name=news&site_id=symex


Other stories

28/03/2024 18:00
28/03/2024 17:12
28/03/2024 13:40
28/03/2024 14:30
28/03/2024 15:31
28/03/2024 12:08
28/03/2024 19:27
28/03/2024 16:42
28/03/2024 10:29
28/03/2024 14:01
28/03/2024 14:54
28/03/2024 18:38
28/03/2024 16:43
28/03/2024 09:33
28/03/2024 19:49
28/03/2024 19:04
28/03/2024 17:38
28/03/2024 12:55
27/03/2024 15:52
28/03/2024 10:49
27/03/2024 19:23
28/03/2024 09:00
28/03/2024 18:47
28/03/2024 19:00
28/03/2024 13:11
28/03/2024 16:22
28/03/2024 15:27
28/03/2024 19:55
28/03/2024 19:35
28/03/2024 14:33
27/03/2024 11:10
28/03/2024 17:55
27/03/2024 21:46
27/03/2024 13:40
28/03/2024 13:25
27/03/2024 15:52
28/03/2024 12:57
28/03/2024 16:44