3rd Oct 2023 11:54
(Alliance News) - ADM Energy PLC on Tuesday welcomed the acquisition by PetroNor E&P Ltd of interest in the OML113 licence, which holds the Aje field.
The London-based natural resource investor said PetroNor acquired a 32% cost sharing interest and a 24% profit share interest in the licence from New Age (Africa Global Energy) Ltd.
ADM holds a 9.2% interest in the Aje field in OML113.
The firm said PetroNor will pay USD6 million upfront, with a further USD20 million payable based on future gas production volumes. it is PetroNor's second acquisition in the field, having acquired the subsidiaries of Panoro Energy ASA in 2022.
Chief Executive Stefan Olivier said: "We welcome PetroNor's acquisition of New Age's interest in OML 113 which, in our view, Aje is a highly attractive, geologically de-risked asset which has produced more than 5 million barrels of oil.
"With the acquisition by PetroNor of Panoro's interest in 2022, PetroNor's partnership with YFP Deepwater and now consolidation of the New Age interest - PetroNor is now in position to provide the strong and capable leadership that Aje requires. We look forward to working with PetroNor toward re-initiation of development activity and realising the intrinsic value of ADM's holding in OML 113."
ADM Energy shares fell 8.6% to 0.46 pence each on Tuesday in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Adm Energy