ADM Energy shares up as OML 113 deal moves forward

ADM Energy PLC (AIM:ADME, ETR:P4JC) has noted the announcement from Panoro Energy and PetroNor E&P that all Nigerian government approvals had been received for Panoro to sell 100% of its ownership in OML 113 to PetroNor.  

Osamede Okhomina, CEO of ADM Energy, said: PetroNor’s considerable experience in oil and gas development and production will help push forward the field’s development plan and take Aje to the next stage of its development.” 

ADM Energy, which holds a 9.2% profit interest in the Aje field in OML 113, added that the PetroNor transaction is expected formally to close within 90 days.

Hybridan, the broker to ADM, said: “We see this as an important catalyst in bringing the next stage of Aje’s field development to financial close.

“We are encouraged by today’s comments by  PetroNor’s interim CEO, Jens Pace regarding the scale of the opportunity:  ‘The Aje Field Development Plan is focused on producing and commercialising gas, and has the potential to provide low emission energy corresponding to 5 per cent of the total power production of Nigeria’”.

Shares rose 13% to 1.05p.