ADM Secures Interim Injunction

Source: www.gulfoilandgas.com 12/13/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, provides an update on recent developments concerning its indirect interest in a risk sharing agreement in the Barracuda oil field in OML 141 in Nigeria.

As previously announced on 23 and 29 November 2021, K.O.N.H. (UK) Ltd ("KONH"), a company in which ADM acquired a 51 per cent equity interest and which holds, a 70 per cent interest in Noble Hill-Network Limited ("NHNL"), holder of a risk sharing contract in NW OML 141, was notified by NHNL of a dispute regarding KONH's ownership of its stake in NHNL.

ADM and its legal advisers, continue to assert that NHNL's position as proffered is untenable and wholly without merit and are taking all necessary legal steps to protect and secure ADM's interest in the circumstance.

In the above regard, ADM and KONH instigated proceedings against NHNL at the Federal High Court of Nigeria, Lagos. The Court has been asked, inter alia, to determine KONH's rights to its 70% interest in NHNL and all other related matters. ADM is pleased to announce in the meantime that, on 10 December 2021, it obtained an interim injunction restraining 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.

Even though the dispute is now sub judice, it was, and remains, ADM's and KONH's preference to seek a resolution with NHNL without the intervention of the Courts. ADM and KONH wish to assure its shareholders and other stakeholders, however, that it is and will continue to take all appropriate steps available to it in law to vigorously protect its interests in NHNL and the risk sharing contract in respect of NW OML 141.


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