ADM Energy Provides Barracuda Oil Field and Interim Injunction

Source: www.gulfoilandgas.com 7/1/2022, Location: Africa

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 6 May 2022, the Company has been advised that the Court has adjourned this matter until 16 November 2022. The Company and NHNL informed the Court they are in settlement discussions with a view to resolving the dispute. If no agreement can be reached that will satisfy the Company's demands, ADM will await the Court's final determination of the suit. The interim injunction continues to stand in the meantime and a further update will be made in due course.


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