DGAP-News ADM Energy PLC: Barracuda Field development update
DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
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.
12 April 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Field development update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce it has entered into a non-binding collaboration agreement ("CA") with Eunisell Limited ("Eunisell"), the Nigerian owned oil and gas production solutions company.
Under the terms of the CA, subject to the completion of certain due diligence, ADM and Eunisell (the "Parties") will explore collaboration opportunities to carry out development of Barracuda Field in OML 141 and associated work-related activity in Nigeria (the "Project"). It is the intention of both parties, together with the risk sharing consortium in respect of Barracuda Field, that a formal agreement will be entered into in advance of any work commencing. The CA may be terminated by mutual consent.
Eunisell has decades of experience in engineering, production, operations and enhanced production techniques within Nigeria and the Parties intend to work together to use their combined experience to accelerate production of oil and gas assets, initially concentrating initiating production at the Barracuda field in which ADM recently invested. Activities under the intended scope of work may include early production facility supply, procurement, construction and commissioning of production facilities, extended well testing and laboratory services.