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ADM to Acquire Additional 2.25% Interest in OML 113 from EER for USD 3m
Wednesday 26 February 2020

26 February 2020 - UK-based oil and gas investing company ADM Energy PLC (AIM: ADME), has agreed to a sale and purchase agreement with EER (Colobus) Nigeria Ltd. to acquire a 2.25% participating interest in oil mining lease no. 113 from EER, the company said.

Consideration for the acquisition is USD 3m , to be satisfied by the issue of USD 2m of new ordinary shares and USD 1m in cash at the time of completion.

The oil mining lease includes the Aje field in which it already has an interest of 2.7%.
 
ADM will acquire 25% of the interests, rights and obligations held by EER in the Block.

Upon completion, ADM's participating interest will increase to approximately 4.9%
ADM Energy PLC
 
ADM Energy (AIM: ADME) is a natural resources investment company with an existing asset base in Nigeria.
Details
Date Published: 26/02/2020
Target: Oil mining lease no. 113/2.25% participating interest
Country: Nigeria
Deal Size: 3m (USD)
Sector: IT/Online Services
Type: Stakebuilding
Financing: Cash and Stock
Status: Agreed
Vendor: EER (Colobus) Nigeria
Buyer: ADM Energy
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