ADM Energy PLC - London-based natural resource investor - Notes Panoro Energy ASA completed the sale of its entire stake in OML 113 to PetroNor E&P Ltd. Says PetroNor bought Panoro’s interest with an upfront payment of $10 million and a contingent payment of $16.7 million based on future gas production volumes.

OML 113 is an offshore oil concession block. Panoro holds a 6.5% participating interest, with 16% cost bearing interest, representing an economic interest of 12% in OML 113. ADM Energy holds a 5% equity investment in the Aje field in OML 113, which covers an area of 835 square kilometres offshore Nigeria.

‘The conclusion of PetroNor’s acquisition of Panoro’s interest in OML 113 marks a significant event for the joint venture as it now allows us to further concentrate on accelerating the development plans for Aje,’ ADM Energy Chief Executive Osamede Okhomina says.

Current stock price: 1.37 pence, up 95% on Wednesday

12-month change: down 57%

Copyright 2022 Alliance News Limited. All Rights Reserved.