Wednesday 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.