ADM Energy PLC's (LON:ADME) Thato Mngomezulu tells Proactive London their 'transformational' agreement for a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda Field, in OML 141 located in swamp and shallow water offshore Nigeria.
The company now owns a 51% interest in the K.O.N.H. UK Limited vehicle which in turn owns 70% of Barracuda. It will provide technical and financial support to the consortium and will receive favourable accelerated economic terms plus a 15% net profit interest in the field.