ADM Energy PLC (AIM:ADME, ETR:P4JC) updated investors on the legal proceedings in Nigeria, with the company being advised that the court has adjourned on the matter until March 1 and an interim injunction continues to stand in the meantime.
The company and its partner K.O.N.H instigated proceedings in December in relation to a dispute over KONH's ownership of its stake in Noble Hill-Network Limited (NHNL) which holds the risk sharing contract for the NW OML 141 assets.
At that time, the London-listed company stated: “ADM and its legal advisers, continue to assert that NHNL's position as proffered is untenable and wholly without merit and are taking all necessary legal steps to protect and secure ADM's interest in the circumstance.”
The interim injunction was secured for K.O.N.H is December. It restrains NHNL, its officers, agents, privies or person howsoever connected from selling, disposing, divesting or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors or in any other manner whatsoever.