StockMarketWire.com - ADM Energy welcomed news that a partner in the Aje field in Nigeria, Panoro Energy, had agreed to sell its stake in the project to PetroNor for up to $35m.

Panoro held a 6.502% participating interest, with 16.255% cost-bearing interest, representing an economic interest of 12.1913% in the related OML 113 licence area.

ADM Energy itself held a 5% equity investment in the Aje field in OML 113, which covered an area of 835 square kilometres offshore Nigeria.

Panoro had sold its stake for an initial payment of $10m, paid in PetroNor shares, with a contingent future payment of up to $25m based on future gas production volumes.

The deal was conditional on execution of an agreement with the operator of OML113, expected to conclude in the coming weeks.

'PetroNor entering the Aje project and taking a lead role in its future development is a strong endorsement of the viability of the asset and its significant potential upside,' ADM Energy chief executive Osamede Okhomina said.

'With its extensive offshore technical experience in oil and gas exploration, development and production, PetroNor can help bring near-term production growth and take Aje to the next stage of its development.'

At 2:48pm: [LON:ADME] share price was -0.13p at 5.75p



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