ADM Confirms Conclusion Of Barracuda Field Acquisition 

Yemisi Izuora

ADM Energy, a UK-based natural resources investing company has confirmed completion of the acquisition of a 51 per cent interest for the development of the large-scale Barracuda Field in OML 141, an existing discovery and near-term production asset in shallow waters, offshore Nigeria.

ADM now owns a 51 per cent interest in the KONH UK Ltd vehicle, which in turn owns 70 per cent of Barracuda.

ADM Energy pays USD250,000 cash and USD550,000 shares for Barracuda deal. Future contingent payments may see the total deal consideration rise up to USD1.3 million.

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