ADM Energy PLC has completed the acquisition of 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 acquires a 51% interest in K.O.N.H. UK Limited (KONH), which holds a 70% indirect interest in the rights, benefits and obligations under the RSA relating to the Barracuda area of OML 141

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.

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Osamede Okhomina, CEO of ADM Energy, said: “We are delighted to complete our investment and acquire a controlling interest in a Risk Sharing Agreement for the development of the Barracuda field.

The expectation is for Barracuda field to come on stream later this year following the drilling of a new well, which, if successful, should give ADM a considerable increase in production volumes and cashflows. With the potential for several new wells in the coming years, we believe this investment and the Barracuda field represents a compelling opportunity to add significant value to ADM.”