ADM Energy PLC (AIM:ADME) saw its shares nearly double after a deal involving a block in Nigeria where it holds a stake.
PetroNor E&P Limited is buying an economic interest of 12.19% in OML 113, which contains the Aje oil and gas field, for up to US$26.67mln from Panoro Energy.
ADM Energy holds a 9.2% profit interest in the Aje field in OML 113.
Osamede Okhomina, chief executive of ADM Energy, said: “The conclusion of PetroNor’s acquisition of Panoro’s interest in OML 113 marks a significant event for the joint venture as it now allows us to further concentrate on accelerating the development plans for Aje.
“PetroNor’s decision to acquire a stake in the Aje field is a strong endorsement of the quality and considerable potential of the asset and we look forward to working with them to take Aje to the next stage.”
ADM rose 78.57% to 1.25p.