DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous
ADM Energy PLC: 15th Cargo Lifting at Aje Field

06.04.2021 / 13:30
The issuer is solely responsible for the content of this announcement.


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 April 2021

ADM Energy PLC
("ADM" or the "Company")

15th Cargo Lifting at Aje Field

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce the completion of the 15th Lifting ("Lifting") at the Aje Field, part of OML 113 offshore Nigeria.

The Lifting totalled 225,000 barrels (52,000 barrels were left in the tank) with a net share of 27,675 barrels to ADM, which equates to ADM's paying interest of approximately 12.3%. The nominated offtake partner for the Lifting was La Chorale, a global energy & commodity trading company. The temporary drop in volume from the previous Lifting announced in October 2020, reflects a decision from the JV Partners to carry out a more thorough and extended period of maintenance on the FPSO while oil prices were depressed. This ensures the JV Partners can take full advantage of the assets production levels going forwards, while benefiting from the subsequent uplift in oil prices.

The proceeds of the Lifting will be applied against the project debt, significantly reducing the outstanding balance. The JV Partners remain in discussion in respect of project level debt and any potential mitigating actions and associated reduction in project overheads and the Company will update the market once an agreement has been reached.

ADM Energy holds a 9.2% profit interest in the Aje Field and this is the first lifting since the Company finalised an agreement in December 2020 to consolidate its interest in the asset. Covering an area of 835km² offshore Nigeria, Aje is an oil producing asset rich in gas and condensate reserves and currently has two producing wells, Aje-4 and Aje-5.

Osamede Okhomina, CEO of ADM Energy plc, said: "We are delighted to carry out the 15th lifting, the first since we increased our holding in the Aje Field, which nearly doubled our share of revenue, reserves and net production. Given our increased stake, exciting development plans for Aje, and potential further improvement in the oil price forward curve, we are well positioned to further benefit from future liftings from this quality asset."

Enquiries:

ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO  
www.admenergyplc.com  
   
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)  
Jo Turner, James Caithie  
   
Arden Partners plc +44 20 7614 5900
(Lead Broker)  
Paul Shackleton, Dan Gee-Summons  
   
Hybridan LLP +44 20 3764 2341
(Joint Broker)  
Claire Louise Noyce  
   
Oddo Seydler Bank AG +49 69 920540
(Designated Sponsor)  
Michael B. Thiriot  
   
Luther Pendragon +44 20 7618 9100
(Financial PR)  
Harry Chathli, Alexis Gore, Joe Quinlan  
 



About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.

The Company has also agreed an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in OML 141, which covers 1,295 km2 in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021.

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.



06.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: ADM Energy PLC
60 Gracechurch street
EC3V 0HR London
United Kingdom
Phone: +44 (0)2077863555
E-mail: hello@admenergyplc.com
Internet: www.admenergyplc.com
ISIN: GB00BJFDXW97
WKN: A2PLC1
Listed: Foreign Exchange(s) London
EQS News ID: 1181350

 
End of News DGAP News Service

1181350  06.04.2021 

fncls.ssp?fn=show_t_gif&application_id=1181350&application_name=news&site_id=boersennews