DGAP-News: ADM Energy PLC
/ Key word(s): Miscellaneous
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.
12 August 2022
ADM Energy PLC
("ADM" or the "Company")
17th 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 17th Lifting ("Lifting") at the Aje Field, part of OML 113 offshore Nigeria.
The Lifting totalled 94,187 barrels with a net share of 8,683 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%. The nominated offtake partner for the Lifting was Mercuria, a global energy and commodity group. The proceeds of the Lifting will be used to continue work on the development plans for the Aje field with the JV Partners. The Field Development Plan at Aje includes the potential drilling of three new wells to significantly increase production of oil and gas liquids at the asset.
Osamede Okhomina, CEO of ADM Energy plc, said: "This is the third Lifting since we nearly doubled our interest in the Aje Field and it comes at an exciting time for the asset. With PetroNor now on board after taking a considerable stake in Aje, we look forward to pushing ahead with its development alongside our partners. The proceeds from the Lifting will help us to build on and refine the plans for Aje's expansion, which we believe can bring considerable additional production and value to the asset."
ADM Energy holds a 9.2% profit interest in the Aje Field, and this is the third 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.
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.
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 firstname.lastname@example.org or visit www.rns.com.
12.08.2022 GMT/BST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||ADM Energy PLC|
|60 Gracechurch street|
|EC3V 0HR London|
|EQS News ID:||1419179|
|End of News||DGAP News Service|
1419179 12.08.2022 GMT/BST