16th Cargo Lifting at Aje Field

RNS Number : 7244O

ADM Energy PLC

12 October 2021

 

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 October 2021

ADM Energy PLC 

("ADM" or the "Company") 

16^th 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 16^th Lifting ("Lifting") at the Aje Field, part of OML 113 offshore Nigeria.

The Lifting totalled 232,379 barrels with a net share of 21,424 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%.   The proceeds of the Lifting will be applied against the project debt, contributing to a reduction in the outstanding balance. The nominated offtake partner for the Lifting was Mecuria, a global energy and commodity group.

Osamede Okhomina, CEO of ADM Energy plc, said: "We are pleased to complete the 16^th lifting, the second lifting since raising our stake in the Aje Field. We have been able to capitalise on the increase in oil prices and reduce project debt while benefitting from our consolidated position in the Aje Field. ADM is well placed to benefit from future development plans at Aje which can bring a potentially significant increase in production levels at this quality asset."

ADM Energy holds a 9.2% profit interest in the Aje Field, and this is the second 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.

Enquiries:

ADM Energy plc	[phone]
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie
Arden Partners plc	[phone]
(Lead Broker)
Paul Shackleton
Hybridan LLP	[phone]
(Joint Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG	[phone]
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon	[phone]
(Financial PR)
Harry Chathli, Alexis Gore

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.

 

END

 

 

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