Confirmation of Admission of Consideration Shares

RNS Number : 7541I

ADM Energy PLC

15 December 2020

 

15 December 2020

ADM Energy PLC 

("ADM" or the "Company") 

Confirmation of Admission of Consideration Shares

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to confirm the admission to trading on AIM today of 24,739,940 Consideration Shares ("Admission"), representing 20.15 per cent. of the enlarged issued share capital of the Company, to Hessia Group Limited ("Hessia"), the beneficial holder of these Consideration Shares.

The issue of Consideration Shares follows the completion of the transfer of a participating interest of 2.25% and profit interest of 4.2% in OML 113 (the "Block") from EER (Colobos) Nigeria Limited ("EER") to the Company, announced on 10 December 2020.

As a result of the issue of the Consideration Shares, Hessia holds 28,982,636 ordinary shares representing an interest of 23.61 per cent. of the enlarged issued share capital of the Company.

Osamede Okhomina, CEO of ADM Energy plc, said: " We are pleased to have a long-term, supportive shareholder such as Hessia, who today becomes the Company's largest shareholder. The continued investor support in ADM is an endorsement of the Company's growth strategy and its team.  We look forward to building on the foundation of our strengthened position in the Aje Field following completion of the agreement with EER and progressing other deals in our pipeline to expand our investment portfolio."

Total Voting Rights

As announced on 10 December 2020, following Admission today, the Company's enlarged issued share capital comprises 122,769,073 ordinary shares of 1 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

ADM Energy plc	[phone]
Osamede Okhomina, CEO
www.admenergyplc.com
Arden Partners plc	[phone]
(Lead Broker)
Paul Shackleton, Dan Gee-Summons
Hybridan LLP	[phone]
(Joint Broker)
Claire Louise Noyce
Oddo Seydler Bank AG	[phone]
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon	[phone]
(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 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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