Directorate Changes

RNS Number : 2947X

ADM Energy PLC

25 April 2023

 

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.

25 April 2023

ADM Energy plc 

("ADM" or the "Company") 

Directorate Changes

ADM Energy plc (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that Stefan Olivier and Claudio Coltellini have been appointed to the Board of Directors with Stefan Olivier joining as Chief Executive Officer and Claudio Coltellini as Non-executive Director. Manuel Lamboley, Non-executive Director, has resigned from the Board with immediate effect to pursue other opportunities. 

The appointments of Mr Olivier and Mr Coltellini come further to the Company's announcement of 17 October 2022 pursuant to which OFX Holdings, LLC (formerly Tennessee Black Gold, LLC) ("OFX") has been granted the right to appoint two directors as part of its £500,000 equity subscription and US$250,000 loan facility, which has now been fully drawn down. 

Further disclosures on Mr Stefan Olivier and Mr Claudio Coltellini, as required under Schedule Two, paragraph (g) of the AIM Rules for Companies are included below.

Claudio Coltellini

Claudio Coltellini is an Italian citizen now residing with his family in the state of Florida.  Prior to working in the U.S. onshore oil and gas sector, having graduated with a degree in economics and business, he joined Deutsche Bank where he worked for seven years.  He has invested in the U.S. oil and gas sector for approximately 15 years and is CEO of four private U.S. oil and gas companies focused on investment in the states of Texas, California, Kansas and Louisiana.

The following information is disclosed in respect of Mr Claudio Coltellini (age 51) pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies. All information is as at the date of this announcement.

Current Directorships / Partnerships:	Past Directorships / Partnerships (within the last five years):
ADM Energy USA, Inc	Euramerica Acquisition Fund, LLC
Atlantic Bridge Energy, Inc	Euramerica Gas & Oil Corp4)
Euramerica Gas & Oil Corp(1)	Euramerica Management, LLC
Golem Consulting and Service, LLC	Euramerica Petroleum Corp
OFX Holdings, LLC	Stradivari Oil, LLC
Partners & Friends Holding Corp(2)	Tego Oil LLC
Partners & Friends Holding Corp(3)
Tex Oil LLC
US Oil Consulting, LLC
(1)  Florida jurisdiction (2)  Wyoming jurisdiction (3)  Texas jurisdiction	(4)  Nevada jurisdiction

Mr Coltellini is a director and shareholder of OFX Holdings, LLC, formerly Tennessee Black Gold, LLC, which holds 41,666,667 ordinary shares in the Company representing approximately 14.0 per cent. of the Company's issued share capital.

Stefan Olivier

Stefan Olivier is a British citizen with extensive corporate broking and oil and gas experience including as co-founder of MX Oil plc (now ADM Energy plc).  Stefan played a central role in initially securing and financing the participation of the Company in the Aje Field, OML 113 and in securing the support of OFX prior to its initial investment in the Company. He was a founder and Chief Executive Officer at North American Petroleum plc from 2012 until 2017. He has been on the Board of several other public and private companies and brings years of experience of working in natural resources to the Board of the Company.

The following information is disclosed in respect of Mr Stefan Olivier (age 44) pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies. All information is as at the date of this announcement.

Current Directorships / Partnerships:	Past Directorships / Partnerships (within the last five years):
Atlantic Bridge Energy Limited	ADM Energy plc
Metahouse NFT Limited	Naturi Vita Ltd
	Renaissance Senior Living Holdings Ltd
	Renaissance Senior Living plc
	Sko Holdings London Ltd

Mr Olivier currently holds no shares in the Company.

Commenting on appointment to the Board:

Claudio Coltellini said: "I am delighted to be appointed to the Board of Directors of ADM Energy plc.  OFX has made a long-term commitment to the Company as a 14% shareholder and creditor.  I am committed to building long-term value for the benefit of all stakeholders and will support the Company as it develops into a strong business both through its participation in new opportunities and continued development of its interest in the Aje Field which I believe to be a highly attractive, de-risked asset that is well positioned given the increased world-wide demand for liquids-rich natural gas resources."

Stefan Olivier said, "Having played a significant role in securing the initial support of Claudio and OFX for ADM, I am excited to be back and to have the support of a seasoned and strong partner whose interests are aligned with ADM to move forward exploring new opportunities and to continue working to optimise value from our interest in the Aje Field. The recent endorsement of the G7 regarding the need for continued investment in new natural gas supply bodes well for the future development of Aje."

Commenting on the Directorate Changes:

Chairman of the Board, Oliver Andrews, said: "I welcome Stefan and Claudio to the Board of Directors of the Company and look forward to working with them as we explore new opportunities, while continuing to develop our interest in the Aje Field.  I want to thank Claudio for the continuing support of OFX which we consider will be instrumental in the transition of ADM and look forward to updating the market in due course.  I also want to thank Manuel for his support and contributions to the Company and wish him well in his future endeavors."

Enquiries:

ADM Energy plc	[phone]
Oliver Andrews, Chairman
www.admenergyplc.com
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie
Hybridan LLP	[phone]
(Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG	[phone]
(Designated Sponsor)
Michael B. Thiriot
Gracechurch Group	[phone]
(Financial PR)
Harry Chathli, Alexis Gore, Henry Gamble

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 committed to maximizing long-term value from its existing asset base in Nigeria while targeting other investment opportunities 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.

About  OFX Holdings, LLC

OFX Holdings, LLC is a private U.S. investment company led by Claudio Coltellini, an Italian national who for the last 15 years has invested in U.S. oil and gas and leads four private companies with assets in the states of Texas, Louisiana, Kansas and California.

Forward Looking Statements

Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage'', "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. 

 

END

 

 

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