Vega Oil and Gas Update

ADM Energy PLC

24 September 2024

 

24 September 2024

ADM Energy PLC

("ADM" or the "Company")

Vega Oil and Gas Update

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, is pleased to provide an update further to the RNS of 10 September 2024 related to its progress with 100% owned Vega Oil and Gas, LLC ("Vega").

Highlights:

·    The Sneed 415, one of three wells located in Moore County, Texas acquired with the Vega investment sold 620 gross barrels of oil in August 2024 of which 480 barrels were net to the interest of Vega.  Vega received US$33,995 (net of production taxes and royalties) from oil sales for the month of August 2024 from the Sneed 415.

·    Construction of the new tank battery to restore production from two additional wells included as part of the Vega investment is underway with completion anticipated in the coming weeks.

·    Following completion of the new tank battery it is expected that the remaining two wells will be returned to production shortly thereafter.

Commenting on the developments related to Vega Stefan Olivier, CEO, stated: "The site work to complete the tank battery is nearly complete and the tanks and other equipment is expected on site this week.  We anticipate realizing oil sales from all three Vega wells in Q4 2024." 

Enquiries:

ADM Energy plc	[phone]
Stefan Olivier, Chief Executive Officer
www.admenergyplc.com
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie, Ed Downes
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 investments including a 100% interest in Vega Oil and Gas; a 30.6% economic interest in JKT Reclamation, LLC; a 46.8% economic interest in OFX Technologies, LLC (www.ofxtechnologies.com); and, 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.   

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