Adams PLC Investment (6228X)
28 November 2017 - 1:07AM
UK Regulatory
TIDMADA
RNS Number : 6228X
Adams PLC
27 November 2017
Adams plc
("Adams" or the "Company")
Investment in Eland Oil & Gas Plc ("Eland")
The Directors announce that, on 24 November 2017, Adams acquired
a holding of 434,911 ordinary shares of GBP0.10 in Eland on the AIM
Market of the London Stock Exchange at an average price of 66.19
pence per share for a total cash consideration of GBP288,163. The
Company's holding in Eland represents 0.20% of the currently issued
ordinary share capital of Eland of 220,164,155 shares.
Eland is an independent oil and gas company with the principal
business objective of identifying, acquiring and developing
interests in oil and gas assets in West Africa, focused initially
on Nigeria including the prolific Niger Delta.
Through its joint venture company, Elcrest Exploration and
Production Nigeria Ltd, Eland's core asset is an interest in the
OML 40 licence, onshore Nigeria. Production began on OML 40 in
February 2014 through the re-commissioning of two existing wells on
the Opuama field, which had been previously shut in by the Shell
Petroleum Development Company of Nigeria Limited since 2006.
Eland has reported that:
-- Production of oil from OML 40 recommenced in January 2017.
-- The value attributable to production derived from crude oil
shipped in the 6 months ended 30 June 2017 was $25.6 million, with
$18.1 million received as an early cash payment for crude delivered
to the floating production storage and offloading unit.
-- However, only $0.8 million of that value was recorded to
Eland's revenues in the period under revenue recognition rules and
which is simply a timing issue that will be reconciled in the
second half of the year.
-- Eland's operating and other costs in the first half were
$24.3 million with a resultant reported loss before tax of $23.5
million for the 6 month period.
-- Eland's net assets at 30 June 2017 amounted to US$ 151.9 million.
Further information on Eland is available on the Eland website
www.elandoilandgas.com.
Enquiries:
Adams plc
Mike Bretherton Tel: +44 1534 719 761
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson, James Caithie Tel: +44 207 213 0880
Broker
Peterhouse Corporate Finance Limited
Lucy Williams, Duncan Vasey Tel: +44 207 469 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
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