ADM Energy PLC Appointment of CEO (5563F)
15 July 2019 - 9:02PM
UK Regulatory
TIDMADME
RNS Number : 5563F
ADM Energy PLC
15 July 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
15 July 2019
ADM Energy plc
("ADM Energy" or the "Company")
Appointment of CEO
ADM Energy plc, an oil and gas investing company quoted on AIM,
is pleased to announce the following changes to the Board of
Directors of the Company.
Highlights:
-- Osamede Okhomina appointed as Chief Executive Officer and
joins the Board of Directors with immediate effect
-- Stefan Olivier will remain on the Board
-- Further to the above, the Board intends to appoint an
additional non-executive director and a recruitment process is in
progress
The appointment further strengthens the executive team and Board
for the next phase of the Company's development and follows the
non-Board appointment of His Highness Sheikh Ahmed Bin Dalmook Al
Maktoum as President in June 2019. As stated previously, ADM
Energy's strategy is to grow a portfolio of investments in projects
that the Board believes can significantly enhance the value of the
Company.
Osamede ("Osa") Okhomina, aged 48, has over 20 years of
experience in the global oil and gas industry, with a track record
of financing projects and growing businesses. He started his career
at Terra Energy Services where he managed the introduction of new
deep-water technologies, developed in Norway, into the Nigerian
market. Osamede was later instrumental in originating, structuring
and eventually settling the 15-year legal battle with Shell on
behalf of the Wiwa Plaintiffs in the New York District Court. More
recently, Osamede was a founding partner and CEO of Energy Equity
Resources ("EER"), an Africa-focused oil and gas company and a
partner investor of ADM Energy in the OML113 Licence (which
includes the Aje field), where he has secured over $300 million of
direct foreign investment into the Nigerian oil and gas sector. He
is currently Vice Chairman of EER and has successfully diversified
the company across upstream and downstream businesses.
Osamede brings considerable expertise and government connections
to the Board of ADM Energy. At the age of 29, he was a Senior
Adviser to the Nigerian government's telecommunications regulator,
the Nigerian Communications Commission ("NCC"). Aside from Nigeria,
Osamede has successfully concluded oil and gas transactions in
Libya, Mauritania, Equatorial Guinea, and worked all across Africa.
In addition, Osamede has written extensively on the challenges
facing the Niger Delta in Nigeria and acts as an informal adviser
to several Nigerian Ministers, Senators and Senior Technocrats.
Osamede has a BA and MA in Philosophy from Cambridge
University.
Newly appointed CEO, Osamede Okhomina, commented: "I am very
pleased to be joining ADM Energy at an exciting time in the
Company's development. Our strategy will be to build on our
existing asset base in Nigeria and target other attractive
investment opportunities in the oil and gas sector, primarily in
West Africa, that we feel will bring significant value to ADM
Energy shareholders as we grow the Company."
Richard Carter, Chairman of ADM Energy, said: "We are delighted
to appoint Osamede to the Board. His wealth of experience in the
oil and gas sector and comprehensive knowledge of operating in the
region of our principle investment, including high-level contacts
with business and governments, will provide an invaluable
contribution to ADM Energy as we strengthen the Board and progress
our strategy to build a larger, balanced portfolio of
investments."
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Osamede Okhomina (48) is currently or has been a director of the
following companies within the previous five years:
Current directorships/partnerships Past directorships/partnerships
Avanista&Co Limited African Media Enterprises (Publishing)
Limited
EER (Colobus) Nigeria Limited Ame (Newspapers) Limited
EER 233 Nigeria Limited Bantu Bridge Consulting Limited
EER 281 Nigeria Limited EER Limited
EER Holdings Limited- Seychelles EER/Mwana Limited
EER Limited- Mauritius Energy Equity Resources (Mwana)
Limited
EER Services - Seychelles Energy Equity Resources (Norway)
Limited
EER Trading Limited - Seychelles Energy Mena Limited
EER Oil & Gas Limited- Mauritius
EER Oil & Gas Nigeria Limited
EER Trading Services Nigeria
Limited
EERNSL
During Osamede Okhomina's tenure as a director, Energy Equity
Resources (Norway) Limited entered into compulsory liquidation on 6
February 2019 whilst it was in the process of being restructured by
way of a Company Voluntary Arrangement ("CVA"). It is expected that
the CVA, which did not proceed, would have resulted in a shortfall
to creditors, as will the compulsory liquidation, which has not yet
concluded.
Osamede Okhomina does not hold any shares or options in the
Company.
There is no further information to be disclosed in relation to
Osamede Okhomina pursuant to AIM Rule 17 or paragraph (g) of
Schedule Two of the AIM Rules for Companies.
-Ends-
For further information please contact:
ADM Energy plc +44 20 7786 3555
Richard Carter, Chairman
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Pello Capital Limited +44 20 3700 2500
(Broker)
Dan Gee
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOACKPDPKBKDCOD
(END) Dow Jones Newswires
July 15, 2019 07:02 ET (11:02 GMT)
Adm Energy (LSE:ADME)
Historical Stock Chart
From Apr 2024 to May 2024
Adm Energy (LSE:ADME)
Historical Stock Chart
From May 2023 to May 2024