ADM Energy PLC 16th Cargo Lifting at Aje Field (7244O)
12 October 2021 - 5:00PM
UK Regulatory
TIDMADME
RNS Number : 7244O
ADM Energy PLC
12 October 2021
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.
12 October 2021
ADM Energy PLC
("ADM" or the "Company")
16(th) Cargo Lifting at Aje Field
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, is pleased to announce the completion
of the 16(th) Lifting ("Lifting") at the Aje Field, part of OML 113
offshore Nigeria.
The Lifting totalled 232,379 barrels with a net share of 21,424
barrels to ADM, which equates to ADM's profit interest of
approximately 9.2%. The proceeds of the Lifting will be applied
against the project debt, contributing to a reduction in the
outstanding balance. The nominated offtake partner for the Lifting
was Mecuria, a global energy and commodity group.
Osamede Okhomina, CEO of ADM Energy plc, said: "We are pleased
to complete the 16(th) lifting, the second lifting since raising
our stake in the Aje Field. We have been able to capitalise on the
increase in oil prices and reduce project debt while benefitting
from our consolidated position in the Aje Field. ADM is well placed
to benefit from future development plans at Aje which can bring a
potentially significant increase in production levels at this
quality asset."
ADM Energy holds a 9.2% profit interest in the Aje Field, and
this is the second lifting since the Company finalised an agreement
in December 2020 to consolidate its interest in the asset. Covering
an area of 835km(2) offshore Nigeria, Aje is an oil producing asset
rich in gas and condensate reserves and currently has two producing
wells, Aje-4 and Aje-5.
Enquiries:
ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Arden Partners plc +44 20 7614 5900
(Lead Broker)
Paul Shackleton
Hybridan LLP +44 20 3764 2341
(Joint Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore
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 835km(2) 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDGBDGCSBDGBB
(END) Dow Jones Newswires
October 12, 2021 02:00 ET (06:00 GMT)
Adm Energy (LSE:ADME)
Historical Stock Chart
From Mar 2024 to Apr 2024
Adm Energy (LSE:ADME)
Historical Stock Chart
From Apr 2023 to Apr 2024
