TIDMADME
RNS Number : 8680S
ADM Energy PLC
09 November 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.
9 November 2023
ADM Energy PLC
("ADM" or the "Company")
Directorate Changes
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a
natural-resources investing company (the "Company"), announces the
appointment of Lord Henry Bellingham as Chairman of the Board of
Directors of ADM Energy plc and the resignations of Oliver Andrews
and Richard Carter.
Lord Bellingham has served as a non-executive director of the
Company since July 2020 and has enjoyed a distinguished
Parliamentary career of almost 40 years and held a number of senior
positions including: Foreign Office Minister for Africa, The UN,
Caribbean, Overseas Territories and Conflict Issues; Chairman of
the Westminster Foundation for Democracy; Chairman of the All-Party
Group on the Commonwealth; and the Prime Minister`s Trade Envoy to
Libya. In 2016, he was Knighted in the New Year Honours list for
Parliamentary and Political Service. He sits in the House of Lords
after being awarded a Life Peerage in 2020.
In addition to his Parliamentary career, Lord Bellingham has
held five former non-executive roles for AIM companies, and this
includes chairing Pathfinder Minerals plc. He is also currently
chairman of four private companies. Prior to entering Parliament,
Lord Bellingham practised as a barrister having graduated from
Magdalene College, Cambridge with a master's degree in Law.
The appointment of Lord Bellingham follows the anticipated
resignation, which had been planned since early 2023, of Mr. Oliver
Andrews as Chairman of the Board, a position he has held since 2
August 2021. Mr. Andrews, who is resigning to focus on other
endeavours, has provided steady guidance to the Board and Company
during 2023 as the Company has transitioned its management team and
diversified to include oil and gas assets in the USA. Additionally,
Mr. Andrews has supported the Company financially, including
investing US$100,000 in the Secured Convertible Loan Note announced
in the RNS dated 25 May 2023.
Mr. Richard Carter, an executive director of the Company since
26 July 2016, has also resigned to pursue other opportunities. Mr.
Carter has played an important role with the Company's investment
in Aje as well as providing guidance to the company as it has
diversified.
The appointment of Lord Bellingham and the resignation of Mr.
Andrews is with effect from 8 November 2023 and the resignation of
Mr. Carter will be with effect from 1 December 2023 to allow an
orderly transition of affairs for the Company. With the
resignations of Mr. Andrews and Mr. Carter, the Board will be
reduced from six directors to four.
Commenting on the Changes in Directorate:
Lord Henry Bellingham, non-executive Chairman, commented, "I
wish to thank Mr. Oliver Andrews and Mr. Richard Carter for their
service and support to the Company, especially over the last year
as the Company has transitioned to a new management team and
diversified its focus. ADM has made great progress toward
positioning the Company for renewed growth and it would not have
been possible without the steady hands and leadership of both Mr.
Andrews and Mr. Carter. I wish them both the best in their future
endeavours.
As the Chairman of the Board of ADM, I am committed to growing
ADM into a substantial energy investing company and diversifying
our portfolio from an exclusive focus on upstream oil and gas
assets to include initiatives in line with the energy transition
and that take advantage of the substantial growth in technology
spending currently being experienced by the energy industry."
Stefan Olivier, Chief Executive Officer, commented, "I too want
to thank Mr. Oliver Andrews and Mr. Richard Carter for their
efforts on behalf of the Company. I have enjoyed working with both
and believe they are leaving the Company in a solid position from
which to execute on both our legacy and new investments.
I fully support the appointment of Lord Bellingham as
non-executive chairman and embrace his vision of expanding the
scope of investments that will be included in ADM's investment
portfolio."
Enquiries:
ADM Energy plc +44 20 7459 4718
Lord Bellingham, Chairman
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Hybridan LLP +44 20 3764 2341
(Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Gracechurch Group +44 20 4582 3500
(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
and the United States. 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 also owns a set of
oil and gas leases in the U.S. states of California, Texas and
Kansas.
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
Formerly, Tennessee Black Gold LLC, OFX Holdings 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.
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