REG - ADM Energy PLC - 17th Cargo Lifting at Aje Field

Adm EnergyAnnouncement

12/08/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220812:nRSL7861Va&default-theme=true

RNS Number : 7861V  ADM Energy PLC  12 August 2022

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 August 2022

 

ADM Energy PLC

("ADM" or the "Company")

17(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 17(th) Lifting
("Lifting") at the Aje Field, part of OML 113 offshore Nigeria.

The Lifting totalled 94,187 barrels with a net share of 8,683 barrels to ADM,
which equates to ADM's profit interest of approximately 9.2%. The nominated
offtake partner for the Lifting was Mercuria, a global energy and commodity
group. The proceeds of the Lifting will be used to continue work on the
development plans for the Aje field with the JV Partners. The Field
Development Plan at Aje includes the potential drilling of three new wells to
significantly increase production of oil and gas liquids at the asset.

Osamede Okhomina, CEO of ADM Energy plc, said: "This is the third Lifting
since we nearly doubled our interest in the Aje Field and it comes at an
exciting time for the asset.  With PetroNor now on board after taking a
considerable stake in Aje, we look forward to pushing ahead with its
development alongside our partners. The proceeds from the Lifting will help us
to build on and refine the plans for Aje's expansion, which we believe can
bring considerable additional production and value to the asset."

ADM Energy holds a 9.2% profit interest in the Aje Field, and this is the
third lifting since the Company finalised an agreement in December 2020 to
consolidate its interest in the asset. Covering an area of 835km² 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 (http://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 3488 7510
 (Financial PR)
 Harry Chathli, Alexis Gore, Tan Siddique

 

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 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.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFLLFLVLLBBX