REG - ADM Energy PLC - Directorate Changes

Adm EnergyAnnouncement

25/04/2023 07:00

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RNS Number : 2947X  ADM Energy PLC  25 April 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.

 

25 April 2023

 

ADM Energy plc

("ADM" or the "Company")

 

 

Directorate Changes

 

ADM Energy plc (AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, is pleased to announce that Stefan Olivier and Claudio Coltellini
have been appointed to the Board of Directors with Stefan Olivier joining as
Chief Executive Officer and Claudio Coltellini as Non-executive Director.
Manuel Lamboley, Non-executive Director, has resigned from the Board with
immediate effect to pursue other opportunities.

 

The appointments of Mr Olivier and Mr Coltellini come further to the Company's
announcement of 17 October 2022 pursuant to which OFX Holdings, LLC (formerly
Tennessee Black Gold, LLC) ("OFX") has been granted the right to appoint two
directors as part of its £500,000 equity subscription and US$250,000 loan
facility, which has now been fully drawn down.

 

Further disclosures on Mr Stefan Olivier and Mr Claudio Coltellini, as
required under Schedule Two, paragraph (g) of the AIM Rules for Companies are
included below.

 

Claudio Coltellini

 

Claudio Coltellini is an Italian citizen now residing with his family in the
state of Florida.  Prior to working in the U.S. onshore oil and gas sector,
having graduated with a degree in economics and business, he joined Deutsche
Bank where he worked for seven years.  He has invested in the U.S. oil and
gas sector for approximately 15 years and is CEO of four private U.S. oil and
gas companies focused on investment in the states of Texas, California, Kansas
and Louisiana.

 

The following information is disclosed in respect of Mr Claudio Coltellini
(age 51) pursuant to Schedule Two, paragraph (g) of the AIM Rules for
Companies. All information is as at the date of this announcement.

 

 Current Directorships / Partnerships:     Past Directorships / Partnerships (within the last five years):
 ADM Energy USA, Inc                       Euramerica Acquisition Fund, LLC
 Atlantic Bridge Energy, Inc               Euramerica Gas & Oil Corp(4))
 Euramerica Gas & Oil Corp((1))            Euramerica Management, LLC
 Golem Consulting and Service, LLC         Euramerica Petroleum Corp
 OFX Holdings, LLC                         Stradivari Oil, LLC
 Partners & Friends Holding Corp((2))      Tego Oil LLC
 Partners & Friends Holding Corp((3))
 Tex Oil LLC
 US Oil Consulting, LLC
 (1)   Florida jurisdiction                (4)   Nevada jurisdiction

 (2)   Wyoming jurisdiction

 (3)   Texas jurisdiction

 

Mr Coltellini is a director and shareholder of OFX Holdings, LLC, formerly
Tennessee Black Gold, LLC, which holds 41,666,667 ordinary shares in the
Company representing approximately 14.0 per cent. of the Company's issued
share capital.

Stefan Olivier

 

Stefan Olivier is a British citizen with extensive corporate broking and oil
and gas experience including as co-founder of MX Oil plc (now ADM Energy
plc).  Stefan played a central role in initially securing and financing the
participation of the Company in the Aje Field, OML 113 and in securing the
support of OFX prior to its initial investment in the Company. He was a
founder and Chief Executive Officer at North American Petroleum plc from 2012
until 2017. He has been on the Board of several other public and private
companies and brings years of experience of working in natural resources to
the Board of the Company.

 

The following information is disclosed in respect of Mr Stefan Olivier (age
44) pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.
All information is as at the date of this announcement.

 

 Current Directorships / Partnerships:  Past Directorships / Partnerships (within the last five years):
 Atlantic Bridge Energy Limited         ADM Energy plc
 Metahouse NFT Limited                  Naturi Vita Ltd
                                        Renaissance Senior Living Holdings Ltd
                                        Renaissance Senior Living plc
                                        Sko Holdings London Ltd

 

Mr Olivier currently holds no shares in the Company.

 

 

Commenting on appointment to the Board:

 

Claudio Coltellini said: "I am delighted to be appointed to the Board of
Directors of ADM Energy plc.  OFX has made a long-term commitment to the
Company as a 14% shareholder and creditor.  I am committed to building
long-term value for the benefit of all stakeholders and will support the
Company as it develops into a strong business both through its participation
in new opportunities and continued development of its interest in the Aje
Field which I believe to be a highly attractive, de-risked asset that is well
positioned given the increased world-wide demand for liquids-rich natural gas
resources."

 

Stefan Olivier said, "Having played a significant role in securing the initial
support of Claudio and OFX for ADM, I am excited to be back and to have the
support of a seasoned and strong partner whose interests are aligned with ADM
to move forward exploring new opportunities and to continue working to
optimise value from our interest in the Aje Field. The recent endorsement of
the G7 regarding the need for continued investment in new natural gas supply
bodes well for the future development of Aje."

 

Commenting on the Directorate Changes:

 

Chairman of the Board, Oliver Andrews, said: "I welcome Stefan and Claudio to
the Board of Directors of the Company and look forward to working with them as
we explore new opportunities, while continuing to develop our interest in the
Aje Field.  I want to thank Claudio for the continuing support of OFX which
we consider will be instrumental in the transition of ADM and look forward to
updating the market in due course.  I also want to thank Manuel for his
support and contributions to the Company and wish him well in his future
endeavors."

 

 

Enquiries:

 

 ADM Energy plc                                       +44 20 7459 4718
 Oliver Andrews, Chairman
 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 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. 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 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

 

OFX Holdings, LLC 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.

 

Forward Looking Statements

 

Certain statements in this announcement are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as "believe", "could", "should", "envisage'',
"estimate", "intend", "may", "plan", "potentially", "expect", "will" or the
negative of those, variations or comparable expressions, including references
to assumptions. These forward looking statements are not based on historical
facts but rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations, performance,
future capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business prospects and
opportunities. Such forward looking statements reflect the Directors' current
beliefs and assumptions and are based on information currently available to
the Directors.

 

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