REG - ADM Energy PLC - Directorate Changes

Adm EnergyAnnouncement

09/11/2023 07:15

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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 (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 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 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 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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