REG - ADM Energy PLC - Vega Oil and Gas Update

Adm EnergyAnnouncement

05/08/2024 07:00

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RNS Number : 0769Z  ADM Energy PLC  05 August 2024

 

 

5 August 2024

 

 

ADM Energy PLC

("ADM" or the "Company")

 

Vega Oil and Gas Update

 

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing
company, is pleased to provide an update further to the RNS of 26 June 2024
related to its progress with 100% owned Vega Oil and Gas, LLC ("Vega").

Highlights:

·    The Sneed 415, one of three wells located in Moore County, Texas
acquired with the Vega investment was returned to production in early June
2024 producing approximately 430 gross barrels of oil and Vega has now
received US$25,591 (net of production taxes and royalties) from oil sales for
the month of June 2024 from the Sneed 415.

·    Equipment to complete the new tank battery to support future
production from all three wells has now been acquired and the tank battery is
expected to be completed in August 2024.

·    Following completion of the new tank battery it is expected that the
remaining two wells will be returned to production.

Commenting on the developments related to Vega Stefan Olivier, CEO, stated:
"We are pleased with the progress to date related to the Vega investment and
look forward to returning the remaining two wells to production following
completion of the tank battery."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

Enquiries:

 

 ADM Energy plc                                       +44 7495 779520
 Stefan Olivier, Chief Executive Officer
 www.admenergyplc.com (http://www.admenergyplc.com/)

 Cairn Financial Advisers LLP                         +44 20 7213 0880
 (Nominated Adviser)
 Jo Turner, James Caithie, Ed Downes

 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 investments including a 100% interest in Vega Oil and Gas; a
30.6% economic interest in JKT Reclamation, LLC; a 46.8% economic interest in
OFX Technologies, LLC (www.ofxtechnologies.com
(http://www.ofxtechnologies.com) ); and, a 9.2% profit interest in the 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.

 

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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