REG - ADM Energy PLC - Vega Oil and Gas Update

Adm EnergyAnnouncement

24/09/2024 14:00

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RNS Number : 4712F  ADM Energy PLC  24 September 2024

 

 

24 September 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 10 September
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 sold 620 gross barrels of oil in August 2024
of which 480 barrels were net to the interest of Vega.  Vega received
US$33,995 (net of production taxes and royalties) from oil sales for the month
of August 2024 from the Sneed 415.

·    Construction of the new tank battery to restore production from two
additional wells included as part of the Vega investment is underway with
completion anticipated in the coming weeks.

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

Commenting on the developments related to Vega Stefan Olivier, CEO, stated:
"The site work to complete the tank battery is nearly complete and the tanks
and other equipment is expected on site this week.  We anticipate realizing
oil sales from all three Vega wells in Q4 2024."

 

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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