ADM Energy PLC 15th Cargo Lifting at Aje Field (5044U)
April 06 2021 - 5:25AM
UK Regulatory
TIDMADME
RNS Number : 5044U
ADM Energy PLC
06 April 2021
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.
6 April 2021
ADM Energy PLC
("ADM" or the "Company")
15(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 15(th) Lifting ("Lifting") at the Aje Field, part of OML 113
offshore Nigeria.
The Lifting totalled 225,000 barrels (52,000 barrels were left
in the tank) with a net share of 27,675 barrels to ADM, which
equates to ADM's paying interest of approximately 12.3%. The
nominated offtake partner for the Lifting was La Chorale, a global
energy & commodity trading company. The temporary drop in
volume from the previous Lifting announced in October 2020,
reflects a decision from the JV Partners to carry out a more
thorough and extended period of maintenance on the FPSO while oil
prices were depressed. This ensures the JV Partners can take full
advantage of the assets production levels going forwards, while
benefiting from the subsequent uplift in oil prices.
The proceeds of the Lifting will be applied against the project
debt, significantly reducing the outstanding balance. The JV
Partners remain in discussion in respect of project level debt and
any potential mitigating actions and associated reduction in
project overheads and the Company will update the market once an
agreement has been reached.
ADM Energy holds a 9.2% profit interest in the Aje Field and
this is the first lifting since the Company finalised an agreement
in December 2020 to consolidate its interest in the asset. Covering
an area of 835km(2) 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.
Osamede Okhomina, CEO of ADM Energy plc, said: "We are delighted
to carry out the 15(th) lifting, the first since we increased our
holding in the Aje Field, which nearly doubled our share of
revenue, reserves and net production. Given our increased stake,
exciting development plans for Aje, and potential further
improvement in the oil price forward curve, we are well positioned
to further benefit from future liftings from this quality
asset."
Enquiries:
ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Arden Partners plc +44 20 7614 5900
(Lead Broker)
Paul Shackleton, Dan Gee-Summons
Hybridan LLP +44 20 3764 2341
(Joint Broker)
Claire Louise Noyce
Oddo Seydler Bank AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan
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 835km(2) offshore
Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs
in the Turonian, Cenomanian and Albian sandstones with five wells
drilled to date.
The Company has also agreed an investment in the development of
the Barracuda Field, an existing discovery and near-term production
asset in OML 141, which covers 1,295 km2 in the swamp/shallow
waters of the Niger Delta. Four existing wells have been drilled to
date and a fifth is intended to be drilled in Q4 2021.
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.
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