TIDMADME
RNS Number : 0586V
ADM Energy PLC
12 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.
12 April 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Field development update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, is pleased to announce it has entered
into a non-binding collaboration agreement ("CA") with Eunisell
Limited ("Eunisell"), the Nigerian owned oil and gas production
solutions company.
Under the terms of the CA, subject to the completion of certain
due diligence, ADM and Eunisell (the "Parties") will explore
collaboration opportunities to carry out development of Barracuda
Field in OML 141 and associated work-related activity in Nigeria
(the "Project"). It is the intention of both parties, together with
the risk sharing consortium in respect of Barracuda Field, that a
formal agreement will be entered into in advance of any work
commencing. The CA may be terminated by mutual consent.
Eunisell has decades of experience in engineering, production,
operations and enhanced production techniques within Nigeria and
the Parties intend to work together to use their combined
experience to accelerate production of oil and gas assets,
initially concentrating initiating production at the Barracuda
field in which ADM recently invested. Activities under the intended
scope of work may include early production facility supply,
procurement, construction and commissioning of production
facilities, extended well testing and laboratory services.
Following discussions, Eunisell may consider providing vendor
financing to achieve the scope of work to be agreed, subject to
terms and conditions to be determined at the point of an award of
contract.
A further update will be made in due course.
Osamede Okhomina, CEO of ADM Energy plc, said: "The
collaboration agreement with Eunisell, one of Nigeria's leading
providers of oil field services and facilities, paves the way to
bringing another high-class partner into the ADM fold. With a
customer base in the region featuring oil and gas majors, Eunisell
has been a key facilitator for the Nigerian oil and gas marketplace
for many years, helping operators to reach their production goals
faster and at less capital costs. We look forward to building a
relationship and are excited by the potential of working alongside
them to support the development of our investments such as the
Barracuda Field in OML 141. "
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 BHF Corporates & Markets 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.
About Eunisell
For 25 years, Eunisell Production Solutions, has helped oil and
gas producers achieve first oil revenues faster by delivering
world-class technology and engineered improvements. Eunisell's
customer base includes 90% of major oil and gas companies operating
in the region.
Eunisell deliver services including: Production Facilities,
Production Enhancement, Produced Water Solutions, Operations &
Maintenance and Testing & Drilling Services into markets across
the African continent - with a team of seasoned oil and gas
professionals. The company's modern fleet is equipped with
production management assets and support tools, operated by
experienced operational staff with extensive experience in
production enhancement and delivery.
Emphasis is placed on fast-tracking projects in order to achieve
first oil and revenue generation sooner.
http://www.eunisellproduction.com/
Forward-looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions shareholders and prospective shareholder
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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