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(Sharecast News) - Natural resources investor ADM Energy announced on Friday that it has completed an internal review of its investments, financial resources, and future opportunities.
The AIM-traded firm said the outcomes of the review included a focus on energy technology investments as a compelling path for growth in per-share value and cash flow.
In light of that, the board was considering alternatives for monetising its 12.3% cost share and 9.2% profit share interest in the Aje Field, OML-113, offshore Lagos, Nigeria.
The alternatives could involve a sale, joint venture, farming-out, or other transactions.
Energy Equity Resources Nigeria, a 16.8% cost share and 12.6% profit share partner in the Aje consortium, would collaborate with ADM Energy on potential alternatives, including third-party financing, to meet both companies' requirements related to Aje.
To facilitate the process, ADM said it planned to hire a third-party adviser and consult with its auditors regarding the classification of the Aje asset.
The company holds a 12.3% cost share and 9.2% profit share interest in OML-113, which covers an area of 835 square kilometres offshore Nigeria, including the Aje Field.
Aje has a substantial production history, producing over five million oil barrels.
It holds significant gas and condensate reserves with multiple reservoirs.
Based on a 2019 competent persons report, Aje represented 8.9 million barrels of oil equivalent resources with a mid-case PV-10% of $25.9m, considering a $70 oil price scenario.
The decision to explore alternatives for monetising the Aje interest came after PetroNor acquired an additional 32.1% cost-sharing and 24.1% profit-share interest in OML-113 in October.
Under PetroNor's leadership, discussions had been underway among consortium partners regarding the further development of Aje, with a final investment decision expected in 2024.
Additionally, the consortium had initiated reprocessing 3D seismic data covering the Aje Field and a significant portion of the OML 113 licence area.
The reprocessing was nearing completion, and fully reprocessed 3D seismic data was anticipated for interpretation early next year.
"The investment in Efficient Oilfield Solutions, announced 29 November, is a pivotal strategic development representing a new focus for the company away from capital intensive, long lead-time projects toward compelling opportunities with a clear path to cash flow in high growth energy technology and energy transition related opportunities," said chief executive officer Stefan Olivier.
"With recent interest by the German government in working with Nigeria to realise the potential of its massive natural gas reserves, Aje represents a de-risked asset that we believe will be attractive to a variety of strategic and financial investors.
"Along with the entire board of ADM, I am committed to realising the potential of the Aje Field and the entire licence area for ADM and its shareholders while re-deploying capital into the attractive energy technology opportunities available to the company."
At 1110 GMT, shares in ADM Energy were down 8.91% at 0.501p.
Reporting by Josh White for Sharecast.com.
