ADM Energy PLC - natural resources investor - Reports completion of the fourteenth lifting at the Aje field, part of OML 113 offshore Nigeria in which it holds a 5% crude entitlement. The lifting totalled 557,091 barrels with a net share of 33,056 barrels to ADM. The proceeds of the lifting will be used against the project debt, "significantly" reducing the outstanding balance.
"Faced with market volatility earlier this year, we chose to take advantage of the large storage capacity onboard the FPSO and to defer oil sales from Aje. It is therefore very pleasing to have now competed the 14th lifting at a significantly higher price than would have been possible earlier in the year," says Chief Executive Osamede Okhomina.
Adds: "We expect to further benefit in the coming months from rising production at Aje in H2 2020, increasing our stake in the asset as we conclude the EER transaction, and a further improvement in the oil price forward curve."
Current stock price: 5.025 pence
Year-to-date change: up 3.6%
By Lucy Heming;Â lucyheming@alliancenews.com
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Adm Energy (ADME)