RNS SUMMARY29 Apr 2026 07:34
ADM Energy PLC has formed Vega Upstream JV, a joint venture with Covenant Oil Group Corp., to acquire US onshore oil and gas assets. Vega Upstream JV has entered into an agreement to purchase the Midcon Assets in Oklahoma for a base price of approximately US$14.9 million, with a US$500,000 deposit already paid. The acquisition is expected to be financed by a US$14.0 million credit facility and a US$1.0 million equity contribution, of which ADM will contribute approximately US$100,000. ADM will hold a 50.0% membership and voting interest in Vega Upstream JV and a 10.0% asset interest in the Midcon Assets, with an option to increase its interest to 35%. The Midcon Assets include producing wells, a gas gathering system, and potential for future development, with projected net revenue of circa US$850,000 over the next twelve months.