Last checked at 18 Feb 2021 14:06
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
18 February 2021
ADM Energy PLC
("ADM" or the "Company")
Statement re. share price movement
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes the recent movement in the Company's share price.
The Company confirms that it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, including via a placing, and investment opportunity in an existing discovery in Nigeria. The Company further confirms that it has terminated the discussions in respect of the placing but remains in discussion with one of its funding partners and certain other potential investors in respect of a possible subscription ("Fundraise"). The Directors expect that, should the Fundraise proceed, for which there can be no certainty, the Fundraise will likely be concluded at a premium to the current share price at the time of this announcement and it is the intention of the Directors to participate in the Fundraise.
The Company is continuing discussions in respect of the investment opportunity which are at an advanced stage, however, there is also no certainty that the investment will be made.
Completion of the investment opportunity is not conditional on the Fundraise but it is expected that any proceeds from the Fundraise would be put towards the investment opportunity and provide the Company with additional working capital.
A further update will be provided in due course.
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 Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
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.