Last checked at 17 Sep 2020 07:00
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.
17 September 2020
ADM Energy PLC
("ADM" or the "Company")
Submission of Bid in Nigeria's 2020 Marginal Field Round
Further to the announcement of 3 August 2020, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that it has formally submitted a bid with the Nigerian Department of Petroleum Resources ("DPR") for a marginal field in the 2020 Marginal Field Bid Round ("Bid Round").
A total of 57 marginal fields are available to participating companies covering onshore, swamp and shallow offshore fields. ADM is participating in the Bid Round as a strategic partner of OilBank International Limited ("OilBank"), a Nigerian integrated oil and gas service management company. The submission follows ADM and OilBank pre-qualifying for the Bid Round and concludes the second stage of the process. The Company expects the Bid Round to be concluded by the end of Q4 2020 and will update the market in due course.
Osamede Okhomina, CEO of ADM Energy plc, said: "Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria. This bid round - the first since 2003 - is significant as the fields now available will shape the future of oil production in the country for many years to come. We believe ADM is unqiuely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital. I look forward to updating shareholders as soon as practicable."
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 | |
Hybridan LLP | +44 20 3764 2341 |
(Lead Broker) | |
Claire Louise Noyce | |
Pello Capital Limited | +44 20 3700 2500 |
(Joint Broker) | |
Dan Gee | |
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 5% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria, and in February 2020 entered into an agreement with EER (Colobos) Nigeria Limited to acquire a further 4.2% profit interest. 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, route to early cash flow and exploration upside.