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5 Aug 2024 07:00
5 August 2024
ADM Energy PLC
("ADM" or the "Company")
Vega Oil and Gas Update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, is pleased to provide an update further to the RNS of 26 June 2024 related to its progress with 100% owned Vega Oil and Gas, LLC ("Vega").
Highlights:
· The Sneed 415, one of three wells located in Moore County, Texas acquired with the Vega investment was returned to production in early June 2024 producing approximately 430 gross barrels of oil and Vega has now received US$25,591 (net of production taxes and royalties) from oil sales for the month of June 2024 from the Sneed 415.
· Equipment to complete the new tank battery to support future production from all three wells has now been acquired and the tank battery is expected to be completed in August 2024.
· Following completion of the new tank battery it is expected that the remaining two wells will be returned to production.
Commenting on the developments related to Vega Stefan Olivier, CEO, stated: "We are pleased with the progress to date related to the Vega investment and look forward to returning the remaining two wells to production following completion of the tank battery."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Enquiries:
ADM Energy plc | +44 7495 779520 |
Stefan Olivier, Chief Executive Officer |
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www.admenergyplc.com |
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Cairn Financial Advisers LLP | +44 20 7213 0880 |
(Nominated Adviser) |
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Jo Turner, James Caithie, Ed Downes |
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ODDO BHF Corporates & Markets AG | +49 69 920540 |
(Designated Sponsor) |
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Michael B. Thiriot |
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Gracechurch Group | +44 20 4582 3500 |
(Financial PR) |
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Harry Chathli, Alexis Gore, Henry Gamble |
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with investments including a 100% interest in Vega Oil and Gas; a 30.6% economic interest in JKT Reclamation, LLC; a 46.8% economic interest in OFX Technologies, LLC (www.ofxtechnologies.com); and, 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.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward-looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage'', "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
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