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ADM ENERGY PLC EQS-News: ADM Energy PLC: Interim Results

Transparency directive : regulatory news

29/09/2022 13:20

EQS-News: ADM Energy PLC / Key word(s): Interim Report
ADM Energy PLC: Interim Results

29.09.2022 / 12:20 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

29 September 2022

 

ADM Energy plc

 

(“ADM” or the “Company”)

 

Interim Results

 

 

ADM Energy plc (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces its interim results for the six months ended 30 June 2022.

 

 

Investment Highlights:  

 

Aje Field, OML 113

  • The JV Partners are making progress in their development plans for OML 113 and have been advancing plans to replace the current Floating Production Storage and Offloading (“FPSO”) to increase gas handling capacity in order to support development plans to monetise the Field’s significant wet gas potential (estimated at potentially 1.2 trillion cubic feet (“Tcf”) of wet gas resources after redevelopment of the field). *as per AGR Tracs 2019 Competent Persons Report (“CPR”)
  • Post-period events:
    • In July 2022, ADM noted the conclusion of PetroNor E&P Limited’s ("PetroNor") acquisition of Panoro Energy ASA’s ("Panoro") interest in OML 113, providing a strong endorsement of the quality and considerable potential of the Aje field
    • In August 2022, completed the 17th Lifting at the Aje Field totalling 94,187 barrels with a net share of 8,683 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%

 

Barracuda Field OML 141

  • Announced the result of the CPR on the Barracuda Field with a 2U (P50) case, the NPV10 is +$99mm with an IRR of 45%, assuming at least 70mmbbls STOIIP is discovered
  • Post-period, in July 2022, the Court extended the injunction secured by ADM to November 2022. The Company entered into settlement talks with Noble Hill-Network Limited ("NHNL")

 

Corporate:

  • In January 2022, the Company completed an equity fundraising of approximately £561,000 with Optima Resources Holding Limited

 

Osamede Okhomina, CEO of ADM Energy, said: “We made good progress in the first half of 2022. The conclusion of PetroNor’s acquisition of Panoro’s stake in the asset demonstrated confidence in the potential of Aje. The completion of the transaction is expected to accelerate the JV Partners’ Final Investment Decision on the long-term field development plans to take Aje to the next stage. The development of the Aje Field will give the partners the opportunity to monetise the wet gas resources, estimated at potentially 1.2 trillion cubic feet at Aje. At Barracuda, we announced the result of our CPR with a 2U (P50) case, the NPV10 is +$99mm with an IRR of 45%, assuming at least 70 mmbbls STOIIP is discovered, and further analysis must be carried out in order to make an investment decision.

 

“We will continue to target projects of undervalued 2P reserves with highly attractive risk-reward profiles, as we drive forward our strategy of building a multi-asset portfolio, having had encouraging discussions with potential partners regarding various opportunities. We are also looking in areas of renewable energy where there are opportunities to add value to our portfolio. We hope to capitalise on the upcoming prospects that can take ADM Energy to the next phase of its development and growth.”

 

 

 

 

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 
(Broker)   
Claire Louise Noyce    
   
ODDO BHF Corporates & Markets AG  +49 69 920540 
(Designated Sponsor)   
Michael B. Thiriot   
   
Gracechurch Group  +44 20 4582 3500 
(Financial PR)   
Harry Chathli, Alexis Gore, Henry Gamble 
 
  

  

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 oil producing 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.   

 

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/1853B_1-2022-9-29.pdf

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.



29.09.2022 GMT/BST Dissemination of a Corporate News, transmitted by EQS - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: ADM Energy PLC
60 Gracechurch street
EC3V 0HR London
United Kingdom
Phone: +44 (0)2077863555
E-mail: hello@admenergyplc.com
Internet: www.admenergyplc.com
ISIN: GB00BJFDXW97
WKN: A2PLC1
Listed: London
EQS News ID: 1453245

 
End of News EQS News Service

1453245  29.09.2022 GMT/BST

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