ADM Energy adds Barracuda to growing menu of opportunities

ADM Energy PLC is a natural resources investing company with an existing asset base in Nigeria.

The company 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.

(, ) announced the latest crude oil lifting at the Aje field, offshore Nigeria.

The company, in a statement, detailed the sixteenth oil lifting at Aje which sees a total of 232,379 barrels of crude (ADM’s net share is 21,424 barrels) sold.

Proceeds will be used to pay project debt, the company noted.

“We are pleased to complete the 16th lifting, the second lifting since raising our stake in the Aje field,” said chief executive Osamede Okhomina. “We have been able to capitalise on the increase in oil prices and reduce project debt while benefitting from our consolidated position in the Aje Field.

ADM Energy PLC (AIM:ADME) chief executive Osamede Okhomina said the company ended the year with a solid foundation for future growth.

Okhomina, in ADM’s results for the twelve months ended December 31 2020, highlighted the group’s progression during what was a challenging period due to the pandemic and low oil prices.

ADM Energy PLC (AIM:ADME), a West-Africa focused natural resources investor, said non-executive chairman Peter Francis will step down for personal reasons on August 2 and that Oliver Andrews will take over the role on the same date.

Andrews was formerly chief investment officer at the Africa Finance Corp, one of the biggest investors in natural resources and infrastructure solutions in Africa. There he oversaw the growth of assets under management from US$1bn to more than US$8.4bn, including significant investments in the oil and gas sector.

Arden has repeated a ‘buy’ recommendation for ADM Energy PLC (LON:ADME) following Thursday’s news that the company realised a profit on a renewable energy investment.

With a price target of 14p the stockbroker sees some 324% upside, to the current price of 3.3p, as the company advances the Aje field and Barracuda project in Nigeria. The cash injection supports those growth projects which are due to ramp up in the coming months.

ADM, in a statement on Thursday, said it had received GBP849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around GBP656,000 on its original investment.

ADM Energy PLC (AIM:ADME, ETR:P4JC) (AIM:ADME) chief executive Osamede Okhomina and chief financial officer Lionel Therond joins Proactive London to talk about how their results for the twelve months ended December 31 2020.

Okhomina explains the group’s progression during what was a challenging period due to the pandemic and low oil prices. But he says this presented an opportunity to acquire attractive assets at substantially depressed valuations.

They remain in the market for new opportunities to accelerate growth, with their management and technical teams actively assessing investment propositions on a regular basis and progressing those that are most compelling.