logo-loader

ADM Energy Plc

Receive alerts
Market:
AIM
Market Cap:
£2.62 m
Price
4.25 GBX
Change
-6.59%
52 weeks high
47.00
52 weeks low
3.57

Strategy

ADM Energy is seeking to build an oil and gas investment company targeting projects with attractive risk reward profiles due to factors including proven nature of reserves, level of historic investment, established infrastructure, route to early cash flow and exploration upside.

Nigeria

OML 113 covers an area of 835 sq km offshore Nigeria close to the Benin border and holds the Aje field as well as a number of exploration prospects. Aje, which was discovered in 1997, has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones, similar to the producing Jubilee field offshore Ghana. To date five wells have been drilled: Aje-1 and Aje-2 both flow tested oil and gas condensate at high rates, while Aje-4 intersected significant pay in four productive reservoirs. Aje-4 and the recently drilled Aje-5 have both been completed.

The Government of Nigeria approved the Aje Field Development Plan ("FDP") in March 2014 and by October 2014, the Final Investment Decision ('FID') for the project was agreed. The FDP involves a three phase development programme. Phase 1 will focus on the Aje Cenomanian oil reservoir and include the tie-back of two existing subsea wells and a leased Floating Production Storage and Offloading vessel ("FPSO"). Phase 1 production commenced in May 2016. The planning for Phase 2 is now underway and will see additional wells drilled in order to increase total Cenomanian oil production. Phase 3 will target the development of the Turonian gas condensate reservoir.

 

UK & Nigeria.

Board of Directors

Peter Francis, Non-Executive Chairman

Peter has over 35 years of experience working with major international oil companies. Hecspent 30 years with ExxonMobil in a number of executive, treasury and government related positions across the US, Europe, Russia and Africa. More recently, he worked for Royal Dutch Shell in Abuja and served as CEO of Oracle Energy, a Canadian TSX exploration and producing company focused on oil and gas activities in West Africa. Peter has extensive knowledge of working in developing and transition economies, building relationships with senior government officials and developing strategies to support new business entry. Peter is a member of the Board of Africare, the largest Africa/US Development Agency supporting health, education and food security in Sub-Sahara Africa.

Osamede (Osa) Okhomina, Chief Executive Officer

Osamede was appointed CEO of ADM Energy in July 2019. He has more than 20 years’ experience in the global oil and gas industry, particularly in Africa, financing projects and growing businesses. Osamede started his career at Terra Energy Services, helping to introduce new deep-water technologies in Nigeria. He is a founding partner of Africa-focused Energy Equity Resources, a partner investor of ADM Energy, where he has secured more than $300 million of direct foreign investment into Nigerian oil and gas. He brings considerable government expertise and connections to the ADM Energy board.

Richard Carter, Chief Operating Officer

Richard is a qualified accountant with extensive experience of raising funds for public and private companies. He has worked and advised across media, telecoms, engineering and energy sectors in various corporate finance and investor relations roles. As Chief Operating Officer, Richard supports the CEO and management team with its regulatory functions.

Sergio Lopez, Non-Executive Director

Sergio has been in the oil and gas industry for the last 13 years with experience ranging from finances to operations. Lewis Energy Group appointed Sergio as its Mexico Country Manager to coordinate a 15 year E&P contract with Pemex, which represented the first move by an American independent oil and gas company into Mexico since 1938. He negotiated a special budget to drill the first exploratory Eagle Ford Shale well in Mexico, named Emergente-1. This resulted in the first and only producer in the Eagle Ford Shale in Mexico called Habano.

Manuel Lamboley, Non-Executive Director

Manuel is a financier with over 30 years’ experience in international broking and investment banking. He previously served as Head of the Geneva office of Williams de Broe and has held senior positions at Bank Julius Bar, Kidder Peabody, Paine Webber International and Prudential-Bache Securities. Manuel has long-standing relationships with major investors and financial advisers worldwide, with a particular focus on the natural resources sector. He has been a non-executive director of several listed companies in the mining and energy sectors, including International Mining & Infrastructure Corporation plc, and was also previously an independent director of UK-based African Aura Resources Limited. Manuel is a director of Zark Capital Limited.

Contact

Tel - +44 (0)207 786 3555

@ - [email protected]

For media enquiries, contact:

Tel - +44 (0)20 7618 9151

@ - [email protected]

Broker

Pello Capital Ltd 4th floor 18 St Swithins Lane London, EC4N 8AD

Nominated Advisers

Cairn Financial Advisers LLP Cheyne House, Crown Court 62-63 Cheapside London, EC2V 6AX

Solicitors

Keystone Law Ltd 48 Chancery Lane London WC2A 1LF

Broker

Pello Capital Ltd 4th floor 18 St Swithins Lane London, EC4N 8AD

Auditors

haysmacintyre Statutory Auditor Chartered Accountants 10 Queen Street Place London, EC4R 1AG

Registrars

Computershare InvestorServices Plc The Pavillions Bridgewater Road Bristol, BS99 7NH

Public Relations

Luther Pendragon 48 Gracechurch Street, London EC3V 0EJ