Company
LON:ADME
ADM Energy is a natural resources investing company with an existing multi-asset base in Nigeria. The company holds a 9.2% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria.
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“To steer ADM through the current low oil price environment, we have taken appropriate measures with a significant cost reduction plan, both at a corporate level and on the asset side," said chief executive, Osamede Okhomina
ADM is at an important stage in its development according to research firm Align.
The group is to pay a US$250,000 deposit, in cash and shares, for its previously announced acquisition of an additional 2.25% interest in OML 113
"ADM has positioned itself to better withstand current market volatility and still pursue its core investment strategy," said chief executive Osamede Okhomina
It is the first transaction under the leadership of new chief executive Osamede Okhomina.
For any projects that Trafigura gives the green light, the Singapore-headquartered trader will then provide ADM with pre-financing of up to US$100mln to acquire or develop the assets
ADM wants to build upon its 5% stake in the Aje field - which was impacted by downtime in 2019 - with new Nigerian management leading an acquisitive strategy
ADM raised £283,000 earlier in the month and intends to raise a further £150,000 for a total funding round of £562,000.
ADM boss Osamede Okhomina described the transaction between third-parties as a "strong endorsment" of the Nigerian asset and its viability.
