ADM Energy PLC (AIM:ADME, ETR:P4JC) has announced the hiring of Stefan Olivier as its new chief executive, and said it has also appointed to the board Claudio Coltellini as a non-executive director.
Both are representatives of OFX Holdings which in late 2022 provided funding to ADM. At the same time, non-executive director Manuel Lamboley resigned with immediate effect.
ADM chair Oliver Andrews, in a statement, commented: "I welcome Stefan and Claudio to the board of directors of the company and look forward to working with them as we explore new opportunities, while continuing to develop our interest in the Aje Field.
“I want to thank Claudio for the continuing support of OFX which we consider will be instrumental in the transition of ADM and look forward to updating the market in due course. I also want to thank Manuel for his support and contributions to the company and wish him well in his future endeavors."
Stefan Olivier added: “Having played a significant role in securing the initial support of Claudio and OFX for ADM, I am excited to be back and to have the support of a seasoned and strong partner whose interests are aligned with ADM to move forward exploring new opportunities and to continue working to optimise value from our interest in the Aje Field.
“The recent endorsement of the G7 regarding the need for continued investment in new natural gas supply bodes well for the future development of Aje."
Coltellini said: "OFX has made a long-term commitment to the company as a 14% shareholder and creditor. I am committed to building long-term value for the benefit of all stakeholders and will support the company as it develops into a strong business both through its participation in new opportunities and continued development of its interest in the Aje Field which I believe to be a highly attractive, de-risked asset that is well positioned given the increased world-wide demand for liquids-rich natural gas resources."