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ADM Energy submits bid for new acreage in Nigeria

“This bid round - the first since 2003 - is significant as the fields now available will shape the future of oil production in the country for many years to come," said chief executive Osamede Okhomina

Admiral Group - ADM Energy submits bid for new acreage in Nigeria

ADM Energy PLC (LON:ADM) told investors it has formally submitted a bid to the Nigerian Department of Petroleum Resources as part of the 2020 Marginal Field Bid Round.

Nigeria’s licensing process has made up to 57 marginal field assets available for oil and gas companies to bid for. These span projects that are onshore, swamp and shallow offshore.

ADM is participating in the process alongside partner OilBank International, with the partners previously pre-qualifying for the bid round.

READ: ADM raises funds to support portfolio expansion efforts

The company noted that it expects the round to complete by the end of the fourth quarter.

“Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria,” Osamede Okhomina, ADM chief executive said In a statement.

“This bid round - the first since 2003 - is significant as the fields now available will shape the future of oil production in the country for many years to come.

“We believe ADM is uniquely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital. I look forward to updating shareholders as soon as practicable," he added.

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Price: 5.95 GBX

AIM:ADME
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