ADM Energy PLC (AIM:ADME, ETR:P4JC) announced the completion of the 17th cargo lifting at the Aje Field, offshore Nigeria.
The lifting totalled 94,187 barrels with a net share of 8,683 barrels to ADM, which equates to the natural resources investing company’s profit interest of approximately 9.2%, the company said in a statement.
The proceeds of the lifting will be used to continue work on the development plans for the Aje field with the joint venture (JV) partners.
"The proceeds from the Lifting will help us to build on and refine the plans for Aje's expansion, which we believe can bring considerable additional production and value to the asset," Osamede Okhomina, ADM's chief executive, commented.
The field development plan at Aje includes potential drilling of three new wells to ramp up the production of oil and gas liquids at the asset.
This is the third lifting since it finalised an agreement in December 2020 to consolidate its interest in the asset.
Aje is an 835km² oil-producing asset, rich in gas and condensate reserves, which currently has two producing wells, Aje-4 and Aje-5.
Its shares jumped 6.3% to 0.85p on the news.