ADM Energy PLC (AIM:ADME, ETR:P4JC) described “good progress” in the first half of 2022 as the company released interim financial results.
In the statement, covering the six months ended 30 June 2022, chief executive Osamede Okhomina said: “The conclusion of PetroNor's acquisition of Panoro's stake in the asset demonstrated confidence in the potential of Aje. The completion of the transaction is expected to accelerate the JV Partners' Final Investment Decision on the long-term field development plans to take Aje to the next stage.
“The development of the Aje Field will give the partners the opportunity to monetise the wet gas resources, estimated at potentially 1.2 trillion cubic feet at Aje.
“At Barracuda, we announced the result of our CPR with a 2U (P50) case, the NPV10 is +$99mm with an IRR of 45%, assuming at least 70 mmbbls STOIIP is discovered, and further analysis must be carried out in order to make an investment decision.”
He added: "We will continue to target projects of undervalued 2P reserves with highly-attractive risk-reward profiles, as we drive forward our strategy of building a multi-asset portfolio, having had encouraging discussions with potential partners regarding various opportunities.
“We are also looking in areas of renewable energy where there are opportunities to add value to our portfolio. We hope to capitalise on the upcoming prospects that can take ADM Energy to the next phase of its development and growth."
The company reported an £834,000 loss for the six-month period.