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29 September 2022

ADM Energy plc

(“ADM” or the “Company”)

Interim Results

ADM Energy plc (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces its interim results for the six months ended 30 June 2022.

Investment Highlights:  

Aje Field, OML 113

• The JV Partners are making progress in their development plans for OML 113 and have been advancing plans to replace the current Floating Production Storage and Offloading (“FPSO”) to increase gas handling capacity in order to support development plans to monetise the Field’s significant wet gas potential (estimated at potentially 1.2 trillion cubic feet (“Tcf”) of wet gas resources after redevelopment of the field). *as per AGR Tracs 2019 Competent Persons Report (“CPR”)
• Post-period events:
  • In July 2022, ADM noted the conclusion of PetroNor E&P Limited’s ("PetroNor") acquisition of Panoro Energy ASA’s ("Panoro") interest in OML 113, providing a strong endorsement of the quality and considerable potential of the Aje field
  • In August 2022, completed the 17^th Lifting at the Aje Field totalling 94,187 barrels with a net share of 8,683 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%

Barracuda Field OML 141

• Announced the result of the CPR on the Barracuda Field with a 2U (P50) case, the NPV10 is +$99mm with an IRR of 45%, assuming at least 70mmbbls STOIIP is discovered
• Post-period, in July 2022, the Court extended the injunction secured by ADM to November 2022. The Company entered into settlement talks with Noble Hill-Network Limited ("NHNL")

Corporate:

• In January 2022, the Company completed an equity fundraising of approximately £561,000 with Optima Resources Holding Limited

Osamede Okhomina, CEO of ADM Energy, said: “We made good progress in the first half of 2022. 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.

“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.”

Enquiries: 

About ADM Energy PLC  

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.   

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.   

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