ADM Energy reduces Aje project debt with latest lifting.


Natural resources investment company ADM Energy announced the completion of the 16th lifting at the Aje Field, part of the OML 113 offshore Nigeria licence, on Tuesday.

  • ADM Energy
  • 24 June 2022 17:21:05

Source: Sharecast

The AIM-traded firm said the lifting totalled 232,379 barrels with a net share of 21,424 barrels to ADM, which equated to its profit interest of about 9.2%.

It said the proceeds of the lifting would be applied against the project debt, contributing to a reduction in the outstanding balance.

The nominated offtake partner for the lifting was global energy and commodity group Mecuria.

“We are pleased to complete the 16th lifting, the second lifting since raising our stake in the Aje Field,” said chief executive officer Osamede Okhomina.

“We have been able to capitalise on the increase in oil prices and reduce project debt while benefiting from our consolidated position in the Aje Field.

“ADM is well placed to benefit from future development plans at Aje which can bring a potentially significant increase in production levels at this quality asset.”

ADM Energy holds a 9.2% profit interest in the Aje Field, with the latest lifting being the second since its finalised an agreement in December last year to consolidate its interest in the asset.

Covering an area of 835 square kilometres offshore Nigeria, Aje was described by the company as an oil producing asset rich in gas and condensate reserves, which currently had two producing wells at Aje-4 and Aje-5.

At 0847 BST, shares in ADM Energy were up 2.25% at 2.05p.


N/A

ISIN: N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs..

Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.