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Wednesday, April 7, 2021
ADM Energy PLC announced the completion of the 15th Lifting at the Aje Field, part of OML 113 offshore Nigeria. The lifting totaled 225,000 barrels (52,000 barrels were left in the tank) with a net share of 27,675 barrels to ADM, which equates to ADM’s paying interest of approximately 12.3%. The nominated offtake partner for the Lifting was La Chorale, a global energy & commodity trading company.
The temporary drop in volume from the previous Lifting announced in October 2020, reflects a decision from the JV Partners to carry out a more thorough and extended period of maintenance on the FPSO while oil prices were depressed. This ensures the JV Partners can take full advantage of the assets production levels going forwards, while benefiting from the subsequent uplift in oil prices.
The proceeds of the Lifting will be applied against the project debt, significantly reducing the outstanding balance. The JV Partners remain in discussion in respect of project level debt and any potential mitigating actions and associated reduction in project overheads and the Company will update the market once an agreement has been reached.
ADM Energy holds a 9.2% profit interest in the Aje Field and this is the first lifting since the Company finalised an agreement in December 2020 to consolidate its interest in the asset. Covering an area of 835km² offshore Nigeria, Aje is an oil producing asset rich in gas and condensate reserves and currently has two producing wells, Aje-4 and Aje-5.
Osamede Okhomina, CEO of ADM Energy plc, said: “We are delighted to carry out the 15th lifting, the first since we increased our holding in the Aje Field, which nearly doubled our share of revenue, reserves and net production. Given our increased stake, exciting development plans for Aje, and potential further improvement in the oil price forward curve, we are well positioned to further benefit from future liftings from this quality asset.”
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