Petroleum Africa
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Wednesday, August 26, 2020
ADM Energy PLC, a natural resources investing company, has announced that it has raised £672,500, to be used primarily to fund the cash completion element of ADM Energy’s deal with EER Colobus Nigeria Limited to acquire a further stake in OML 113. Completion of the deal will increase ADM’s stake in OML 113 to 5.0%, with a profit interest of 9.2%. The fundraise also includes subscriptions by five Directors.
OML 113 is a highly strategic asset giving ADM access to reliable oil production, which is estimated to be able to triple next year with further successful drilling. It also contains significant wet and dry gas reserves, which command a premium in the local markets.
ADM Energy has recently announced a number of significant milestones, including appointments such as former UK Government Minister for Africa, Sir Henry Bellingham and Dr Stefan Liebing, who chaired the G20 Compact with Africa investment summits in 2018 and 2019. The company also recently announced its pre-qualification for Nigeria’s Marginal Field Bid Round, partnering with OilBank International Ltd.
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