ADM Energy adds Barracuda to growing menu of opportunities

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  • ADM Energy says foundations laid for higher production
  • Stockbroker eyes ADM Energy upside ahead of Aje and Barracuda programmes
  • ADM Energy present plans after commissioning new competent person’s report on Barracuda Field
ADM Energy acquisitive growth strategy boosted by OML 113 deal

Quick facts: ADM Energy PLC

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ADM Energy is a natural resources investing company with an existing asset base in Nigeria in the Aje Field, part of OML 113. 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 targeting investment opportunities across West Africa in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure, route to early cash flow.

30 Jun 2021

‘s () two deals last year have formed an excellent foundation for the oil junior’s future development said Osamede Okhomina, chief executive.

“We almost doubled our interest in the Aje Field, enabling ADM to benefit from any future scale-up in production, and we acquired an indirect interest in a near-production asset with favourable accelerated economics in the Barracuda Field.”

ADM also recently extended its agreement with Trafigura, which, for the right project, will provide up to US$120mln of capital, while it raised GBP1.2mln in March 2021 to progress the Barracuda field.

“This progress puts us in a stronger position to focus our efforts on bringing on new production at Aje and Barracuda while continuing to assess opportunities to secure other value-accretive, high-quality assets at depressed valuations with considerable upside for our shareholders,” said Okhomina.

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25 May 2021

() has commissioned consultant Xodus Group Ltd for an updated competent person’s report (CPR) to assess the Barracuda field, in Nigeria’s Niger Delta.

Completion of a new CPR is the next step in the agreed scope of the Barracuda risk sharing agreement and the independent report is expected to provide a full technical and economic review of the field.

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20 May 2021

() has received GBP849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around GBP656,000 on its original investment.

The company acquired shares in cleantech firm Superdielectrics in 2017 and 2018, at an average price of GBP1.025 per share, and its board recently agreed to sell to other Superdielectrics shareholders for GBP4.50 per share.

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20 May 2021

Arden has repeated a ‘buy’ recommendation for () following Thursday’s news that the company realised a profit on a renewable energy investment.

With a price target of 14p the stockbroker sees some 324% upside, to the current price of 3.3p, as the company advances the Aje field and Barracuda project in Nigeria. The cash injection supports those growth projects which are due to ramp up in the coming months.

ADM, in a statement on Thursday, said it had received GBP849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around GBP656,000 on its original investment.

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25 May 2021

() Technical Director Dr. Satinder Purewal joins Proactive London to explain why they have commissioned Xodus Group Ltd, a leading global energy consultancy, to produce an updated Competent Person’s Report on the Barracuda Field.

Purewal also introduces himself, with 40 years’ experience in global exploration and production experience for big projects, including four years in Nigeria.

He was the head of European reserves assurance and global reserves training in Shell.

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ADM Energy present plans after commissioning new competent person’s report…

ADM Energy PLC (LON:ADME) Technical Director Dr. Satinder Purewal joins Proactive London to explain why they have commissioned Xodus Group Ltd, a leading global energy consultancy, to produce an updated Competent Person’s Report on the Barracuda Field.

Purewal also introduces himself, with 40…

on 25/5/21

3 min read

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