Okhomina, in ADM’s results for the twelve months ended December 31 2020, highlighted the group’s progression during what was a challenging period due to the pandemic and low oil prices.
“The dramatic drop in oil prices presented an opportunity to acquire attractive assets at substantially depressed valuations, such as our increased interest in OML 113,” Okhomina said.
“We nearly doubled our share of 2P reserves and production from the Aje Field in advance of development plans to significantly increase production by drilling new wells.
“This provides a route to material value generation from our existing asset base alone.
He added: “We remain in the market for new opportunities to accelerate our growth. Our management and technical teams are actively assessing investment propositions on a regular basis and progressing those that are most compelling.
“It remains a buyer’s market and ADM is in a strong position to de-risk projects through our technical expertise and access to capital.
“We continue to pursue high-quality assets in West Africa with substantial upside and the potential to further accelerate our future growth.”
During the year, ADM’s assets produced 698,64 barrels gross, with the rate averaging 1,909 barrels per day,
Net revenue amounted to GBP800,000, with the total impacted by a decision to skip an oil lifting in March 2020 amidst the low crude pricing at the time, before prices subsequently rallied.
The company noted that operating costs were reduced by 42% to GBP1.4mln, from GBP2.4mln. ADM made a GBP6.9mln loss for 2020.