ADM Energy boosted by crude sale at Aje field

0
5

ADM Energy PLC (AIM:ADME, ETR:P4JC) announced the latest crude oil lifting at the Aje field, offshore Nigeria.


The company, in a statement, detailed the sixteenth oil lifting at Aje which sees a total of 232,379 barrels of crude (ADM’s net share is 21,424 barrels) sold.


Proceeds will be used to pay project debt, the company noted.


“We are pleased to complete the 16th lifting, the second lifting since raising our stake in the Aje field,” said chief executive Osamede Okhomina. “We have been able to capitalise on the increase in oil prices and reduce project debt while benefitting 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 shares were up 2.25% in London, trading at 2.05p.

LEAVE A REPLY

Please enter your comment!
Please enter your name here