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PRESS RELEASE: ADM Energy PLC: Barracuda Field development update

04/12/2021 | 02:21am EDT
DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous 
ADM Energy PLC: Barracuda Field development update 
2021-04-12 / 08:20 
The issuer is solely responsible for the content of this announcement. 
12 April 2021 
ADM Energy PLC 
("ADM" or the "Company") 
Barracuda Field development update 
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce it has 
entered into a non-binding collaboration agreement ("CA") with Eunisell Limited ("Eunisell"), the Nigerian owned oil 
and gas production solutions company. 
Under the terms of the CA, subject to the completion of certain due diligence, ADM and Eunisell (the "Parties") will 
explore collaboration opportunities to carry out development of Barracuda Field in OML 141 and associated work-related 
activity in Nigeria (the "Project"). It is the intention of both parties, together with the risk sharing consortium in 
respect of Barracuda Field, that a formal agreement will be entered into in advance of any work commencing. The CA may 
be terminated by mutual consent. 
Eunisell has decades of experience in engineering, production, operations and enhanced production techniques within 
Nigeria and the Parties intend to work together to use their combined experience to accelerate production of oil and 
gas assets, initially concentrating initiating production at the Barracuda field in which ADM recently invested. 
Activities under the intended scope of work may include early production facility supply, procurement, construction and 
commissioning of production facilities, extended well testing and laboratory services. 
Following discussions, Eunisell may consider providing vendor financing to achieve the scope of work to be agreed, 
subject to terms and conditions to be determined at the point of an award of contract. 
A further update will be made in due course. 
Osamede Okhomina, CEO of ADM Energy plc, said: "The collaboration agreement with Eunisell, one of Nigeria's leading 
providers of oil field services and facilities, paves the way to bringing another high-class partner into the ADM fold. 
With a customer base in the region featuring oil and gas majors, Eunisell has been a key facilitator for the Nigerian 
oil and gas marketplace for many years, helping operators to reach their production goals faster and at less capital 
costs. We look forward to building a relationship and are excited by the potential of working alongside them to support 
the development of our investments such as the Barracuda Field in OML 141." 
ADM Energy plc                           +44 20 7459 4718 
Osamede Okhomina, CEO 
Cairn Financial Advisers LLP             +44 20 7213 0880 
(Nominated Adviser) 
Jo Turner, James Caithie 
Arden Partners plc                       +44 20 7614 5900 
(Lead Broker) 
Paul Shackleton, Dan Gee-Summons 
Hybridan LLP                             +44 20 3764 2341 
(Joint Broker) 
Claire Louise Noyce 
ODDO BHF Corporates & Markets AG         +49 69 920540 
(Designated Sponsor) 
Michael B. Thiriot 
Luther Pendragon                         +44 20 7618 9100 
(Financial PR) 
Harry Chathli, Alexis Gore, Joe Quinlan About ADM Energy PLC ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. The Company has also agreed an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in OML 141, which covers 1,295 km2 in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021. ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow. 

About Eunisell For 25 years, Eunisell Production Solutions, has helped oil and gas producers achieve first oil revenues faster by delivering world-class technology and engineered improvements. Eunisell's customer base includes 90% of major oil and gas companies operating in the region. Eunisell deliver services including: Production Facilities, Production Enhancement, Produced Water Solutions, Operations & Maintenance and Testing & Drilling Services into markets across the African continent - with a team of seasoned oil and gas professionals. The company's modern fleet is equipped with production management assets and support tools, operated by experienced operational staff with extensive experience in production enhancement and delivery. Emphasis is placed on fast-tracking projects in order to achieve first oil and revenue generation sooner. http:// www.eunisellproduction.com/ Forward-looking Statements Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholder holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. -----------------------------------------------------------------------------------------------------------------------

2021-04-12 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      ADM Energy PLC 
              60 Gracechurch street 
              EC3V 0HR London 
              United Kingdom 
Phone:        +44 (0)2077863555 
E-mail:       hello@admenergyplc.com 
Internet:     www.admenergyplc.com 
ISIN:         GB00BJFDXW97 
WKN:          A2PLC1 
Listed:       Foreign Exchange(s) London 
EQS News ID:  1183253 
End of News   DGAP News Service 

1183253 2021-04-12

(END) Dow Jones Newswires

April 12, 2021 02:20 ET (06:20 GMT)

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