ADM Energy submits bid for marginal field in Nigeria

Natural resources investment company ADM Energy has formally submitted a bid with the Nigerian Department of Petroleum Resources (DPR) for a marginal field in the 2020 Marginal Field Bid Round, it announced on Thursday.

The AIM-traded firm said a total of 57 marginal fields were available to participating companies covering onshore, swamp and shallow offshore fields.

It said it was participating in the bid round as a strategic partner of OilBank International - a Nigerian integrated oil and gas service management company.

The submission followed ADM and OilBank pre-qualifying for the bid round, and concluded the second stage of the process.

ADM said it was expecting the bid round to end by the end of the fourth quarter.

“Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria,” said chief executive officer Osamede Okhomina.

“This bid round - the first since 2003 - is significant as the fields now available will shape the future of oil production in the country for many years to come.

“We believe ADM is uniquely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital.”

At 1314 BST, shares in ADM Energy were down 6.78% at 5.36p.