ADM Energy confirms 17th lifting from Aje Field

The AIM-traded firm said the lifting totalled 94,187 barrels, with a net share of 8,683 barrels to ADM, equating to its profit interest of 9.2%.

It said the nominated offtake partner for the lifting was global energy and commodity group Mercuria.

The proceeds would be used to continue work on the development plans for the Aje field with the joint venture partners.

ADM said the field development plan included the potential drilling of three new wells to “significantly increase production” of oil and gas liquids at the asset.

“This is the third lifting since we nearly doubled our interest in the Aje Field and it comes at an exciting time for the asset,” said chief executive officer Osamede Okhomina.

“With PetroNor now on board after taking a considerable stake in Aje, we look forward to pushing ahead with its development alongside our partners.

“The proceeds from the lifting will help us to build on and refine the plans for Aje's expansion, which we believe can bring considerable additional production and value to the asset.”

ADM Energy holds a 9.2% profit interest in the Aje Field, with the lifting being the third since it finalised an agreement in December 2020 to consolidate its interest in the asset.

Covering an area of 835 square kilometres offshore Nigeria, it described Aje as an oil producing asset rich in gas and condensate reserves, which currently has two producing wells at Aje-4 and Aje-5.

At 1106 BST, shares in ADM Energy were up 0.12% at 0.8p.

Reporting by Josh White at Sharecast.com.