ADM Energy reduces Aje project debt with latest lifting

The AIM-traded firm said the lifting totalled 232,379 barrels with a net share of 21,424 barrels to ADM, which equated to its profit interest of about 9.2%.

It said the proceeds of the lifting would be applied against the project debt, contributing to a reduction in the outstanding balance.

The nominated offtake partner for the lifting was global energy and commodity group Mecuria.

“We are pleased to complete the 16th lifting, the second lifting since raising our stake in the Aje Field,” said chief executive officer Osamede Okhomina.

“We have been able to capitalise on the increase in oil prices and reduce project debt while benefiting 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 Energy holds a 9.2% profit interest in the Aje Field, with the latest lifting being the second since its finalised an agreement in December last year to consolidate its interest in the asset.

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

At 0847 BST, shares in ADM Energy were up 2.25% at 2.05p.