NIGERIA: ADM Energy Raises General Working Capital for Aje Field

ADM Energy has announced that it has raised a total of £561,000 through a subscription from Optima Resources Holding Limited , a family office owned natural resources investment company registered and based in the United Arab Emirates.

The Company has raised, conditional on Admission £561,000 before costs, at a subscription price of 1.11 pence per share through the issue of 51,000,000 new ordinary shares to Optima Resources, which will hold 19.96 percent. of the Company’s enlarged issued share capital on Admission.  

The funds will be used for general working capital including business development and due diligence on target assets, appraisals and technical evaluation. The Company continues to evaluate investment opportunities, which the board considers may have the potential to add and bring in significant value to ADM.

Osamede Okhomina, CEO of ADM Energy plc, said: “We are pleased to secure funding from a new long-term shareholder, which will be used to continue to assess several prospects. I would like to thank our shareholders and our new shareholder for their ongoing support and look forward to updating them as we progress.”

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.