5 August
2024
ADM Energy
PLC
("ADM" or
the "Company")
Vega Oil and Gas
Update
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC), a natural resource investing company, is pleased to
provide an update further to the RNS of 26 June 2024 related to its
progress with 100% owned Vega Oil and Gas, LLC ("Vega").
Highlights:
·
The Sneed 415, one of three wells located in Moore
County, Texas acquired with the Vega investment was returned to
production in early June 2024 producing approximately 430 gross
barrels of oil and Vega has now received US$25,591 (net of
production taxes and royalties) from oil sales for the month of
June 2024 from the Sneed 415.
·
Equipment to complete the new tank battery to
support future production from all three wells has now been
acquired and the tank battery is expected to be completed in August
2024.
·
Following completion of the new tank battery it is
expected that the remaining two wells will be returned to
production.
Commenting on the developments
related to Vega Stefan Olivier, CEO, stated: "We are pleased
with the progress to date related to the Vega investment and look
forward to returning the remaining two wells to production
following completion of the tank battery."
Market Abuse Regulation (MAR) Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Enquiries:
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ADM Energy
plc
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+44 7495 779520
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Stefan Olivier, Chief Executive Officer
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www.admenergyplc.com
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Cairn Financial
Advisers LLP
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+44 20 7213 0880
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(Nominated Adviser)
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Jo Turner, James Caithie, Ed Downes
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ODDO BHF Corporates
& Markets AG
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+49 69 920540
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(Designated Sponsor)
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Michael B. Thiriot
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Gracechurch
Group
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+44 20 4582 3500
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(Financial PR)
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Harry Chathli, Alexis Gore, Henry Gamble
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC) is a natural resources investing company with
investments including a 100% interest in Vega Oil and Gas; a 30.6%
economic interest in JKT Reclamation, LLC; a 46.8% economic
interest in OFX Technologies, LLC (www.ofxtechnologies.com);
and, a 9.2% profit interest in the 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.
Forward Looking Statements
Certain statements in this
announcement are, or may be deemed to be, forward-looking
statements. Forward looking statements are identified by their use
of terms and phrases such as "believe", "could", "should",
"envisage'', "estimate", "intend", "may", "plan", "potentially",
"expect", "will" or the negative of those, variations or comparable
expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such
forward-looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.