21
November 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 7 November 2024, related
to its progress with 100% owned Vega Oil and Gas, LLC
("Vega").
On 14 November 2024, production at
the Sneed 415 well recommenced, having been halted since 22
September 2024 in order for works to be carried out to link the
tank battery between the Sneed 415, TG Thompson 7330 and TG
Thompson 7331 wells. The Company does not anticipate that
production at Sneed 415 will be halted whilst the remainder of the
tie-in work is completed, which is expected to occur before the end
of the year.
Further to the announcement of 7
November 2024, the sale of the oil produced in September 2024,
stored in the sales tanks that underwent a chemical treatment and a
hot oil truck treatment in October 2024, has now been completed. In
addition to the 72.9 net barrels already sold, Vega sold a further
600.0 net barrels of oil for which it received US$40,336 (net of
production taxes and royalties), resulting in 672.9 net barrels of
oil sold for the production period from 1 September to 31 October
2024, providing US$44,336 in total.
Oil sales attributable to the
November 2024 production period will be provided in the December
2024 Vega update.
Commenting on the developments
related to Vega, Stefan Olivier, CEO, stated:
"We are pleased that the Sneed 415
well is online and producing again, and with the expected
additional production from the Thompson 7330 and 7331 wells, the
Company looks forward to further positive developments and cash
flow generation into the New Year".
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.