Business

Ministry approves firm’s interest in OML 113’s acquisition

ADM Energy, a natural resources investing company, announced it had received ministerial consent from the Ministry of Petroleum Resources to complete the transfer of a participating interest of 2.25 per cent in OML 113 from EER (Colobos) Nigeria to the company.

Peter Francis, Non-Executive Chairman of ADM Energy, said: ‘’The completion of this deal consolidates our position in the Aje Field, a proven and versatile oil producing asset offshore Nigeria. We nearly double our share of revenue, reserves and net production, and with the joint venture partners targeting three new wells in 2021, net daily production to ADM is projected to rise to as much as 1,000 barrels per day.

“This transaction aligns with our growth strategy and is typical of the type of deal we want to achieve to build value for ADM. We have gained a strong foothold in an oil field that we understand intimately. We have de-risked the asset through our technical expertise and working alongside high-quality partners.

“Having completed the transaction at a premium to our share price, we now stand to benefit by developing the field and unlocking the upside for shareholders. Building on this platform, we are focused on advancing the multiple other deals we are working on and growing our exposure to value accretive, high-quality assets.

“In addition, Hessia Group Limited, an existing investor in ADM and the beneficial holder of the Consideration Shares as part of the completion of this agreement, becomes the Company’s largest shareholder and remains a long term and supportive holder of ADM shares.’’ On his part, Yinka Ogundare, CEO of EER, said: ‘’We are very pleased to deepen our ties with ADM by concluding this transaction.

Their expertise and access to funding will help the partners to move forward with plans to increase oil production at the Aje Field and monetise the rich gas and liquids reserves.’’ OML 113 covers an area of 835 sq km in the western Nigeria offshore Dahomey basin, some 24km south of the coast and 64km from Lagos, in water depths ranging from 100 to 1,000 metres. The West African Gas Pipeline intersects the northwest part of the licence. There are currently five partners in the licence: Yinka Folawiyo Petroleum Company Limited, New Age Exploration Nigeria Limited, Pan Petroleum Aje Limited (whose interest was recently acquired by PetroNor ASA), EER and ADM. In February 2020, ADM entered into a sale and purchase agreement with EER to acquire, subject to certain conditions, a participating interest of 2.25 per cent from EER in the bloc.

Following the receipt of DPR ministerial consent, these conditions have now been met and the title can be transferred to the Company subject to admission of the consideration shares noted below. The total consideration for the agreement is $3 million, originally intended to be satisfied by the issue of $2 million of new ordinary shares at 7 pence per share and $1 million in cash at the time of completion.

In May 2020, the company announced that it had paid a deposit of $250,000, comprising $125,000 in cash and $125,000 in equity through the issue of 4,242,696 new ordinary shares of 1 pence each at 2.4 pence per share at an exchange rate of $1.23:£1. In August 2020, ADM and EER agreed that of the remainder of the cash component of $750,000, $250,000 would be settled in shares, at a price of 5.5 pence per share at the prevailing exchange rate at the time of completion, and $500,000 would be settled in cash.

 

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