ADM Energy PLC, a natural resources investing company, has completed the 14th Lifting at the Aje Field, part of OML 113 offshore Nigeria in which the Company currently holds a 5% crude entitlement
The Lifting totalled 557,091 barrels with a net share of 33,056 barrels to ADM, which equates to ADM’s paying interest of approximately 6%. The proceeds of the Lifting will be applied against the project debt, significantly reducing the outstanding balance. The nominated offtake partner for the Lifting was Mercuria Energy Group Ltd, the global integrated energy and commodity trading company. Having stored production on an FPSO, ADM chose not to participate in the 13th Lifting which occurred in March 2020 due to the prevailing oil price at the time.
In February, ADM had entered into an agreement with EER to acquire, subject to satisfaction of certain conditions, a participating interest of 2.25% in OML 113 from EER. On completion, the acquisition will increase ADM's participating interest to 5.0% with corresponding profit and cost bearing interests increasing to 9.2% and 12.3% respectively.
Osamede Okhomina, CEO of ADM Energy plc, said, “We expect to further benefit in the coming months from rising production at Aje in H2 2020, increasing our stake in the asset as we conclude the EER transaction, and a further improvement in the oil price forward curve.”
