ADM Enters Agreement with Dubai Bridge Investments

Source: www.gulfoilandgas.com 10/20/2020, Location: Africa

ADM Energy PLC, a natural resources investing company, is pleased to announce it has entered into a Cooperation Agreement with Dubai Bridge Investments LLC ("DBI"), a privately-owned Dubai-based investment vehicle, to source and develop upstream oil and gas field investment opportunities jointly in Sub-Saharan Africa.

Under the terms of the Cooperation Agreement, it is the intention of ADM and DBI (together, the "Parties") to identify opportunities and structure funding for new investments ("Projects"). In the event that the Parties mutually approve a Project, it is envisaged that any investment or acquisition will likely comprise a joint venture made by way of a newly incorporated vehicle, subject to separate agreement at the time, for each Project. ADM will be responsible for identifying upstream oil and gas field opportunities in Sub-Saharan Africa and DBI will be responsible for providing or sourcing funding.

ADM has identified several potential targets and will be progressing through the evaluation and due diligence process with DBI. Once a Project is agreed, the Parties will negotiate a definitive agreement for each Project that is approved.

Osamede Okhomina, CEO of ADM Energy plc, said: "The agreement with Dubai Bridge Investments will help us pursue and finance acquisition opportunities in the oil and gas sector in Sub-Saharan Africa. Combined with the Trafigura MOU to provide project finance in return for exclusive rights to market crude oil, the DBI financing enables us to acquire stakes not just in producing fields, but also in proven undeveloped oil and gas fields. It is a further endorsement of the team and our strategy as we aim to broaden our investment portfolio by sourcing projects with attractive risk-reward profiles. We are already in discussions with DBI to progress potential investment opportunities and look forward to updating the market as appropriate."

HE Zubair Al Zubair, Chairman of Dubai Bridge Investments, said: "At Dubai Bridge Investments we are always searching for new investment opportunities and look forward to working with ADM to pursue some of the enticing opportunities that exist in the African energy sector. ADM has extensive knowledge of the region, expertise in the oil and gas industry, and ambitious plans that align with our investment strategy."


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