ADM Provides Barracuda Field Development Update

Source: www.gulfoilandgas.com 4/12/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, is pleased to announce it has entered into a non-binding collaboration agreement ("CA") with Eunisell Limited ("Eunisell"), the Nigerian owned oil and gas production solutions company.

Under the terms of the CA, subject to the completion of certain due diligence, ADM and Eunisell (the "Parties") will explore collaboration opportunities to carry out development of Barracuda Field in OML 141 and associated work-related activity in Nigeria (the "Project"). It is the intention of both parties, together with the risk sharing consortium in respect of Barracuda Field, that a formal agreement will be entered into in advance of any work commencing. The CA may be terminated by mutual consent.

Eunisell has decades of experience in engineering, production, operations and enhanced production techniques within Nigeria and the Parties intend to work together to use their combined experience to accelerate production of oil and gas assets, initially concentrating initiating production at the Barracuda field in which ADM recently invested. Activities under the intended scope of work may include early production facility supply, procurement, construction and commissioning of production facilities, extended well testing and laboratory services.

Following discussions, Eunisell may consider providing vendor financing to achieve the scope of work to be agreed, subject to terms and conditions to be determined at the point of an award of contract.

Osamede Okhomina, CEO of ADM Energy plc, said: "The collaboration agreement with Eunisell, one of Nigeria's leading providers of oil field services and facilities, paves the way to bringing another high-class partner into the ADM fold. With a customer base in the region featuring oil and gas majors, Eunisell has been a key facilitator for the Nigerian oil and gas marketplace for many years, helping operators to reach their production goals faster and at less capital costs. We look forward to building a relationship and are excited by the potential of working alongside them to support the development of our investments such as the Barracuda Field in OML 141."


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