16th Cargo Lifting at Aje Field

Source: www.gulfoilandgas.com 10/12/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, is pleased to announce the completion of the 16th Lifting ("Lifting") at the Aje Field, part of OML 113 offshore Nigeria.

The Lifting totalled 232,379 barrels with a net share of 21,424 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%. The proceeds of the Lifting will be applied against the project debt, contributing to a reduction in the outstanding balance. The nominated offtake partner for the Lifting was Mecuria, a global energy and commodity group.

Osamede Okhomina, CEO of ADM Energy plc, said: "We are pleased to complete the 16th lifting, the second lifting since raising our stake in the Aje Field. We have been able to capitalise on the increase in oil prices and reduce project debt while benefitting from our consolidated position in the Aje Field. ADM is well placed to benefit from future development plans at Aje which can bring a potentially significant increase in production levels at this quality asset."

ADM Energy holds a 9.2% profit interest in the Aje Field, and this is the second lifting since the Company finalised an agreement in December 2020 to consolidate its interest in the asset. Covering an area of 835km² offshore Nigeria, Aje is an oil producing asset rich in gas and condensate reserves and currently has two producing wells, Aje-4 and Aje-5.


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