24
September 2024
ADM Energy
PLC
("ADM" or
the "Company")
Vega Oil and Gas
Update
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC), a natural resource investing company, is pleased to
provide an update further to the RNS of 10 September 2024 related
to its progress with 100% owned Vega Oil and Gas, LLC
("Vega").
Highlights:
·
The Sneed 415, one of three wells located in Moore
County, Texas acquired with the Vega investment sold 620 gross
barrels of oil in August 2024 of which 480 barrels were net to the
interest of Vega. Vega received US$33,995 (net of production
taxes and royalties) from oil sales for the month of August 2024
from the Sneed 415.
·
Construction of the new tank battery to restore
production from two additional wells included as part of the Vega
investment is underway with completion anticipated in the coming
weeks.
·
Following completion of the new tank battery it is
expected that the remaining two wells will be returned to
production shortly thereafter.
Commenting on the developments
related to Vega Stefan Olivier, CEO, stated: "The site work
to complete the tank battery is nearly complete and the tanks and
other equipment is expected on site this week. We anticipate
realizing oil sales from all three Vega wells in Q4
2024."
Enquiries:
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ADM Energy
plc
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+44 7495 779520
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Stefan Olivier, Chief Executive Officer
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www.admenergyplc.com
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Cairn Financial
Advisers LLP
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+44 20 7213 0880
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(Nominated Adviser)
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Jo Turner, James Caithie, Ed Downes
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ODDO BHF Corporates
& Markets AG
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+49 69 920540
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(Designated Sponsor)
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Michael B. Thiriot
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Gracechurch
Group
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+44 20 4582 3500
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(Financial PR)
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Harry Chathli, Alexis Gore, Henry Gamble
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC) is a natural resources investing company with
investments including a 100% interest in Vega Oil and Gas; a 30.6%
economic interest in JKT Reclamation, LLC; a 46.8% economic
interest in OFX Technologies, LLC (www.ofxtechnologies.com);
and, a 9.2% profit interest in the Aje Field, part of OML 113,
which covers an area of 835km² offshore Nigeria. Aje has multiple
oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian
and Albian sandstones with five wells drilled to date.
Forward Looking Statements
Certain statements in this
announcement are, or may be deemed to be, forward-looking
statements. Forward looking statements are identified by their use
of terms and phrases such as "believe", "could", "should",
"envisage'', "estimate", "intend", "may", "plan", "potentially",
"expect", "will" or the negative of those, variations or comparable
expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such
forward-looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.