07
November 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, provides an
update, further to the RNS of 24 September 2024 related to its
progress with 100% owned Vega Oil and Gas, LLC ("Vega").
Production at the Sneed 415 well,
one of three wells located in Moore County, Texas comprising the
Vega investment, has been halted as of 22 September 2024, in order
for the tank battery, a system production facility, to be linked
between the Sneed 415, TG Thompson 7330 and TG Thompson 7331 wells.
The construction of the tank battery, which will assist in
restoring production from the two additional wells that make up
part of the Vega investment, is substantially complete and is
expected to complete the tie-in of the Sneed 415, TG Thompson 7330
and TG Thompson 7331 wells before the end of the year.
Sneed 415 sold 72.9 net barrels of
oil in October 2024 from which Vega received US$3,683 (net of
production taxes and royalties) from oil sales for the month of
September 2024.
The Sneed 415 has maintained
consistent levels of production since the Company made its
investment at the site, however the sales for this period were
significantly lower due to resultant volumes of water present in
the oil sales tanks following production, which exceeded the
acceptable tolerances for the saleable product. As a result, the
sales tank underwent a chemical treatment during the week of 1
October 2024 and a hot oil truck was contracted in order treat the
remaining oil in the tanks in mid-October 2024. Following the
treatment, the oil has now been sold with associated volumes and
proceeds to be provided in the November 2024 Vega
update.
Commenting on the developments
related to Vega, Stefan Olivier, CEO, stated:
"With the
pending completion of the tank battery we look forward to
initiating production from the two Thompson wells in near future.
The Company will provide further details in relation to the Sneed
415 sales later in November 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.