Business
15th Cargo Lifting at Aje Field
15th Cargo Lifting at Aje Field.
About this update from Adm Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5044U\n ADM Energy PLC\n 06 April 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n 6 April 2021\n \n \n \n \n \n ADM Energy PLC \n \n \n (\"ADM\" or the \"Company\") \n \n \n \n \n \n 15th Cargo Lifting at Aje Field \n \n \n \n \n \n ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce the completion of the 15th Lifting (\"Lifting\") at the Aje Field, part of OML 113 offshore Nigeria. \n \n \n \n \n \n The Lifting totalled 225,000 barrels (52,000 barrels were left in the tank) with a net share of 27,675 barrels to ADM, which equates to ADM's paying interest of approximately 12.3%. The nominated offtake partner for the Lifting was La Chorale, a global energy & commodity trading company. The temporary drop in volume from the previous Lifting announced in October 2020, reflects a decision from the JV Partners to carry out a more thorough and extended period of maintenance on the FPSO while oil prices were depressed. This ensures the JV Partners can take full advantage of the assets production levels going forwards, while benefiting from the subsequent uplift in oil prices.\n \n \n \n \n \n The proceeds of the Lifting will be applied against the project debt, significantly reducing the outstanding balance. The JV Partners remain in discussion in respect of project level debt and any potential mitigating actions and associated reduction in project overheads and the Company will update the market once an agreement has been reached.\n \n \n \n \n \n ADM Energy holds a 9.2% profit interest in the Aje Field and this is the first 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.\n \n \n \n \n \n Osamede Okhomina, CEO of ADM Energy plc, said: \n \"We are delighted to carry out the 15th lifting...