Business
Pre-qualification in 2020 Marginal Field Bid Round
Pre-qualification in 2020 Marginal Field Bid Round.
About this update from Adm Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 9220U\n ADM Energy PLC\n 03 August 2020\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n 3 August 2020\n \n \n \n \n \n ADM Energy PLC \n \n \n (\"ADM\" or the \"Company\") \n \n \n \n \n \n Pre-qualification in Nigeria's 2020 Marginal Field Bid Round \n \n \n \n \n \n ADM pre-qualifies in bidding for Nigerian marginal oil fields as exclusive technical partner to OilBank\n \n \n \n \n \n ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that it has successfully pre-qualified in the Nigerian Government's 2020 Marginal Field Bid Round (\"Bid Round\"). The Company is participating in the Bid Round as the exclusive technical partner of OilBank International Limited (\"OilBank\"), a Nigerian integrated oil and gas service management company. \n \n \n \n \n \n On 1 June 2020, the Nigerian Department of Petroleum Resources (\"DPR\") announced the launch of a new bid round for a total of 57 marginal fields covering onshore, swamp and shallow offshore fields. The Bid Round, which is the first in Nigeria since 2003, is open to indigenous companies as well as companies such as ADM alongside local partners. After successfully demonstrating the required technical and financial capabilities, ADM and OilBank have now pre-qualified for the second stage of the Bid Round which consists of technical and commercial bid submission. The DPR is intending for all submissions to be returned by the end of August 2020.\n \n \n \n \n \n ADM is participating in the Bid Round after signing a Memorandum of Understanding with OilBank as its exclusive technical partner to support its bidding for and any future development of the marginal fields. In the event that OilBank's application for a Marginal Field Licence is successful and it is awarded a Licence, the Company intends to enter into a substantive agreement with OilBank under which ADM expects to participate and invest in the development of any awarded fields. \n \n \n \n \n \n Osamede Ok...