Business
Strategy Update
Strategy Update.
About this update from Adm Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7026A ADM Energy PLC 23 January 2020 \n\nTHE 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 \n23 January 2020\n \nADM Energy PLC \n \n(\"ADM\" or the \"Company\") \n \nStrategy Update\n \nADM Energy PLC (AIM:ADME), an oil and gas investing company quoted on AIM, provides a strategy update for 2020 and beyond.\n \nIn the second half of the year, the Company made significant changes to the Board and strengthened the management team to take advantage of the assets now being made available across Nigeria and West Africa. \n \nSpecifically, it appointed Osamede (\"Osa\") Okhomina, a specialist in the Nigerian Oil & Gas sector with deep-rooted connections in the country and across West Africa, as its Chief Executive Officer. It also appointed Peter Francis, a veteran of the oil industry, as Non-Executive Chairman, and financier Manuel Lamboley as Non-Executive Director.\n \nAs a result of the Board and management changes, the Company will be progressing in a meaningful way its plans to build a larger investment portfolio of projects. By leveraging its extensive network across Africa, the new management team has identified a number of investment opportunities and contines to evaluate new potential investments in assets at varying stages of the production cycle including appraisal, development and producing assets. It has also actively engaged in conversations with a number of parties including potential funding partners, off-takers and local project partners to further support the Company in the development of its asset portfolio. \n \nInvestment Approach\n \nThe Company's primary approach to investments will be to \"option\" appraisal assets where oil and gas has already been discovered, conduct a detailed evaluation, and then make a debt or equity contribution to access future upside. The benefit of this approach is that the Company raises equity only after the asset has been secured.\n \nThe Board believes that in the upstream sector, the international oil companies (\"IOC\") have dives...