ADM Energy Plc has announced that it has completed the 15th Lifting at the Aje Field, which is part of Oil Mining License (OML) 113 offshore Nigeria. 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 offtake partner for Lifting was global energy and trading company, La Chorale. The drop in volume from the previous Lifting announced in October 2020 was due to the Joint Venture Partners opting to carry out a thorough and extended period of maintenance on the FPSO while oil prices were down, to enable them to take full advantage of the assets production levels and to benefit from subsequent uplift in oil prices.
According to ADM: “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.”
The Chief Executive Officer of ADM Energy Plc, Osamede Okhomina, said: “We are delighted to carry out the 15th lifting, the first since we increased our holding in the Aje Field, which nearly doubled our share of revenue, reserves and net production. Given our increased stake, exciting development plans for Aje, and potential further improvement in the oil price forward curve, we are well positioned to further benefit from future liftings from this quality asset.”
ABOUT ADM
ADM Energy is a natural resource investment company with an existing multi-asset base in the Aje (OML 113) and Barracuda (OML 141) fields, offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. Barracuda has four existing wells drilled on the swamp oilfield located in the hydro-carbon rich Bayelsa State, with plans for a fifth well to be drilled in Q4 2021.
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.
