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ADM Energy PLC - London-based natural resource investor - Company and Xodus has completed its Competent Persons Report on the Barracuda prospect in OML141, offshore Nigeria.
Xodus has identified four potential Agbada sandstone reservoirs, including C, D1A, D1B and a Deep Prospect.
Total combined unrisked gross volumes on P90 basis at 275 million barrels.
‘The report provides a solid foundation to continue to the next stage of technical review which will include further subsurface analysis. We will also look to procure more analogue data from neighbouring fields to better understand the trap mechanisms. This additional work will be required to further appraise the asset and will bring us closer to making an investment decision,’ says Chief Executive Officer Osamede Okhomina.
Current stock price: 0.70 pence
12-month change: down 82%
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