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ADM Energy PLC - London-based natural resource investor - Completes 17th lifting at the Aje field, which is part of OML 113 licence offshore Nigeria. Notes 94,187 barrels lifted from storage at field, with net share of 8,683 barrels to ADM, which holds a 9.2% profit interest.
‘The proceeds of the lifting will be used to continue work on the development plans for the Aje field with the JV partners. The field development plan at Aje includes the potential drilling of three new wells to significantly increase production of oil and gas liquids at the asset,’ ADM says.
Chief Executive Osamede Okhomina says lifting is an ‘exciting time’ for the asset.
Current stock price: 0.89 pence, up 11% on Friday
12-month change: down 69%
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