ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 5% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria, and in February 2020 entered into an agreement with EER (Colobos) Nigeria Limited to acquire a further 4.2% profit interest. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
1 – We note the 14th lifting at the Aje field RNS on Monday – when can investors expect the next one?
2 – Can you elaborate on the partner’s plans for Aje in 2021.
3 – The closure of the EER deal with stock vesting at the 7p level has been trailed within that same RNS Monday – is it safe to assume investors can expect news on this shortly?
4 – At the recent investor Q&A session a number of potential deals were hinted at that were intimated to be a major step forward for the Company – when can investors anticipate an update here?
5 – Can you confirm the company has adequate funding at present to carry out its plans without recourse to equity investors?
6 – On an Enterprise Value to 2P basis the shares trade at a massive discount to peers – why is this and when can they expect a meaningful re-rate?
7 – Finally, do you have any other message to ADM shareholders at this point?
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