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DGAP-News: ADM Energy PLC / Key word(s): Agreement
ADM Energy PLC: Barracuda Field Collaboration Agreement

21.04.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

21 April 2021

ADM Energy PLC
("ADM" or the "Company")

Barracuda Field Collaboration Agreement

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce it has entered into a non-binding collaboration agreement ("CA") with OES Energy Services Limited ("OES"), Nigeria's largest swamp rig services provider, and 4Mation Drilling Services Limited ("4Mation"), a solution provider in the energy sector.

ADM, OES and 4Mation (the "Parties") plan to explore opportunities to develop Barracuda Field in OML 141 and associated work-related activity in Nigeria ("the Project"). It is the intention of the Parties, together with the risk sharing consortium in respect of Barracuda Field, that a formal agreement will be entered into in advance of any work commencing. The CA may be terminated by mutual consent.

Subject to any potential formal agreement, the intention is for OES to provide the swamp drilling rigs required for the Project. 4Mation would provide a variety of project management services including well engineering services, technical personnel, security and logistics.

In addition, OES and 4Mation may consider providing vendor financing to achieve the scope of work to be agreed, subject to terms and conditions to be determined at the point of an award of contract.

Osamede Okhomina, CEO of ADM Energy plc, said: "The RSA partners continue to build a high-quality circle of specialist partners to facilitate the development of the Barracuda Field. These agreements are important steps in ensuring we are ready to deliver on our drilling plans later in the year, which will bring the project on stream and significantly ramp up our production volumes."