DGAP-News

ADM Energy PLC: Completion of Barracuda Field Transaction

DGAP-News: ADM Energy PLC / Key word(s): Miscellaneous ADM Energy PLC: Completion of Barracuda Field Transaction 28.04.2021 / 08:45 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. 28 April 2021 ADM Energy PLC ("ADM" or the "Company") Completion of Barracuda Field Transaction ADM finalises deal to invest in the development of the Barracuda oil field First oil of 4,000 bopd targeted in H2 2021 with favourable accelerated economics Further to the announcement on 23 March 2021, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce it has completed its acquisition of a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda Field in OML 141 (the "Field"), an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria. Highlights ADM acquires a 51% interest in K.O.N.H. UK Limited ("KONH") (the "Investment"), which holds a 70% indirect interest in the rights, benefits and obligations under the RSA relating to the Barracuda area of OML 141 ADM will provide technical and financial support to the RSA Consortium in return for favourable accelerated economics and a 15% Net Profit Interest in the Field New work programme to be produced by the RSA Consortium and joint operators New CPR on the Field expected to be completed in the coming months ADM's internal estimate suggests that first oil of 4,000 barrels of oil per day ("bopd") may be possible in H2 2021 ADM considers that there may be an opportunity to further increase Field productivity from further drilling. Following the receipt of the CPR and further technical appraisal work, it may be possible to: o Increase production to ca.23,000 bopd by drilling six wells by 2026