ADM Energy PLC bids for a marginal field in the 2020 Marginal Field

ADM Energy PLC has formally submitted a bid with the Nigerian Department of Petroleum Resources (DPR) for a marginal field in the 2020 Marginal Field Bid Round.

A total of 57 marginal fields are available to participating companies covering onshore, swamp and shallow offshore fields. ADM is participating in the Bid Round as a strategic partner of OilBank International Ltd, a Nigerian integrated oil and gas service management company. The submission follows ADM and OilBank pre-qualifying for the Bid Round and concludes the second stage of the process. The Company expects the Bid Round to be concluded by the end of 4Q20 and will update the market in due course. 

Osamede Okhomina, CEO of ADM Energy plc, said: “Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria. This bid round – the first since 2003 – is significant as the fields now available will shape the future of oil production in the country for many years to come. We believe ADM is uniquely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital. I look forward to updating shareholders as soon as practicable.”

ADM Energy is an AIM quoted natural resources investment company targeting near term production assets in proven oil and gas jurisdictions such as Nigeria. The Aje Field, part of OML 113, which is ADM Energy’s investment in Nigeria, has now commenced production.