Final Results, Annual Report and Notice of AGM-ADM ENERGY PLC

Final Results, Annual Report and Notice of AGM-ADM ENERGY PLC


Final Results, Publication of Annual Report and Notice of AGM

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces its audited full year results for the 12 months ended 31 December 2022.

Aje Field, OML 113

·    In July 2022, PetroNor E&P Limited's ("PetroNor") completed its acquisition of Panoro Energy ASA's ("Panoro") interest in OML 113

·    In August 2022, completed the 17th Lifting at the Aje Field totalling 94,187 barrels with a net share of 8,683 barrels to ADM, which equates to ADM's profit interest of approximately 9.2%

·   JV Partners are progressing development plans for the Aje Field, including replacement of the Floating Production Storage and Offloading ("FPSO"), and as a result there is currently a pause in production

Post period, Investment in Onshore US Oil Leases and Work Programme

·    Invested in five oil leases through an acquisition of Blade Oil V, LLC for US$1,614,000 (the "acquisition"). The focus of the acquisition is one lease in the Midway-Sunset Oilfield, one of the largest fields in the US

·  Primary focus of US portfolio is a 70.0% working interest participation in an initial three well drilling programme to target shallow oil production on the Altoona Lease

·    Concurrent with the acquisition, ADM has entered into subscription agreements to issue secured convertible loan notes ("SCLN") with an aggregate face value of up to US$1.5 million

Corporate and Financial Highlights

·   Made directorate changes with appointments of Stefan Olivier as CEO, previously co-founder of MX Oil plc (now ADM Energy plc), and Claudio Coltellini as Non-executive Director

·    Revenue was £0.7m (2021: £1.8m)

·    Operating costs reduced by 81% to £0.4m (2021: £1.9m)

·    Loss before and after tax was £2.1m (2021: £2.5m)

·  In January 2022, the Company completed an equity fundraising of approximately £561,000 with Optima Resources Holding Limited

·  In October 2022, the Company completed an equity fundraising of approximately £725,000 through a subscription and loan from OFX Holdings, LLC (formerly TN Black Gold, LLC) ("OFX")

Stefan Olivier, CEO of ADM Energy, said:

 "Having recently joined ADM, I am really excited about the period that lies ahead of us. Since becoming CEO, we have been honing our strategy, which focuses on identifying investment opportunities that are near-term producing assets in proven oil and gas jurisdictions to enhance our investment portfolio. In light of this, I am very pleased that we have already made our first investment, acquiring Blade V which owns a portfolio of North American Oil and Gas assets in a highly prospective region. We are hugely excited to add these assets to our investment portfolio and the opportunity to add significant value for shareholders.

"Looking forward, we are aiming to progress both the development plans at Aje alongside the JV partners, as well as developing these new North American assets. Consequently, both the Board and I can see a great opportunity to bring value to ADM and its shareholders and we look forward to updating the market on our progress on these milestones in due course."


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