DGAP-News: ADM Energy PLC
/ Key word(s): Miscellaneous
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. Osamede Okhomina, CEO of ADM Energy, said: "The new CPR is the springboard for the RSA Consortium's plans to develop the Barracuda Field and take the asset into production. It will validate the appraisal work already conducted by our internal technical team, which has defined immediate recoverable reserves and significant potential beyond. We believe that first oil of 4,000 BOPD may be possible and, subject to rig availability, could be achieved in H2 2021 by drilling an appraisal well (Barracuda-5). If this is successful, there may be the opportunity to further increase production to approximately 23,000 BOPD by drilling six wells by 2026.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. 25.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | ADM Energy PLC |
60 Gracechurch street | |
EC3V 0HR London | |
United Kingdom | |
Phone: | +44 (0)2077863555 |
E-mail: | hello@admenergyplc.com |
Internet: | www.admenergyplc.com |
ISIN: | GB00BJFDXW97 |
WKN: | A2PLC1 |
Listed: | Foreign Exchange(s) London |
EQS News ID: | 1200021 |
End of News | DGAP News Service |
1200021 25.05.2021