ADM Energy plc (LON:ADME – Get Rating) fell 6.9% during mid-day trading on Thursday . The company traded as low as GBX 0.68 ($0.01) and last traded at GBX 0.68 ($0.01). 1,752,759 shares changed hands during trading, an increase of 464% from the average session volume of 310,914 shares. The stock had previously closed at […]
Shares of ADM Energy plc (LON:ADME – Get Rating) shot up 6.2% during mid-day trading on Thursday . The company traded as high as GBX 0.85 ($0.01) and last traded at GBX 0.85 ($0.01). 1,232,007 shares were traded during mid-day trading, an increase of 301% from the average session volume of 307,127 shares. The stock […]
The independent review is seen as a springboard for the the planned development of the Barracuda field.
ADM Energy PLC (LON:ADME) has commissioned consultant Xodus Group Ltd for an updated competent person s report (CPR) to assess the Barracuda field, in Nigeria’s Niger Delta.
Completion of a new CPR is the next step in the agreed scope of the Barracuda risk sharing agreement and the independent report is expected to provide a full technical and economic review of the field.
Included will be new estimates of the field’s gross in-place and recoverable oil and gas volumes. The new CPR is the springboard for the RSA Consortium s plans to develop the Barracuda Field and take the asset into production,” said chief executive Osamede Okhomina. “It will validate the appraisal work already conducted by our internal technical team, which has defined immediate recoverable reserves and significant potential beyond.
ADM Energy present plans after commissioning new competent person’s report on Barracuda Field
ADM Energy PLC (LON:ADME) Technical Director Dr. Satinder Purewal joins Proactive London to explain why they have commissioned Xodus Group Ltd, a leading global energy consultancy, to produce an updated Competent Person’s Report on the Barracuda Field.
Purewal also introduces himself, with 40 years experience in global exploration and production experience for big projects, including four years in Nigeria.
He was the head of European reserves assurance and global reserves training in Shell.
The firm is hoping the independent report will provide a full technical and economic review of the Barracuda Field, assessing the latest data to define the asset’s geological profile and overall potential.
It comes after ADM Energy received £849,501 from a divestment
Arden has repeated a ‘buy’ recommendation for ADM Energy PLC (LON:ADME) following Thursday’s news that the company realised a profit on a renewable energy investment.
With a price target of 14p the stockbroker sees some 324% upside, to the current price of 3.3p, as the company advances the Aje field and Barracuda project in Nigeria. The cash injection supports those growth projects which are due to ramp up in the coming months.
ADM, in a statement on Thursday, said it had received £849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around £656,000 on its original investment.