ADM Energy PLC has completed an internal review of its investments, financial resources, and future investment opportunities. The board has concluded that energy technology opportunities, such as the recent investment in OFX Technologies, present a compelling path to growth in per share value and cash flow for the company. As a result, ADM Energy is considering alternatives for monetizing its 12.3% cost share and 9.2% profit share interest in the Aje Field, OML-113 offshore Lagos, Nigeria. These alternatives include a sale, joint venture, farming-out, or other transactions.

Energy Equity Resources (Nigeria), Ltd., a partner in the Aje consortium, will work with ADM Energy on potential alternatives involving third-party financing. The company has resolved to hire a third-party adviser to manage the process of identifying and executing a potential transaction related to its interest in OML-113. The board will also discuss with its auditors any implications in respect of the classification of the Aje asset.

The Aje Field, in which ADM Energy holds a 12.3% cost share and 9.2% profit share interest, covers an area of 835km offshore Nigeria. It has produced over 5 million barrels of oil to date and has multiple oil, gas, and gas condensate reservoirs. Based on ADM's 2019 Competent Persons Report, Aje represents 8.9 million barrels of oil equivalent resources with a mid-case PV-10% of US$25.9 million to ADM's interest based on a US$70 oil price scenario.

The decision to consider alternatives for monetizing ADM Energy's interest in Aje follows PetroNor E&P ASA's acquisition of an additional interest in OML-113. The consortium, led by PetroNor, has been in dialogue regarding plans to proceed to a final investment decision for the further development of Aje in 2024. The consortium has also commenced reprocessing of 3-D seismic data covering the Aje Field and a significant portion of the OML 113 license area offshore Nigeria.

The board views these positive developments as presenting a favorable time to initiate the process of partnering, financing, or monetizing its interest in Aje. The objective is to maximize value and free up capital to deploy into other projects in line with the company's focus on opportunities in energy-related technologies. CEO Stefan Olivier stated that the recent investment in energy technology represents a new focus for the company and that Aje is a de-risked asset that will be attractive to strategic and financial investors.