ADM Energy PLC has released an update on its 100% owned Vega Oil and Gas, LLC ("Vega") investment. The Sneed 415 well in Moore County, Texas, which was acquired with the Vega investment, has been returned to production, yielding approximately 430 gross barrels of oil in June 2024. Vega received US$25,591 from oil sales for the month of June 2024 from the Sneed 415. Equipment to complete a new tank battery to support future production from all three wells has been acquired, with the tank battery expected to be completed in August 2024. Following this, the remaining two wells are expected to be returned to production.
Stefan Olivier, CEO of ADM Energy PLC, expressed satisfaction with the progress related to the Vega investment and looks forward to returning the remaining two wells to production following the completion of the tank battery.
ADM Energy PLC is a natural resources investing company with investments in Vega Oil and Gas, JKT Reclamation, LLC, OFX Technologies, LLC, and a profit interest in the Aje Field, part of OML 113, offshore Nigeria. The Aje Field has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian, and Albian sandstones with five wells drilled to date.
This update contains inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication, this inside information is considered to be in the public domain. For further information, interested parties can contact ADM Energy PLC.