The Company expects the Bid Round to be concluded by the end of Q4 2020 and will update the market in due course.
Further to the announcement of 3 August 2020, ADM Energy, a natural resources investing company, is pleased to announce that it has formally submitted a bid with the Nigerian Department of Petroleum Resources (“DPR”) for a marginal field in the 2020 Marginal Field Bid Round (“Bid Round”).
A total of 57 marginal fields are available to participating companies covering onshore, swamp and shallow offshore fields. ADM is participating in the Bid Round as a strategic partner of OilBank International Limited (“OilBank”), a Nigerian integrated oil and gas service management company. The submission follows ADM and OilBank pre-qualifying for the Bid Round and concludes the second stage of the process. The Company expects the Bid Round to be concluded by the end of Q4 2020 and will update the market in due course.
Osamede Okhomina, CEO of ADM Energy plc, said: “Following a rigorous appraisal process, we are pleased to have officially submitted our bid alongside OilBank for a marginal field in Nigeria. This bid round – the first since 2003 – is significant as the fields now available will shape the future of oil production in the country for many years to come. We believe ADM is unqiuely positioned to drive this growth owing to our intimate knowledge of the region, local contacts and access to development capital. I look forward to updating shareholders as soon as practicable.”
Source: Company Press Release