ADM Energy Invests $250,000 for Additional Stake In OML 113 Asset In Nigeria

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ABUJA – The Chief Executive ADM Energy Plc’s Osamede Okhomina, has dis­closed the company’s decision to pay a US$250,000 deposit, in cash and shares, for its previously announced acquisition of an additional 2.25% in­terest in the OML 113 asset in Nigeria.

He says they’ve now completed the second stage of this agreement with EER which is an important step closer to concluding the transaction and increasing their position in what he describes as a high-quality asset.

Okhomina says that despite the wider, global macroeconomic issues, he still believes the longer-term out­look for the industry remains very positive.

Timipre Sylva, Minister of State for Petroleum Resources, said ap­proval had been given by President Muhammadu Buhari to schedule a bidding round for the country’s mar­ginal fields and may launch in two weeks.

Marginal fields in Nigeria apply to discoveries produced by major oil firms that are undeveloped, either due to distance from current produc­tion facilities, low reserves or poten­tially low quantities of output due to issues of flow control. Bidders will have 56 fields located on land, swamp and shallow water terrains to choose from.

The Ministry of Petroleum in Abuja and Lagos say the whole pro­cess could be concluded in six weeks.

“The data prying and other items can take place within that time”, sources say, “and they can happen digitally.”

The last marginal field bid round was conducted in 2002. Twenty-four fields were given to 32 companies, in 2003. Nigeria has been planning for a marginal field round of bidding for more than 10 years.

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