ADM Energy’s board has seen off a shareholder activist attempt at revolution, while a legal challenge over an oilfield in Nigeria has been pushed back.
Align Research has set out its objections to ADM Energy’s board, raising concerns about the three top officials and warning of a “bust” if they remain.
AIM-listed ADM Energy is coming under sustained pressure from major shareholders as it fights to hold on to a contested oilfield in Nigeria.
ADM Energy has appointed former Africa Finance Corp. (AFC) chief investment officer Oliver Andrews to the role of non-executive chairman.
ADM Energy has provided a clarification on a potential investor, following a number of questions.
ADM Energy has completed its purchase of a stake in Nigeria’s Barracuda field, with the aim of reaching first oil in the second half of this year.
ADM Energy has set out a plan to acquire a stake in the Barracuda field, in Nigeria’s OML 141.
ADM Energy has signed a co-operation agreement with Dubai Bridge Investments to work together on upstream investments in sub-Saharan Africa.
Contractors on Nigeria’s offshore Aje field have cut costs by 37.5%, with breakeven price reduced to $28 per barrel.
ADM Energy has struck a deal to buy a 2.25% stake in Nigeria’s OML 113 from EER for $3 million in shares and cash.
ADM Energy has signed up support from Trafigura, with the oil trader agreeing to support “investment opportunities” in African energy.
ADM Energy has set out plans to secure deals in Nigeria and Africa, matching under-developed assets with new sources of financing, including oil traders.