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AfrOil NEWS IN BRIEF AfrOil

ADM Energy announces

H1-2020 results

ADM Energy, a natural resources investing
company, announces its interim results for the
six months ended June 30, 2020.
Investment Highlights: 5% equity investment
in the Aje field, part of OML 113 offshore Nige-
ria; Operations largely unaffected by COVID-
19 and oil production continued throughout
the period, except during scheduled technical
maintenance on the FPSO; Two wells (Aje-4 and
Aje-5) producing at an average of 2,126 bpd (H1-
2019: 2,967 bpd), with 106 bpd net to ADM. The June 30, 2020. fees during the next three months. Prime is not
temporary drop in production reflects a period Upgrade of audited total remaining recover- expected to make any further principal repay-
of maintenance on the FPSO and the Partners able resource to in excess of 1 tcf for Anchois, ment until the results of the next RBL redeter-
anticipate production will increase in H2-2020; representing a 148% increase (comprising 361 mination scheduled to be finished on March 31,
Total gross production volume of approximately bcf 2C contingent resources and 690 bcf 2U 2021. The outstanding RBL principal amount
394,812 barrels of oil from January to June 2020 prospective resources); New ventures are being now stands at $1.303nn.
with 24,941 net to ADM; Asset-level operational evaluated, defined by Chariot’s values, strengths Africa Oil Corp., October 01 2020
costs reduced by 37.5%, breakeven reduced to and the scalability of the opportunities.
$28 per barrel; Partners exercised right to store Adonis Pouroulis, Acting CEO of Char-
oil on FPSO for later sale with anticipated recov- iot, commented: “This is an exciting phase in MOVES
ery in crude oil price; The next lifting is planned the evolution of the Company as the new team
for October 2020 and will enable the Company takes action to drive the Lixus opportunity Chariot Oil & Gas
to benefit from any recovery and upturn in oil forward and bring in value-accretive new ven-
prices; Entered into an agreement with EER to tures that play into the energy transition theme. appoints new country
increase revenue interest in OML 113 from 5% to With each day that passes more potential in the
9.2%, expected to complete in H2-2020; Signifi- Lixus licence is uncovered, delineating a major director in Morocco
cantly increases ADM’s net 2P reserves from 8.9 gas resource with strong ESG credentials and
MMboe to 16.4 MMboe with net daily reserves, national significance for Morocco.” Chariot Oil & Gas, the Atlantic margins focused
based on current production, rising from 106 Chariot Oil & Gas, September 29 2020 energy company, is pleased to announce the
bpd to approximately 196 bpd. appointment of Pierre Raillard as Morocco
Corporate Highlights: Signed strategic alli- Country Director.
ance MoU with Trafigura to develop African FINANCE Pierre brings to Chariot over 25 years’ opera-
projects and provide conditional pre-finance of tional and management experience in the energy
up to $100mn; Raised GBP400,000 for working Africa Oil announces industry, with specific expertise in the develop-
capital, with directors participating, and con- ment of natural gas projects in Africa. Pierre has
verted GBP152,000 of debt to equity; Secondary favourable Prime RBL held senior positions within a number of leading
listing on Berlin and Frankfurt stock exchanges energy firms. He joins the Company from Orca
to support growth and broaden investor base. redetermination Energy Group, which he returned to as Head of
Post Period Highlights: Strengthened the Business Development having previously played
Board with the appointment of two high-calibre Africa Oil Corp has provided an update on a key role in the development of the Songo Songo
Non-executive Directors, Sir Henry Belling- Prime Oil & Gas Reserve Base Lending facility gas field, located offshore Tanzania, which is
ham and Dr Stefan Liebing; Added two oil and (RBL). Africa Oil has a 50% shareholding in analogous to Chariot’s Anchois gas development
gas veterans, Darrell McKenna and Dr Satinder Prime, a company with deepwater producing project, located offshore Morocco. Pierre has
Purewal, to the technical team; Raised additional assets offshore Nigeria. also held leadership roles at African Petroleum
equity and debt of GBP672,500 through a plac- The September redetermination of the Prime Corporation, Perenco and OneLNG.
ing and subscription, with five directors par- RBL has been approved by the banking syndi- Adonis Pouroulis, Acting CEO, commented:
ticipating, and converted GBP395,798 of debt cate with a total principal amortisation for 2020 “On behalf of everyone at Chariot, I am very
to equity; Submitted bid for a marginal field in of $522mn. This is $108mn less than manage- pleased to welcome Pierre Raillard as Morocco
Nigeria’s 2020 Marginal Field Bid Round. ment’s initial guidance of $630mn as announced Country Director. His considerable experience
ADM Energy, September 30 2020 on February 25th, 2020. in driving forward, and helping to create value
As a result of this outcome and Prime’s large from natural gas projects across the African
Chariot Oil & Gas reports cash surplus, Prime with the support of its share- continent makes him extremely well qualified to
holders has elected to repay and cancel $297mn help us advance the Lixus licence in Morocco.
on H1-2020 results of the RBL principal on September 30, 2020, We are pleased to further strengthen the leader-
which will satisfy the scheduled repayments ship team and look forward to his contribution
Chariot Oil & Gas, the Atlantic margins focused for the third and fourth quarters of 2020. The at this exciting time for Chariot and all of our
energy company, today announces its unaudited early settlement of the fourth quarter repayment stakeholders.”
interim results for the six-month period ended will result in $2mn of savings in interests and Chariot Oil & Gas, October 05 2020

Week 40 07•October•2020 www. NEWSBASE .com P21