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ADM Energy submits bid

in Nigeria’s 2020 marginal

field round

Further to the announcement of August 3, 2020,
ADM Energy, a natural resources investing com-
pany, 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.
A total of 57 marginal fields are available
to participating companies covering onshore,
swamp and shallow offshore fields. ADM is par-
ticipating in the Bid Round as a strategic partner
of OilBank International, 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,
said: “Following a rigorous appraisal process, we
are pleased to have officially submitted our bid
alongside OilBank for a marginal field in Nige-
ria. This bid round, the first since 2003, is sig-
nificant as the fields now available will shape the
future of oil production in the country for many at a weighted average price of GBP0.01125 per Subscription Shares: Application has been made
years to come. We believe ADM is uniquely posi- share.Panmure Gordon UK acted as the Compa- to AIM for the Placing and Subscription Shares,
tioned to drive this growth, owing to our inti- ny’s sole broker in respect of the Placing. which will rank pari passu with existing Ordi-
mate knowledge of the region, local contacts and Rationale for the Placing: On July 20, 2020, nary Shares, to be admitted to trading on AIM.
access to development capital. I look forward to Global announced an updated estimate of Dealings are expected to commence at 8.00 a.m.
updating shareholders as soon as practicable.” prospective resources for its licence PEL0094, on September 30, 2020. Following Admission,
ADM Energy, September 17 2020 following its interpretation of the historic 3D the total issued share capital of the Company
seismic data over Block 2011A, which amounted will be 389,319,594 ordinary shares. Accord-
Global Petroleum to raise to 687mn barrels unrisked best estimate net pro- ingly, the figure of 389,319,594 may be used by
spective resources. It is the Company’s intention shareholders as the denominator for the calcu-
GBP1.40mn via placing and to seek a farm-in partner for exploration drilling lations by which they will determine if they are
on PEL 0094, and potentially also to progress the required to notify their interest in, or a change to
subscription work programme over the PEL 0029 area. From their interest in the Company under the FCA’s
a wider perspective, Namibia has seen multiple Disclosure Guidance and Transparency Rules.
Global Petroleum is pleased to announce that it farm-outs or acquisitions completed since 2017 Peter Hill, Global Petroleum’s CEO, com-
has successfully raised GBP1.3275mn in aggre- by companies such as Qatar Petroleum, Total, mented: “We are delighted with the investor
gate before costs, through the Placing of 177mn ONGC, Kosmos and most notably ExxonMo- response to this Placing, particularly given the
Ordinary Shares at a Placing Price of GBP0.0075 bil. Moreover, there are reported to be several uncertain economic climate, and would like to
per share. In addition, certain Directors of the highly prospective exploration wells planned for welcome new shareholders to the Company.
Company intend to subscribe for, in aggregate, the next 18 months, starting with Total’s Venus-1 “The funds raised will enable us to under-
9,666,667 Ordinary Shares, raising GBP72,500. well, which is reportedly scheduled for Q4-2020. take our planned work on our Namibian acre-
In aggregate, the gross quantum of funds Proceeds from the Placing and Subscription will age, which was further de-risked following our
raised by the Placing and the Subscription will provide in full the funds needed for the work recent re-interpretation of the historic 3D seis-
be GBP1.40mn. As a further component of commitments (firm and contingent) in PEL mic on PEL 0094. We shall also renew our farm-
the Placing and the Subscription, 186,666,667 0029 during the remaining period of the Licence, out campaign at a time when we believe there
Warrants are also being issued at an exercise and in PEL 0094 for the forthcoming explora- is substantial interest in Namibia following the
price of GBP0.015 per share for a period of two tion period to September 2021. The Company recent acreage acquisitions by majors and NOCs,
years (one Warrant for every one new Ordinary announced in April 2020 that it had made cuts as well as the upcoming wells.
Share). In the event the Warrants are exercised in various categories of its G&A, notably the UK “This is an exciting period for both Global
in due course in full, associated proceeds will be Directors agreed to reduce their annual remu- and Namibia, and we look forward to providing
GBP2.80mn, with the result that the Company neration by 25%, effective April 1, 2020. further updates as we progress our work.”
will have raised gross proceeds of GBP4.20mn Admission of and Dealings in the Placing and Global Petroleum, September 16 2020

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