ADM Energy to seek Nigeria oil asset expansion

AIM-listed ADM Energy plans to rapidly expand its Nigerian asset base while targeting “Other investment opportunities in the oil and gas sector, primarily in west Africa,” according to newly-elected chief executive Osamede Okhomina.

The selection this week of Nigerian national Okhomina, founder and former vice-chair of UK explorer Energy Equity Resources, follows the non-board appointment last month of Dubai royal Sheikh Ahmed Bin Dalmook Al Maktoum as ADM president following a major investment.

“It is very heartening to see the arrival of Middle East capital into West Africa’s upstream sector,” said Okhomina. ADM Energy, formerly MX Oil, is currently focused on Nigerian block OML-113, including the gas-rich but oil producing Aje field in partnership with Nigerian indigenous operator Yinka Folawiyo Petroleum.

 

Source: Upstream

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