ADM Energy PLC has announced the completion of the 14th Lifting at the Aje Field, part of OML 113 offshore Nigeria in which the company currently holds a 5% crude entitlement.
As a result of the market volatility caused by the coronavirus pandemic, certain Aje Partners made the decision earlier this year to defer oil sales and store production on the FPSO, which has up to 750,000 barrels of storage capacity. Therefore, the Company and other partners chose not to participate in the 13th Lifting which occurred in March 2020 due to the prevailing oil price at the time. This has allowed ADM to benefit from the recovery in oil prices during the intervening period.
The lifting totaled 557,091 barrels with a net share of 33,056 barrels to ADM, which equates to ADM’s paying interest of approximately 6%. The proceeds of the Lifting will be applied against the project debt, significantly reducing the outstanding balance. The nominated offtake partner for the Lifting was Mercuria Energy Group Ltd, the global integrated energy and commodity trading company.
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