Disposal of Interest in Superdielectrics

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.   

20 May 2021

ADM Energy PLC 

("ADM" or the "Company") 

Disposal of Interest in Superdielectrics

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that it has completed the sale of 188,778 shares in Superdielectrics Ltd ("Superdielectrics") for a total consideration of £849,501, a profit of £656,003.55 on ADM's original investment.

In 2017 and 2018, ADM invested a total of £199,875 to acquire 195,000 shares in Superdielectrics at an average cost per share of £1.025. Superdielectrics' most recent funding round in October 2020 at a price of £4.50 per share, valued ADM's holding at £877,500, representing a total book profit of £677,625 and an increase in value of approximately 340%.  The Board approved the sale of 188,778 shares at a price of £4.50 per share to shareholders of Superdielectrics, leaving ADM with a holding of 6,222 shares following the sale. ADM has received the proceeds from the sale of the investment.

Osamede Okhomina, CEO of ADM Energy plc, said: "We are delighted to complete this successful transaction with an excellent return on our investment. The proceeds of the sale, together with our recent fundraise, will be used to support our growth strategy as we advance our current assets at Aje and the Barracuda Field, while continuing to identify and pursue new projects that can bring value to the Company. In line with ADM's investment strategy, the Company is open to considering further renewable energy investments in future, such as solar and wind power projects."

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About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.

The Company also holds an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in OML 141, which covers 1,295 km² in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021.

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.