ADM Energy PLC Appointment of CEO (5563F)

TIDMADME

RNS Number : 5563F

ADM Energy PLC

15 July 2019

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

15 July 2019

ADM Energy plc

("ADM Energy" or the "Company")

Appointment of CEO

ADM Energy plc, an oil and gas investing company quoted on AIM, is pleased to announce the following changes to the Board of Directors of the Company.

Highlights:

-- Osamede Okhomina appointed as Chief Executive Officer and joins the Board of Directors with immediate effect

   --    Stefan Olivier will remain on the Board 

-- Further to the above, the Board intends to appoint an additional non-executive director and a recruitment process is in progress

The appointment further strengthens the executive team and Board for the next phase of the Company's development and follows the non-Board appointment of His Highness Sheikh Ahmed Bin Dalmook Al Maktoum as President in June 2019. As stated previously, ADM Energy's strategy is to grow a portfolio of investments in projects that the Board believes can significantly enhance the value of the Company.

Osamede ("Osa") Okhomina, aged 48, has over 20 years of experience in the global oil and gas industry, with a track record of financing projects and growing businesses. He started his career at Terra Energy Services where he managed the introduction of new deep-water technologies, developed in Norway, into the Nigerian market. Osamede was later instrumental in originating, structuring and eventually settling the 15-year legal battle with Shell on behalf of the Wiwa Plaintiffs in the New York District Court. More recently, Osamede was a founding partner and CEO of Energy Equity Resources ("EER"), an Africa-focused oil and gas company and a partner investor of ADM Energy in the OML113 Licence (which includes the Aje field), where he has secured over $300 million of direct foreign investment into the Nigerian oil and gas sector. He is currently Vice Chairman of EER and has successfully diversified the company across upstream and downstream businesses.

Osamede brings considerable expertise and government connections to the Board of ADM Energy. At the age of 29, he was a Senior Adviser to the Nigerian government's telecommunications regulator, the Nigerian Communications Commission ("NCC"). Aside from Nigeria, Osamede has successfully concluded oil and gas transactions in Libya, Mauritania, Equatorial Guinea, and worked all across Africa. In addition, Osamede has written extensively on the challenges facing the Niger Delta in Nigeria and acts as an informal adviser to several Nigerian Ministers, Senators and Senior Technocrats. Osamede has a BA and MA in Philosophy from Cambridge University.

Newly appointed CEO, Osamede Okhomina, commented: "I am very pleased to be joining ADM Energy at an exciting time in the Company's development. Our strategy will be to build on our existing asset base in Nigeria and target other attractive investment opportunities in the oil and gas sector, primarily in West Africa, that we feel will bring significant value to ADM Energy shareholders as we grow the Company."

Richard Carter, Chairman of ADM Energy, said: "We are delighted to appoint Osamede to the Board. His wealth of experience in the oil and gas sector and comprehensive knowledge of operating in the region of our principle investment, including high-level contacts with business and governments, will provide an invaluable contribution to ADM Energy as we strengthen the Board and progress our strategy to build a larger, balanced portfolio of investments."

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Osamede Okhomina (48) is currently or has been a director of the following companies within the previous five years:

 
 Current directorships/partnerships   Past directorships/partnerships 
 Avanista&Co Limited                  African Media Enterprises (Publishing) 
                                       Limited 
 EER (Colobus) Nigeria Limited        Ame (Newspapers) Limited 
 EER 233 Nigeria Limited              Bantu Bridge Consulting Limited 
 EER 281 Nigeria Limited              EER Limited 
 EER Holdings Limited- Seychelles     EER/Mwana Limited 
 EER Limited- Mauritius               Energy Equity Resources (Mwana) 
                                       Limited 
 EER Services - Seychelles            Energy Equity Resources (Norway) 
                                       Limited 
 EER Trading Limited - Seychelles     Energy Mena Limited 
 EER Oil & Gas Limited- Mauritius 
 EER Oil & Gas Nigeria Limited 
 EER Trading Services Nigeria 
  Limited 
 EERNSL 
 

During Osamede Okhomina's tenure as a director, Energy Equity Resources (Norway) Limited entered into compulsory liquidation on 6 February 2019 whilst it was in the process of being restructured by way of a Company Voluntary Arrangement ("CVA"). It is expected that the CVA, which did not proceed, would have resulted in a shortfall to creditors, as will the compulsory liquidation, which has not yet concluded.

Osamede Okhomina does not hold any shares or options in the Company.

There is no further information to be disclosed in relation to Osamede Okhomina pursuant to AIM Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

-Ends-

For further information please contact:

 
ADM Energy plc                             [phone] 
Richard Carter, Chairman 
 
Cairn Financial Advisers LLP               [phone] 
(Nominated Adviser) 
Jo Turner, James Caithie 
 
Pello Capital Limited                      [phone] 
(Broker) 
Dan Gee 
 
Luther Pendragon                           [phone] 
(Financial PR) 
 Harry Chathli, Alexis Gore, Joe Quinlan 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

BOACKPDPKBKDCOD

(END) Dow Jones Newswires

July 15, 2019 07:02 ET (11:02 GMT)