ADM Energy Initiates Production at Altoona Lease and Settles Debt with Equity Issue

ADM Energy plc ( (GB:ADME) ) has issued an update.

ADM Energy PLC has commenced production at the SPI-1 well on the Altoona Lease in California, following an investment restructuring that transferred ownership to its subsidiary, Vega Oil and Gas LLC. The company has invested $100,000 to acquire the lease, which includes essential equipment and infrastructure, and plans further development to enhance production. The SPI-1 well, despite challenges related to its drilling method, has produced approximately 90 barrels of oil. ADM Energy is optimistic about the lease’s potential, supported by nearby successful operations by Chevron. Additionally, ADM has settled a debt by issuing new shares, increasing its total share capital.

More about ADM Energy plc

ADM Energy PLC is a natural resources investing company with interests in various oil and gas ventures, including a 100% interest in Vega Oil and Gas, LLC, and a 25% carried working interest in the Altoona Lease in California. The company also holds economic interests in JKT Reclamation, LLC, and OFX Technologies, LLC, and has a profit interest in the Aje Field offshore Nigeria.

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Current Market Cap: £1.39M

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