ADM Energy Restructures and Farms Out Altoona Lease Interest

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

ADM Energy PLC has announced a restructuring and farm-out of its investment in the Altoona Lease, Kern County, California, to streamline operations under Vega Oil and Gas, LLC. The company retains a 25% carried working interest and an 18.75% net revenue interest after farming out 45% of its 70% working interest to a consortium of private investors for a $750,000 investment. This move is expected to fund a work program aimed at reactivating up to 11 wells and deepening two others, potentially enhancing ADM’s operational focus and positioning in the U.S. oil and gas sector.

More about ADM Energy plc

ADM Energy PLC is a natural resources investing company with diverse investments, including a 100% interest in Vega Oil and Gas, LLC, and a 70% working interest in the Altoona Lease in California. The company also holds economic interests in JKT Reclamation, LLC, and OFX Technologies, LLC, and a profit interest in the Aje Field offshore Nigeria, which contains multiple oil, gas, and gas condensate reservoirs.

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