TIDMADME
RNS Number : 2947X
ADM Energy PLC
25 April 2023
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.
25 April 2023
ADM Energy plc
("ADM" or the "Company")
Directorate Changes
ADM Energy plc (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, is pleased to announce that Stefan
Olivier and Claudio Coltellini have been appointed to the Board of
Directors with Stefan Olivier joining as Chief Executive Officer
and Claudio Coltellini as Non-executive Director. Manuel Lamboley,
Non-executive Director, has resigned from the Board with immediate
effect to pursue other opportunities.
The appointments of Mr Olivier and Mr Coltellini come further to
the Company's announcement of 17 October 2022 pursuant to which OFX
Holdings, LLC (formerly Tennessee Black Gold, LLC) ("OFX") has been
granted the right to appoint two directors as part of its
GBP500,000 equity subscription and US$250,000 loan facility, which
has now been fully drawn down.
Further disclosures on Mr Stefan Olivier and Mr Claudio
Coltellini, as required under Schedule Two, paragraph (g) of the
AIM Rules for Companies are included below.
Claudio Coltellini
Claudio Coltellini is an Italian citizen now residing with his
family in the state of Florida. Prior to working in the U.S.
onshore oil and gas sector, having graduated with a degree in
economics and business, he joined Deutsche Bank where he worked for
seven years. He has invested in the U.S. oil and gas sector for
approximately 15 years and is CEO of four private U.S. oil and gas
companies focused on investment in the states of Texas, California,
Kansas and Louisiana.
The following information is disclosed in respect of Mr Claudio
Coltellini (age 51) pursuant to Schedule Two, paragraph (g) of the
AIM Rules for Companies. All information is as at the date of this
announcement.
Current Directorships / Partnerships: Past Directorships / Partnerships (within the last five years):
ADM Energy USA, Inc Euramerica Acquisition Fund, LLC
Atlantic Bridge Energy, Inc Euramerica Gas & Oil Corp(4)
Euramerica Gas & Oil Corp(1) Euramerica Management, LLC
Golem Consulting and Service, LLC Euramerica Petroleum Corp
OFX Holdings, LLC Stradivari Oil, LLC
Partners & Friends Holding Corp(2) Tego Oil LLC
Partners & Friends Holding Corp(3)
Tex Oil LLC
US Oil Consulting, LLC
(1) Florida jurisdiction (4) Nevada jurisdiction
(2) Wyoming jurisdiction
(3) Texas jurisdiction
Mr Coltellini is a director and shareholder of OFX Holdings,
LLC, formerly Tennessee Black Gold, LLC, which holds 41,666,667
ordinary shares in the Company representing approximately 14.0 per
cent. of the Company's issued share capital.
Stefan Olivier
Stefan Olivier is a British citizen with extensive corporate
broking and oil and gas experience including as co-founder of MX
Oil plc (now ADM Energy plc). Stefan played a central role in
initially securing and financing the participation of the Company
in the Aje Field, OML 113 and in securing the support of OFX prior
to its initial investment in the Company. He was a founder and
Chief Executive Officer at North American Petroleum plc from 2012
until 2017. He has been on the Board of several other public and
private companies and brings years of experience of working in
natural resources to the Board of the Company.
The following information is disclosed in respect of Mr Stefan
Olivier (age 44) pursuant to Schedule Two, paragraph (g) of the AIM
Rules for Companies. All information is as at the date of this
announcement.
Current Directorships / Partnerships: Past Directorships / Partnerships (within the last five years):
Atlantic Bridge Energy Limited ADM Energy plc
Metahouse NFT Limited Naturi Vita Ltd
Renaissance Senior Living Holdings Ltd
Renaissance Senior Living plc
Sko Holdings London Ltd
Mr Olivier currently holds no shares in the Company.
Commenting on appointment to the Board:
Claudio Coltellini said: "I am delighted to be appointed to the
Board of Directors of ADM Energy plc. OFX has made a long-term
commitment to the Company as a 14% shareholder and creditor. I am
committed to building long-term value for the benefit of all
stakeholders and will support the Company as it develops into a
strong business both through its participation in new opportunities
and continued development of its interest in the Aje Field which I
believe to be a highly attractive, de-risked asset that is well
positioned given the increased world-wide demand for liquids-rich
natural gas resources."
Stefan Olivier said, "Having played a significant role in
securing the initial support of Claudio and OFX for ADM, I am
excited to be back and to have the support of a seasoned and strong
partner whose interests are aligned with ADM to move forward
exploring new opportunities and to continue working to optimise
value from our interest in the Aje Field. The recent endorsement of
the G7 regarding the need for continued investment in new natural
gas supply bodes well for the future development of Aje."
Commenting on the Directorate Changes:
Chairman of the Board, Oliver Andrews, said: "I welcome Stefan
and Claudio to the Board of Directors of the Company and look
forward to working with them as we explore new opportunities, while
continuing to develop our interest in the Aje Field. I want to
thank Claudio for the continuing support of OFX which we consider
will be instrumental in the transition of ADM and look forward to
updating the market in due course. I also want to thank Manuel for
his support and contributions to the Company and wish him well in
his future endeavors."
Enquiries:
ADM Energy plc +44 20 7459 4718
Oliver Andrews, Chairman
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Hybridan LLP +44 20 3764 2341
(Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Gracechurch Group +44 20 4582 3500
(Financial PR)
Harry Chathli, Alexis Gore, Henry Gamble
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 835km(2) offshore
Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs
in the Turonian, Cenomanian and Albian sandstones with five wells
drilled to date.
ADM Energy is committed to maximizing long-term value from its
existing asset base in Nigeria while targeting other investment
opportunities 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.
About OFX Holdings, LLC
OFX Holdings, LLC is a private U.S. investment company led by
Claudio Coltellini, an Italian national who for the last 15 years
has invested in U.S. oil and gas and leads four private companies
with assets in the states of Texas, Louisiana, Kansas and
California.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to
be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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