Vega Oil and Gas Update
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ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resource investing company, is pleased to provide an update further to the RNS of 26 June 2024 related to its progress with 100% owned Vega Oil and Gas, LLC ("Vega").
Highlights:
- The Sneed 415, one of three wells located in Moore County, Texas acquired with the Vega investment was returned to production in early June 2024 producing approximately 430 gross barrels of oil and Vega has now received US$25,591 (net of production taxes and royalties) from oil sales for the month of June 2024 from the Sneed 415.
- Equipment to complete the new tank battery to support future production from all three wells has now been acquired and the tank battery is expected to be completed in August 2024.
- Following completion of the new tank battery it is expected that the remaining two wells will be returned to production.
Commenting on the developments related to Vega Stefan Olivier, CEO, stated: "We are pleased with the progress to date related to the Vega investment and look forward to returning the remaining two wells to production following completion of the tank battery."
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