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 5 August 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 produced 450 gross barrels of oil in July 2024 of which 344 barrels were net to the interest of Vega. Vega received US$25,798 (net of production taxes and royalties) from oil sales for the month of July 2024 from the Sneed 415.
- Construction of the new tank battery to restore production from two additional wells included as part of the Vega investment is now underway with completion anticipated during the month of September 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: "The Sneed 415 continues to perform as expected and we eagerly anticipate adding additional production to boost cash flow in the 4th quarter."
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