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 10 September 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 sold 620 gross barrels of oil in August 2024 of which 480 barrels were net to the interest of Vega. Vega received US$33,995 (net of production taxes and royalties) from oil sales for the month of August 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 underway with completion anticipated in the coming weeks.
- Following completion of the new tank battery it is expected that the remaining two wells will be returned to production shortly thereafter.
Commenting on the developments related to Vega Stefan Olivier, CEO, stated: "The site work to complete the tank battery is nearly complete and the tanks and other equipment is expected on site this week. We anticipate realizing oil sales from all three Vega wells in Q4 2024."
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