- Oil and gas investment company ADM Energy said it had signed a non-binding agreement with commodities trader Trafigura to develop investment opportunities in Africa.

The 12-month memorandum of understanding envisaged the creation of a strategic alliance where ADM would act as the sponsor for investment opportunities.

These would be presented to Trafigura for consideration as a trading counterparty, or financing provider.

Trafigura would be entitled to provide ADM with conditional pre-financing of up to $100m for the acquisition or development of approved projects.

It was anticipated that Trafigura may subscribe for up to $20m in convertible loan notes in ADM as definitive agreements and project funding for projects were agreed.

At 2:07pm: [LON:ADME] share price was +0.35p at 4.4p

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