- Oil company ADM Energy said it had cut operations costs at its OML 113 project offshore Nigeria by 37.5% amid a slump in oil prices.

The cost cut had included a decrease in leasing costs for a floating production, storage and offloading vessel and lower general operational and maintenance costs.

The project's break even cost of production had fallen to $28 per barrel.

'ADM remains positioned to withstand current market volatility and pursue the board's stated core investment strategy,' the company said.

At 1:49pm: [LON:ADME] share price was -0.05p at 2.83p

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