- Natural resources investing company ADM Energy said it had raised a total of £475,000 before costs through the placing of shares at discount.

The placing and subscription through the issue of 31,666,667 new ordinary shares was conducted at a placing price of 1.5 pence per share, representing a 21% discount to the mid-market closing price of the company's shares on 12 November 2021 of 1.9p.

The funds would be used to provide general working capital for the company in order to 'continue its strategy of identifying and evaluating high-quality assets in West Africa at depressed valuations with substantial upside for shareholders,' the company said.

The company also provided an update on its field development plans at Aje, which it said indicating that the existing infrastructure could be used to supply the two new wells, lowering the cost of development without impacting the expected potential increase in production.

'With Panoro and PetroNor agreeing a further one-month extension to the end of November for the Aje transaction, we await the conclusion of that deal which, once finalised, is expected to accelerate Aje's development,' it addded.

Story provided by