ADM Energy PLC on Friday said it will consider alternatives for monetising its stake in the Aje Field, including a sale, following an internal review.

The London-based natural resource investor said it has concluded that opportunities, such as its acquisition of a 53.1% economic interest in OFX Technologies, announced on Wednesday, ‘present a compelling path to growth in per-share value’.

As a result, the firm said it will consider alternatives for monetising its interest in the Aje field, offshore Nigeria. It said these alternatives include its sale of the asset in order to realise its value, in which case it will work with Energy Equity Resources to execute a transaction relating to the field.

ADM holds a 12.3% cost share and 9.2% profit share in Aje. Energy Equity also holds a stake in the field.

It noted that recent positive developments mean that it is a ‘favourable’ time to look to maximise the value of the asset via a sale.

The firm said it will hire a third-party adviser to manage the identification and execution of a transaction.

Chief Executive Stefan Olivier said: ‘The investment in Efficient Oilfield Solutions announced 29 November 2023 is a pivotal strategic development representing a new focus for the company away from capital intensive, long lead-time projects toward compelling opportunities with a clear path to cash flow in high growth energy technology and energy transition related opportunities.

‘With recent interest by the German government in working with Nigeria to realise the potential of its massive natural gas reserves, Aje represents a de-risked asset that we believe will be attractive to a variety of strategic and financial investors. ’

On Wednesday, the firm said it has acquired OFX, which owns Efficient Oilfield Solutions LLC, for $1.3 million.

ADM Energy shares fell 8.9% to 0.50 pence each on Friday morning in London.

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