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ADM Energy appoints REYL Group to support its development and financing of energy projects in Nigeria and West Africa

REYL Group is a Geneva-based banking group that manages assets in excess of 13.5 billion Swiss francs

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ADM Energy PLC (LON:ADME) has announced the appointment of REYL Group to support the company with the development and financing of energy projects in Nigeria and West Africa.

The natural resources investing company noted that REYL Group is a Geneva-based banking group that manages assets in excess of 13.5 billion Swiss francs.

It said REYL Group will advise ADM on financing structures for future projects including the acquisition of the interest in OML113 from EER (Colobus) Nigeria Limited, announced on February 24, 2020, and any follow-on agreements with Trafigura Pte Ltd under the memorandum of understanding (MOU) signed on February 3, 2020.

READ: ADM Energy appoints a former UK Government Minister for Africa as a non-executive director

Under the terms of the MOU, it is the intention of ADM  and Trafigura to create a strategic alliance where ADM will act as the sponsor for investment opportunities in the African energy sector which will be presented to Trafigura for consideration as a trading counterparty, or financing provider.

In a statement, Osamede Okhomina, ADM's CEO said: “The agreement with REYL Group’s Structured Finance team will help support ADM as we progress our strategy to increase the Company’s oil and gas reserves and production through the acquisition of undervalued assets.

"We have identified several investment opportunities and look forward to progressing any potential deals with the support of REYL Structured Finance and Trafigura.”

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Price: 5.35 GBX

AIM:ADME
Market: AIM
Market Cap: £4.1 m
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