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LONDON - ADM Energy PLC, an AIM-quoted company focusing on natural resource investments, has announced a restructuring of its interests in the Altoona Lease located in Kern County, California. The company has completed a farm-out agreement that will see it retain a 25% carried working interest and an 18.75% net revenue interest in the project, which includes reactivating production for up to 11 existing well bores and deepening two wells.
The restructuring involved transferring the investment in the Altoona Lease to Vega Oil and Gas, LLC (VOG), a wholly-owned subsidiary of ADM, which was granted full ownership of Altoona JV, LLC from Atlantic Bridge Energy, Inc. This move, effective from April 1, 2025, is aimed at streamlining the administration and development of the Altoona Lease.
On April 15, 2025, VOG entered into a farm-out agreement with a consortium of private investors. The consortium has committed $750,000 in cash towards the Altoona Lease work program. An initial payment of $150,000 has been made to VOG, with the remaining $600,000 to follow upon completion of the required pre-drill work. The proceeds from the farm-out are expected to fully fund the planned work program, which is set to commence in the second quarter of 2025.
ADM’s CEO, Randall Connally, stated that the farm-out and internal reorganization mark the beginning of further development at the Altoona site, which the company views as a key element in its rebuilding efforts. The development is scheduled to be completed by the end of the third quarter of 2025.
The transaction involving the transfer of Altoona JV, LLC is classified as a related party transaction, as Connally is a director of Altoona JV, LLC, and Claudio Coltellini, a Non-executive Director of ADM, is a director of Atlantic Bridge Energy, Inc. The terms of the transfer have been reviewed by the company’s nominated adviser, Cairn Financial Advisers LLP, and deemed fair and reasonable for shareholders, with the exception of Connally and Coltellini.
This announcement contains inside information as defined under the Market Abuse Regulations, which is now considered public following its release.
The information reported is based on a press release statement by ADM Energy PLC.
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