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ADM Energy completes purchase of controlling stake in Barracuda field

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Oilfield Technology,

ADM Energy has completed its acquisition of a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria.

The investment was first announced in March 2021. ADM acquires a 51% interest in K.O.N.H. UK Limited (KONH), which holds a 70% indirect interest in the rights, benefits and obligations under the RSA relating to the Barracuda area of OML 141

A new CPR on the field is due in the coming months and the company is targeting first oil of 4000 bpd in 2H21. Further plans to drill six wells by 2026 could see production increase to approximately 23 000 bpd.

Osamede Okhomina, CEO of ADM Energy, said: “We are delighted to complete our investment and acquire a controlling interest in a Risk Sharing Agreement for the development of the Barracuda field. The expectation is for Barracuda field to come on stream later this year following the drilling of a new well, which, if successful, should give ADM a considerable increase in production volumes and cashflows. With the potential for several new wells in the coming years, we believe this investment and the Barracuda field represents a compelling opportunity to add significant value to ADM.”

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