ADM Energy Announces Directorate Changes

Source: 4/25/2023, Location: Africa

ADM Energy plc, a natural resources investing company, is pleased to announce that Stefan Olivier and Claudio Coltellini have been appointed to the Board of Directors with Stefan Olivier joining as Chief Executive Officer and Claudio Coltellini as Non-executive Director. Manuel Lamboley, Non-executive Director, has resigned from the Board with immediate effect to pursue other opportunities.

The appointments of Mr Olivier and Mr Coltellini come further to the Company's announcement of 17 October 2022 pursuant to which OFX Holdings, LLC (formerly Tennessee Black Gold, LLC) ("OFX") has been granted the right to appoint two directors as part of its 500,000 equity subscription and US$250,000 loan facility, which has now been fully drawn down.

Further disclosures on Mr Stefan Olivier and Mr Claudio Coltellini, as required under Schedule Two, paragraph (g) of the AIM Rules for Companies are included below.

Claudio Coltellini
Claudio Coltellini is an Italian citizen now residing with his family in the state of Florida. Prior to working in the U.S. onshore oil and gas sector, having graduated with a degree in economics and business, he joined Deutsche Bank where he worked for seven years. He has invested in the U.S. oil and gas sector for approximately 15 years and is CEO of four private U.S. oil and gas companies focused on investment in the states of Texas, California, Kansas and Louisiana.

Mr Coltellini is a director and shareholder of OFX Holdings, LLC, formerly Tennessee Black Gold, LLC, which holds 41,666,667 ordinary shares in the Company representing approximately 14.0 per cent. of the Company's issued share capital.

Stefan Olivier
Stefan Olivier is a British citizen with extensive corporate broking and oil and gas experience including as co-founder of MX Oil plc (now ADM Energy plc). Stefan played a central role in initially securing and financing the participation of the Company in the Aje Field, OML 113 and in securing the support of OFX prior to its initial investment in the Company. He was a founder and Chief Executive Officer at North American Petroleum plc from 2012 until 2017. He has been on the Board of several other public and private companies and brings years of experience of working in natural resources to the Board of the Company.

Commenting on appointment to the Board:
Claudio Coltellini said: "I am delighted to be appointed to the Board of Directors of ADM Energy plc. OFX has made a long-term commitment to the Company as a 14% shareholder and creditor. I am committed to building long-term value for the benefit of all stakeholders and will support the Company as it develops into a strong business both through its participation in new opportunities and continued development of its interest in the Aje Field which I believe to be a highly attractive, de-risked asset that is well positioned given the increased world-wide demand for liquids-rich natural gas resources."

Stefan Olivier said, "Having played a significant role in securing the initial support of Claudio and OFX for ADM, I am excited to be back and to have the support of a seasoned and strong partner whose interests are aligned with ADM to move forward exploring new opportunities and to continue working to optimise value from our interest in the Aje Field. The recent endorsement of the G7 regarding the need for continued investment in new natural gas supply bodes well for the future development of Aje."

Commenting on the Directorate Changes:
Chairman of the Board, Oliver Andrews, said: "I welcome Stefan and Claudio to the Board of Directors of the Company and look forward to working with them as we explore new opportunities, while continuing to develop our interest in the Aje Field. I want to thank Claudio for the continuing support of OFX which we consider will be instrumental in the transition of ADM and look forward to updating the market in due course. I also want to thank Manuel for his support and contributions to the Company and wish him well in his future endeavors."

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