Nigeria: ADM Energy announces non-binding agreement with Eunisell

ADM Energy, the natural resources investment company, on Monday announced a non-binding collaboration agreement with Eunisell, a Nigerian-owned oil and gas production solutions company, according to a report by ShareCast.

The Alternative Investment Market (AIM) traded firm said that Eunisell and ADM would explore collaboration possibilities to carry out the development of the Barracuda Field, located in oil mining license OML 141, and related work activity in Nigeria as per the terms of the agreement which is subjected to the completion of certain due diligence. 

As reported, both the parties intended on the agreement together on the Barracuda Field, and a formal agreement would reach before they start working. However, the collaboration can also be terminated if it is done with mutual consent. 

About Eunisell, ADM Energy said it had “decades of experience” in engineering, operations, enhanced production techniques, and production within Nigeria, adding that both the companies intended to use their consolidated experience to accelerate oil production and gas assets, with initiating production at the Barracuda Field in which ADM Enegery recently invested. 

Speaking on the collaboration agreement, Osamede Okhomina, the chief executive officer of ADM Energy said that “the collaboration agreement with Eunisell, one of Nigeria's leading providers of oil field services and facilities, paves the way to bringing another high-class partner into the ADM fold".

“With a customer base in the region featuring oil and gas majors, Eunisell has been a key facilitator for the Nigerian oil and gas marketplace for many years, helping operators to reach their production goals faster and at less capital costs... We look forward to building a relationship and are excited by the potential of working alongside them to support the development of our investments such as the Barracuda Field in OML 141," Okhomina added.