ADM Energy Announces Farm-Out of Altoona Lease
Why we think this is neutral
This RNS announcement provides details about a farm-out agreement for the Altoona Lease, which is a license/asset news. It does not contain any of the mandatory news types that would require a more detailed analysis.
Key Points
- ADM Energy's subsidiary Vega Oil and Gas, LLC has entered into a farm-out agreement for the Altoona Lease
- Vega will retain a 25% carried working interest and 18.75% net revenue interest in the Altoona Lease work program
- The work program includes reactivating up to 11 existing wells and deepening two wells
Summary
The natural resources investing company has announced a farm-out agreement for its Altoona Lease in California, retaining a 25% carried working interest.
ADM Energy PLC (AIM: ADME) has announced a farm-out agreement for its Altoona Lease in Kern County, California. Under the agreement, the company's wholly-owned subsidiary Vega Oil and Gas, LLC will retain a 25% carried working interest and 18.75% net revenue interest in the Altoona Lease work program, which includes reactivating up to 11 existing wells and deepening two wells.
Key Dates
Q2 2025
Commencement of Altoona Lease work program
Q3 2025
Completion of Altoona Lease work program
GENERAL UPDATE