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Dubai Prince seeks expansion for ADM Energy

Sheikh Ahmed bin Dalmook Juma al-Maktoum named president of Nigeria-focused former MX Oil

Nigeria-focused MX Oil has changed its name to ADM Energy, this week appointing principal investor Sheikh Ahmed bin Dalmook Juma al-Maktoum as president of the AIM-listed explorer - who promptly outlined his expansion plans.

Maktoum, a Dubai royal prince, said he intends to grow the company by creating “a larger, balanced portfolio of projects, leveraging extensive contacts to identify opportunities in undervalued production and near-production assets, primarily in Africa".

ADM chief executive Stefan Olivier has announced he will step down when a new chairman is appointed, while Richard Carter, now non-executive chairman, will until then act as chairman after which he will become interim chief executive.

The main ADM asset is currently the Aje field on Nigerian Benin Embayment block OML-113 where it partners indigenous operator Yinka Folawiyo alongside London-based E&P players NewAge, Panoro Energy & Energy Equity Resources.

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