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ADM in fund-raising launch

Nigeria-focused player raises cash as it targets investment opportunities across wider African continent

Nigeria-focused ADM Energy has raised gross proceeds of £500,000 ($604,000) in an initial fund-raising exercise to provide “funds for investment and for further appraisal of opportunities" across Africa.

It follows the closing of a share placing by Pello Capital at the weekend at a price of 16 pence per share under a primary bid offer.

“This is just the first in a series of fund-raising moves planned in the coming months as we expand our business agenda,” ADM chief executive Osamede Okhomina told Upstream.

AIM-listed ADM, formerly MX Oil, is focused on block OML-113 off Nigeria that hosts the oil-producing Aje field in partnership with indigenous operator Yinka Folawiyo Petroleum, but seeks other opportunities across Africa in undervalued production and near-production assets.

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