ADM Energy (ex-MX Oil) names new CEO
- Business & Finance
ADM Energy, an oil and gas investing company until recently known under the name of MX Oil, has appointed a new CEO.
The AIM-listed company with a share in the oil-producing Aje offshore oil field in Nigeria, said Monday that Osamede Okhomina, 48, would take over the CEO Position.
According to ADM Energy, Okhomina, who has a BA and MA in Philosophy from Cambridge University, has over 20 years of oil and gas industry experience, “with a track record of financing projects and growing businesses.”
He started his career at Terra Energy Services where he managed the introduction of new deep-water technologies, developed in Norway, into the Nigerian market, ADM said.
According to ADM, Osamede was a founding partner and CEO of Energy Equity Resources (“EER”), an Africa-focused oil and gas company and a partner investor of ADM Energy in the OML113 Licence (which includes the Aje field), “where he has secured over $300 million of direct foreign investment into the Nigerian oil and gas sector.”
ADM Energy said: “Osamede brings considerable expertise and government connections to the Board of ADM Energy. At the age of 29, he was a Senior Adviser to the Nigerian government’s telecommunications regulator, the Nigerian Communications Commission (“NCC”). Aside from Nigeria, Osamede has successfully concluded oil and gas transactions in Libya, Mauritania, Equatorial Guinea, and worked all across Africa. In addition, Osamede has written extensively on the challenges facing the Niger Delta in Nigeria and acts as an informal adviser to several Nigerian Ministers, Senators and Senior Technocrats.”
“The appointment further strengthens the executive team and Board for the next phase of the Company’s development and follows the non-Board appointment of His Highness Sheikh Ahmed Bin Dalmook Al Maktoum as President in June 2019. As stated previously, ADM Energy’s strategy is to grow a portfolio of investments in projects that the Board believes can significantly enhance the value of the Company,” ADM said.
New CEO: We’ll target O&G investment opportunities in W. Africa
Newly appointed CEO, Osamede Okhomina, said he was pleased to be joining ADM Energy “at an exciting time in the Company’s development.”
He said: “Our strategy will be to build on our existing asset base in Nigeria and target other attractive investment opportunities in the oil and gas sector, primarily in West Africa, that we feel will bring significant value to ADM Energy shareholders as we grow the Company.”
Richard Carter, Chairman of ADM Energy, said: “We are delighted to appoint Osamede to the Board. His wealth of experience in the oil and gas sector and comprehensive knowledge of operating in the region of our principle investment, including high-level contacts with business and governments, will provide an invaluable contribution to ADM Energy as we strengthen the Board and progress our strategy to build a larger, balanced portfolio of investments.”
To remind, MX Oil changed its name to ADM Energy mid-June, in the wake of the recent strategic investment by Shaikh Ahmed Bin Dalmook Al Maktoum. MX Oil at the time said that Al Maktoum had “an extensive network of influential contacts within the oil and gas industry and the Board regards his support for the Company as an important opportunity.”
The name of the company was officially changed to ADM Energy on June 10, a few days after the shareholders voted in favor of the name change.
Offshore Energy Today Staff
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