ADM Energy plc announced that Osa Okhomina is to step down from the Board of Directors and his position as Chief Executive Officer of ADM in order to pursue other interests and will leave the Company upon receipt of the Subscription proceeds expected to be by 28 October 2022. Recruitment will commence to appoint a new Chief Executive Officer, meanwhile, the role may be fulfilled by existing directors in the interim period. The Company will update shareholders on this process as appropriate.

In addition, under the terms of the Subscription, Tennessee Black Gold has the right to appoint two directors to the Board.