ADM Energy plc Announces Half-yearly Results

Source: www.gulfoilandgas.com 12/31/2024, Location: Africa

ADM Energy plc, a natural resources investing company, announces its half-yearly results for the six months ended 30 June 2024

Investment Highlights:

JKT Reclamation, LLC ("JKT")
· Investment resulting in a 30.6% net economic interest effective 1 January 2024.
· For the first half of 2024, JKT had gross sales of 5,029 barrels of oil resulting in US$480,050 in revenue and pre-tax cash flow of US$26,573 to ADM's 100.0% interest.
· JKT made distributions to members of US$47,200 during the first six months of 2024 of which US$35,000 was to the Company (Note, the Company will receive approximately 70% of distributions until it has recovered 150% of its investment).
· From July of 2024 the Company has participated with other owners of JKT to upgrade the facilities to increase sales volumes and to streamline costs to improve margins.

Vega Oil and Gas, LLC ("Vega")
· Acquisition of 100% membership interest of Vega effective 1 June 2024.
· Vega owns interest in three wells in Moore County, TX - the Sneed 415, Thompson 7330 and 7331 wells.
· The Sneed 415 was producing during the month of June 2024 and produced 348.47 net barrels resulting in US$26,827.17 in net revenue. Vega recognised a net pre-tax profit for the month of US$7,909.65.
· The Company intends to turn the Thompson 7330 and 7331 to production and has undertaken to complete a new tank battery to facilitate production from the wells.

Aje Field, OML 113 ("Aje")
· ADM continues to work with the Aje Partners to progress development plans for the Aje Field while continuing discussions related to the monetisation of its interest in Aje.

At the end of period under review, the Company had £66,000 in cash and cash equivalents. Within the period, both the JKT and the Vega investments began to distribute cash to the Company, and whilst the Board remains confident of the performance of its portfolio of investments, the Company is currently in a constrained capital position. As such, the Directors remain committed to continually and carefully monitoring the working capital position of the Company going forwards.

Stefan Olivier, CEO of ADM Energy, said: "The investments in JKT and Vega represent the next phase of the rebuilding of ADM. We now have interest in two profitable businesses with significant room for near- and long-term growth and expansion.

We believe these two businesses will drive ADM to a cash flow positive position as we start 2025 and are excited about future plans that will be shared with the market in due course."


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