LONDON - ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investment company, has released its half-yearly results for the period ending June 30, 2024. The report highlights key developments in its oil and gas investments, particularly in JKT Reclamation, LLC and Vega Oil and Gas, LLC, which have contributed to the company's revenue streams.
For the first half of 2024, JKT Reclamation reported gross sales of 5,029 barrels of oil, which resulted in $480,050 in revenue. This translated to a pre-tax cash flow of $26,573 for ADM's 100% interest. JKT also made distributions totaling $47,200 to its members, with ADM receiving $35,000. The company will continue to receive approximately 70% of distributions until it has recovered 150% of its investment.
In June 2024, ADM acquired a 100% membership interest in Vega Oil and Gas. Vega's Sneed 415 well produced 348.47 net barrels in June, resulting in $26,827.17 in net revenue and a net pre-tax profit of $7,909.65 for the month. ADM plans to bring two more wells, Thompson 7330 and 7331, into production and is completing a new tank battery to support this effort.
The company also reported on its continued involvement with the Aje Field, OML 113, working with partners to advance development plans and explore the monetization of its interest.
Despite these positive developments, ADM Energy ended the period with £66,000 in cash and cash equivalents and acknowledges a constrained capital position. The board has committed to careful monitoring of the company's working capital.
CEO Stefan Olivier commented on the company's progress, expressing confidence in the potential for growth and expansion of the two businesses, JKT and Vega. He anticipates that these investments will drive ADM to a cash flow positive position as the company enters 2025 and looks forward to sharing future plans with the market.
This report is based on a press release statement from ADM Energy PLC.
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