LONDON – Natural resources investment company ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) has announced its first half financial results for the period ending 30 June 2024. The report highlights key trends in the company’s oil and gas investments. JKT Reclamation, LLC and Vega Oil and Gas, LLC, in particular, contribute to the company’s revenue streams.
In the first half of 2024, JKT Reclamation reported total sales of 5,029 barrels of oil, resulting in revenue of $480,050. This equates to a pre-tax cash flow of $26,573 for ADM’s 100% interest. JKT also distributed a total of $47,200 to its members and ADM received $35,000. The company will continue to receive approximately 70% of the distribution until it has recovered 150% of its investment.
In June 2024, ADM acquired 100% membership in Vega Oil and Gas. Vega’s Sneed 415 well produced 348.47 net barrels in June, resulting in net revenue of $26,827.17 and pre-tax net income of $7,909.65 for the month. ADM plans to bring two additional wells into production, Thompson 7330 and 7331, and is completing a new tank battery to support this effort.
The company also reported its continued engagement with Aje Field, OML 113, working with partners to advance development plans and explore monetization of profits.
Despite these positive developments, ADM Energy ended the period with cash and cash equivalents of £66,000 and recognizes its capital position as limited. The board has committed to closely monitoring the company’s working capital.
CEO Stéphane Olivier commented on the company’s progress and expressed confidence in the growth and expansion potential of the two businesses, JKT and Vega. He expects these investments to make ADM cash flow positive into 2025 and looks forward to sharing his future plans with the market.
This report is based on the press release statement of ADM Energy PLC.
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