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ADM Energy has cash in the bank and reports 'stable production'

ADM Energy PLC's (LON:ADME) CEO Osamede Okhomina tells Proactive London's Andrew Scott operations at its assets in Nigeria remain largely uninterrupted during the current crisis, with production levels remaining stable.

He says they've secured finance for working capital purposes and have agreed a two-month extension for a refundable deposit payment.

Okhomina adds that the board and its joint venture partners are focused on finding ways to mitigate the impact of the oil price reduction.

He says with the drop in oil price, capital expenditure costs have also fallen and as a result their projects remain profitable even at current levels.

Quick facts: ADM Energy PLC

Price: 5.55 GBX

AIM:ADME
Market: AIM
Market Cap: £5.44 m
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ADM Energy Plc raises nearly £700K to complete EER agreement

ADM Energy PLC's (LON:ADME) Thato Mngomezulu tells Proactive London about his company's latest fundraise of nearly £700k through a placing, subscription and loan agreement. Five directors subscribed for £50k in the fundraise which as Thato explains is a testiment to the board's belief in the...

3 weeks, 3 days ago

2 min read