ADM Energy PLC (AIM:ADME, ETR:P4JC) chief executive Osamede Okhomina has told investors that "2021 was a good year of progress” as it released its financial results statement for the twelve months ended 31 December.
“It was our first full year since almost doubling our interest in the Aje Field which helped achieve a significant increase in revenues over the previous year,” said Osamede Okhomina.
He added: "2022 is set to be an important year for the development of Aje with PetroNor expected to take a significant stake in the asset demonstrating a commitment and confidence of the potential of Aje.
“With PetroNor on board, the partners can push ahead with development plans to increase production at Aje.”
Okhomina also told investors that the company is also seeking further additions to the business.
“In parallel to Aje and Barracuda, we continue to target the acquisition of undervalued 2P reserves that can be added to our investment portfolio and have had encouraging discussions with potential partners regarding various opportunities," he said.
“It remains a buyers' market as majors look to divest non-core projects presenting opportunities for companies such as ADM who have the network, expertise, and access to capital to progress projects that can potentially bring significant value creation for shareholders."
ADM reported a 125% increase in revenue for the year, to £1.8mln, driven by higher oil prices and the company’s greater profit interest in the Aje field. It resulted in a 64% narrowing of losses after tax, to £2.5mlm.
The company ended its financial year with £110,000 of cash and equivalents, and, more recently, raised £561,000 in January.