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28 Jun 2019 | 07:47

ADM Energy slashes losses; expects to become cashflow positive in 2020

ADM Energy said it expected to become cashflow positive in 2020 after slashing its annual losses amid surge jump in revenue For the year ended 31 December, pre-tax losses narrowed to £0.85m from £3.4m a year earlier as revenue increased 82% to £3.1m. The upbeat performance comes as the company hailed the potential of the Aje Field, in which it held a 5% stake. 'The Aje partnership made excellent progress in 2018. The updated CPR demonstrated a material increase in the project's reserves and resource position which highlights the future potential of the Aje Field,' the company said, 'Based on the current performance of wells Aje-4 and Aje-5, and assuming no significant increase in the Company's overheads, ADM Energy is aiming to become cashflow positive in 2020, subject to continued production, sustained oil prices and no unforeseen expenditure at project level, a significant milestone,' it added. Looking ahead, the company said it was looking to build a larger, balanced portfolio of investments in projects in line with ADM Energy's investing strategy, targeting opportunities in undervalued production and near-production assets, primarily in Africa.

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