ADM Energy PLC on Tuesday said its annual revenue declined amid a suspension of production in Nigeria, though its loss narrowed on a fall in expenses.
The London-based natural resource investor said its pretax loss narrowed in 2022 to £2.1 million from £2.5 million a year prior, as administrative expenses decreased by 26% to £1.7 million.
Revenue dropped by 63% to £662,000 from £1.8 million the year before. This was attributed to the suspension of production at the Aje field in Nigeria to upgrade a floating production storage and offloading unit, and increase capacity and production capability, ADM explained.
It declared no dividend, unchanged from the year prior.
Looking ahead, ADM said the recent acquisition of Texas-based limited liability company Blade Oil V LLC for $1.6 million, has ‘solidified the company’s foundations’ through its ‘exciting portfolio of oil and gas assets.’ The deal gives ADM a lease in the Midway-Sunset oilfield, ‘one of the largest fields in the US’.
ADM also noted it is confident that it can ‘effectively leverage its knowledge and expertise across its portfolio to generate value for the company’.
Shares in ADM Energy were down by 4.8% at 0.50 pence each in London on Tuesday afternoon.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
