ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

ADME Adm Energy Plc

0.345
0.00 (0.00%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Adm Energy Plc LSE:ADME London Ordinary Share GB00BJFDXW97 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.345 0.32 0.37 0.345 0.345 0.345 1 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 662k -2.12M -0.0064 -0.53 1.13M

ADM Energy PLC OFXT Operations Update and Change of Broker

03/04/2024 7:00am

RNS Regulatory News


RNS Number : 0610J
ADM Energy PLC
03 April 2024
 

 

 

3 April 2024

 

ADM Energy PLC

("ADM" or the "Company")

  

OFX Technologies LLC Operations Update and Change of Broker

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to provide the following update with respect to operations of OFX Technologies LLC ("OFXT"), 100% owner of Efficient Oilfield Solutions LLC, the revenue generating software-as-a-service (SaaS) company targeting the logistics sector of the U.S. oil & gas industry.  The Company owns a 46.8% economic interest in OFXT.

Since ADM completed its investment in OFXT as announced on 29 November 2023, OFXT has completed several identified key business milestones including:

·    Completed E-Ticketing functionality for transportation companies including: (i) operator and dispatcher request pages, (ii) workflow protocols to push tickets through the transportation process until load is disposed, (iii) automated approval process for operator representatives and (iv) transporter back-office review capabilities and the ability to apply custom pricing to invoices. OFXT is working to integrate invoicing capabilities with third party software providers such as QuickBooks and OpenInvoice;

·    Integrated system functionality required by the State of Texas for water disposal operators including: (i) electronic disposal ticket generation in line with regulatory reporting requirements, (ii) aggregation of disposal data as required for form P-18 and (iii) ability to complete monthly allocation letters for hydrocarbon allocations to oil well owners; and

·    Nearing completion of the transition of the basic core application from Elixir Code to Angular Code, which will allow for the continuation of current functionality on a more scalable code base and allow for better integration with other third-party SaaS offerings.

The release of the E-Ticketing solution in March 2024 is an important milestone and the starting point for marketing efforts targeting large commercial users of the platform such as Paloma Resources LLC and Diversified Energy Company plc, both current users of OFXT's platform solution in certain areas. 

OFXT has also initiated expansion into the Texas market.  With 5.6 million barrels of oil production per day (Source: U.S. Energy Information Administration December 2023), Texas is the largest producer of crude oil in the United States, estimated to produce approximately 43% of total U.S. production.

OFXT reported unaudited revenue for the year-ending 2023 of US$118,000 ending the year at an annualised revenue run rate of US$190,000.  With momentum from the release of its E-Ticketing solution and expansion into the Texas market, OFXT has reaffirmed its expectation of achieving operating cash flow break-even by the end of 2024.

Following the completion of the transaction announced 29 November 2023 and prior to 31 December 2023, OFXT issued 280,000 additional Class A Units.  ADM did not exercise its option to acquire additional Class A Units and, as a result, at year-end, ADM's economic and voting interests declined to approximately 46.8% and 46.0%, respectively.

 

Change of Broker

The Company also announces that Cairn Financial Advisers LLP has been appointed as broker to the Company with immediate effect.

 

Stefan Olivier, CEO of ADM Energy plc commented: "We are very pleased with the progress that OFXT has made since completing our investment with respect to both key software development milestones and positioning the business to enter the Texas market, which we view as the key to achieving the revenue milestones that we expect in 2024."

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

Enquiries:

 

ADM Energy plc

+44 7495 779520

Stefan Olivier, Chief Executive Officer


www.admenergyplc.com




Cairn Financial Advisers LLP

+44 20 7213 0880

(Nominated Adviser and Broker)


Jo Turner, James Caithie




 

ODDO BHF Corporates & Markets AG

 

+49 69 920540

(Designated Sponsor)


Michael B. Thiriot




Gracechurch Group

+44 20 4582 3500

(Financial PR)


Harry Chathli, Alexis Gore, Henry Gamble


 

About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing investment representing approximately 46.8% economic interest in OFX Technologies, LLC (www.ofxtechnologies.com) and a 9.2% profit interest in Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. The Aje field has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. 

 

About OFX Technologies, LLC

OFXT is a revenue generating company which currently offers a free to download mobile phone app supported on both iOS and Android platforms that is used to track and manage produced water resulting from oil and gas operations and to fulfil regulatory requirements associated with the disposal of oilfield waste-water in the State of Louisiana as well as data storage requirements necessary to comply with state regulations. OFXT's business model is to provide Software-as-a-Service ("SaaS") with a near-term focus of expanding its service offering to other U.S. states and add additional functionality to increase average revenue per user. 

 

Forward Looking Statements

Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage'', "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDDZGGDGZDGDZZ

1 Year Adm Energy Chart

1 Year Adm Energy Chart

1 Month Adm Energy Chart

1 Month Adm Energy Chart

Your Recent History

Delayed Upgrade Clock