Mise à jour des opérations OFXT et changement de Broker
3 Avril 2024
ADM Énergie PLC
(« ADM » ou la « Société »)
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.
Changement de Broker
The Company also announces that Cairn Financial Advisers LLP has been appointed as broker à la Société avec effet immédiat.
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."
Divulgation de la réglementation sur les abus de marché (MAR)
Les informations contenues dans cette annonce sont considérées par la Société comme constituant des informations privilégiées, tel que stipulé dans le Règlement sur les abus de marché (UE) n° 596/2014, car elles font partie du droit national britannique en vertu de la loi de 2018 sur l'Union européenne (retrait) ( 'MAR'). Dès la publication de cette annonce via Regulatory Information Service (« RIS »), ces informations privilégiées sont désormais considérées comme appartenant au domaine public.
Enquêtes
ADM Énergie plc | +44 7495 779520 |
Stefan Olivier, Chief Executive Officer | |
www.admenergyplc.com | |
Conseillers financiers Cairn LLP | Tel: +44 20 7213 0880 |
(Conseiller désigné et Broker) | |
Jo Turner, James Caithie | |
ODDO BHF Entreprises & Marchés SA |
+49 69 920540 |
(Parrain désigné) | |
Michel B. Thiriot | |
Groupe Gracechurch | Tel: +44 20 4582 3500 |
(RP financière) | |
Harry Chathli, Alexis Gore, Henry Gamble |
À propos d'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.
Énoncés prospectifs
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