- Natural resources investing company ADM Energy reported wider first-half losses as the company did not make any sales amid 'depressed' oil prices.

For the six months ended 30 June 2020, pre-tax losses more than doubled to £975,000 from £448,000 year-on-year. The company did not record a revenue in the first half of the year, compared with a revenue of £2.2 million last year.

The company said it had experienced a temporary drop in production due to maintenance, but added that it anticipated production would increase in the second half of the year.

'Operations at the Aje field continued largely uninterrupted by COVID-19 and costs were significantly reduced at the asset level, bringing break-even costs down to US$28 per barrel, which ensures the asset remains profitable even at lower oil prices,' the company said.

'We are excited by the prospects at the Aje field and are increasing our stake from 5% to 9.2% ahead of plans to drill three new wells in 2021, potentially significantly increasing production to 9,000 bopd.'

At 10:02am: [LON:ADME] share price was 0p at 4.8p

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