ADX Energy Ltd (ADX), an oil and gas exploration and production company with a focus on projects in Europe and Africa, has announced an increased cash balance of $4.88 million at the close of the quarter ended 31 March 2026. This marks a modest rise from the $4.76 million reported at the beginning of the period, with a net increase in cash and cash equivalents for the quarter of $124,000, supported by robust financing efforts.
During the quarter, ADX recorded net cash outflows from operating activities totalling $2.26 million. This figure reflects $2.09 million in receipts from customers, balanced against payments for exploration and evaluation of $925,000, production costs of $1.53 million, staff costs of $1.20 million, and administration and corporate expenses of $843,000. Investing activities also resulted in a net cash outflow of $1.04 million, primarily driven by $1.89 million in payments for property, plant, and equipment, including wells. Receipts from partners contributed $844,000 to investing cash flows.
The positive shift in the company’s cash position was predominantly due to net cash inflows from financing activities, which amounted to $3.52 million. This was significantly bolstered by $4.52 million generated from issues of equity securities. The company also managed to repay $500,000 in borrowings and incurred $254,000 in transaction costs related to equity issues. Payments to related parties and their associates during the period were $157,000.
ADX’s estimated total available funding at quarter end, encompassing cash and cash equivalents, stands at $4.88 million. Based on current relevant outgoings, the company estimates it has approximately 2.17 quarters of funding available. The company currently holds $750,000 in unsecured loan notes, which bear interest at rates of 10% and 14% per annum and are scheduled for repayment by 30 September 2027.
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