EBITDA – of about $ 3 million, an increase of about 30% compared to the second quarter and from the beginning of the year about $ 6.7 million.
Net income rose to $ 1.6 million;
Since the beginning of the year, Modiin’s net profit has been about $ 6.15 million.
Cash flow from operating activities in the third quarter amounted to approximately $ 2.6 million and from the beginning of the year amounted to approximately $ 6.5 million.
In the third quarter, Modiin established a dedicated arm for renewable energy activities with PV projects in various stages of initiation and development, of which about 450 megawatts with requests for connection to the electricity grid (50% of Modiin).
CEO of Modiin Energy, Yaniv Friedman: “The third quarter shows the potential of Modiin’s assets and the steady cash flow that Modiin has been producing consistently since the acquisition of the Colorado Project. The renewable energy. “
Highlights for the third quarter:
During the quarter, Modiin produced about 105,000 barrels, an increase of about 8% compared to the production in the second quarter of about 97,000 barrels.
Revenues from the sale of oil and gas in the third quarter totaled approximately $ 7 million, an increase of approximately 20% compared to revenues in the second quarter of 2021.
The current cash flow in the third quarter amounted to about $ 2.6 million, and since the beginning of the year, Modiin has generated about $ 6.5 million from current operations.
Fulcrum, Modiin’s partner in the Colorado project, sold 20% of its holdings in the existing production only to a US private equity fund that manages billions of dollars.
Promoting the multi-year development plan for the project in Colorado, where between 2022-2024 about 24 wells (8 each year) are expected to be drilled which will lead to a significant increase in production from the project; From about 1000 barrels on average per day (part of intelligence) today to about 2,000 on average in 2023 and over 3,000 barrels on average per day in 2025. After completing the first phase of the development plan.
Early equipment ordering and cost advance of the development plan in order to avoid increases in equipment and service prices.
Contacts with a banking corporation to provide funding for the Colorado Project Development Program.
Establishment of a dedicated arm (Modiin Renewable Energy) that will concentrate the partnership’s activities in the field of renewable energy. Currently, Modiin and its partners have photovoltaic projects in various stages of development, of which about 450 megawatts with requests to connect to the electricity grid (50% intelligence share).
Modiin continues to examine additional renewable energy projects in both the US and other countries as part of Modiin’s strategic plan to build a significant renewable energy arm alongside oil and gas production as well as examining financial and strategic collaborations to promote renewable energy activities.
Continue to build a professional and experienced management.