Last checked at 6 Oct 2015 07:00
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers
6 October 2015
DekelOil Public Limited ('DekelOil' or the 'Company')
Q3 2015 Production Update
DekelOil Public Limited, operator and 51% owner of the vertically integrated Ayenouan palm oil project in Côte d'Ivoire, is pleased to provide a positive production update for the quarter ended 30 September 2015 at the Company's 60 t/hr crude palm oil ('CPO') extraction Mill ('the Mill'), which is one of West Africa's largest.
Highlights
· 7,301 tonnes of CPO and 1,336 tonnes of kernel produced for the quarter - 115% like for like increase in CPO production compared to Q3 2014 production
· 9,814 tonnes of palm oil sold at an average price per tonne of €610 - a significant premium to the current international CPO price
· 917 tonnes of kernel sold at €183 per tonne - gradual stock piling of kernels commenced during the period in readiness for the commencement of the kernel crushing facility in Q4 2015
· CPO extracted at a rate of 22.9% during the period from 31,893 tonnes of fresh fruit bunches ('FFB') and
· Production for the nine months to 30 September 2015 totals 29,137 tonnes of CPO and 5,069 tonnes of kernels
DekelOil Executive Director Lincoln Moore said, "Following another excellent quarterly performance during what is a low fruit harvesting season, we have now produced more than twice as much CPO in the first nine months of the year as we did for the whole of 2014.
"We expect the strong momentum behind our project at Ayenouan to continue to build in line with our strategy to increase CPO production towards the Mill's 70,000 tonnes per annum capacity, through the delivery of additional FFB from our own plantations as well as our local collection network of smallholders and logistics centres. Progress with our kernel crushing plant is on time and on budget and we look forward to commissioning in Q4 2015. This is an exciting period for DekelOil, and I look forward to providing further updates on our progress as we continue to build a leading West African palm oil company."
** ENDS **
For further information please visit the Company's website www.dekeloil.com or contact:
DekelOil Public Limited Youval Rasin Shai Kol Lincoln Moore
| +44 (0) 207 236 1177 |
Cantor Fitzgerald Europe (Nomad and Broker) Andrew Craig Chris Viggor | +44 (0) 207 894 7000 |
Beaufort Securities Limited (Broker) Saif Janjua Elliot Hance
| +44 (0) 207 382 8300 |
Optiva Securities Limited (Broker) Christian Dennis Jeremy King
| +44 (0) 203 137 1903 |
St Brides Partners Ltd (Investor Relations) Elisabeth Cowell Frank Buhagiar | +44 (0) 207 236 1177 |
Notes:
DekelOil Public Limited is a low cost producer of palm oil in West Africa, which it is focused on rapidly expanding. To this end, it has a 51% interest in one of the largest oil processing mills based in Côte d'Ivoire, which has a capacity of 70,000 tons of CPO. Feedstock for the Mill comes from 27,000 hectares of mature palm oil plantations that have been secured under long term contracts with smallholders, however it also has nearly 1,900 hectares of its own plantations. Furthermore, it has a world-class nursery with a 1 million seedlings a year capacity.