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Yes it was sneaked up right at the end again. A little less obvious than Wednesdays move. Could have bought all day at around 5.42ish (Which hardly anyone did) then a buy goes through at 5.52 just after the bell.
To be honest losses last year was expected - they were mainly with previous BOD last year and do you think cost cutting measures happen straight away Even so, im still expecting losses this year even with reduced costings, reduced cost of sales in the AJE partnership but a lot is because of COVID19 and the current oil price We don't know when the next uplift will happen and if the next uplift will clear project debt
A new CEO was appointed last year and a whole new team is in place. They have significantly reduced the cost base of the business, which is what makes the company profitable at a lower oil price. This obviously hasn't had time to feed into financial results yet, nor has the increased interest in OML 113. http://www.admenergyplc.com/investors.html
Not sure you know what you're talking about Greenspan. ADM are profitable on their existing assets with the oil price at 28 dollars due to them acquiring at a very attractive price (watch the most recent investor video on the company website).
In terms of your point re 'sub economic' fields - smaller oil fields don't shift the dial for majors and their profitability has been hammered by the impact of Covid so majors are looking to divest at a time when the oil price is under pressure so there will be huge opportunities for further acquisitions. Due to the low cost base of ADM, these investments are very profitable.
With this company's market cap being so small, the potential upside for investors is huge.
ADM teams up with Nigerian oil magnate - Upstream Part 23 Aug '20
The idea behind the current round is to wrest dormant fields, mostly from foreign companies active in Nigeria, and re-allocate them to indigenous outfits even though formal legal title will remain with the majors, making the assets hard to encumber.
Upstream understands the DPR aims later this year to award such contractual rights for as many as possible of these under-performing assets to local companies selected from a shortlist of 150 competitors, to be drawn up before the end of August.
Several E&P players attempted to prevent the DPR from revoking their licences and auctioning them to fresh suitors alongside the marginal fields pre-designated for the round, but their application for an interlocutory injunction was rejected by the Federal High Court.
These included Associated Oil & Gas, Dansaki Petroleum, Bayelsa Oil Company, Bicta Energy, Del-Sigma Petroleum, Sogenal Energy, Independent Energy, Sahara Energy, African Oil & Gas Ltd. and Goland Petroleum.(Copyright)
ADM teams up with Nigerian oil magnate - Upstream3 Aug '20
ADM teams up with Nigerian oil magnate to tease out marginal prize After a flurry of board appointments and a cornerstone deal to secure backing from Trafigura, the London-based explorer reaches out for the last piece of the puzzle 3 August 2020 13:21 GMT By Barry Morgan
London-based explorer ADM Energy has pre-qualified to bid with a high-profile local partner in Nigeria’s Marginal Field Bid Round, under which the Department of Petroleum Resources is offering 57 fields across the Niger Delta shallows, onshore and swampy terrain.
ADM is targeting a shallow-water asset for which competition is understood to have intensified in recent days as local players team up with foreign suitors to form bidding consortia.
ADM will pursue participation in the second stage of the licensing exercise in “exclusive technical partnership” with OilBank International, an indigenous oil and gas service management firm, and the duo hope to submit technical and commercial bids by end-August.
“The 2020 marginal field licensing exercise, the first to be held since 2003, is a tremendous opportunity to invest in an undervalued, near-term production asset during a period of unprecedentedly low oil prices," said to ADM chief executive Osamede Okhomina.
Listed on the London, Frankfurt and Berlin stock exchanges, ADM intends to convert its memorandum of understanding with OilBank into a substantive agreement in the event that OilBank’s application for a marginal field is successful and a licence is awarded.
OilBank director Biodun Otunola is known in Nigeria for infrastructure development, while OilBank’s chairman and driving force is Prince Arthur Eze, the founder-chief executive of two producing Nigerian independents, Atlas Petroleum and Oranto Petroleum, which are both active regionally.
ADM currently partners local operator Yinka Folawiyo Petroleum on the Aje field in the Dahomey basin, located offshore on OML 113, but earlier told Upstream it aims to leverage interest from German industry and capital to expand in the Niger Delta and beyond. An unfolding partnership with OilBank, announced this week, may be the key to attracting additional foreign partners into backing ADM’s Africa-wide expansion plans as Eze’s upstream portfolio reaches into several frontier plays from Sierra Leone, Liberia, Togo, Ivory Coast, Chad, Cameroon and Equatorial Guinea.
Over the past decade, Eze’s deal-making track record across the continent has involved myriad players including Chevron, Pioneer Natural Resources, Roc Oil, Lukoil, Noble Energy, Kosmos Energy, Canada’s Nexen Petroleum, Malaysia’s Petronas and Norway’s DNO.
“ADM earlier entered into a strategic alliance with Trafigura, securing up to $100 million in pre-financing, so we are in a strong position to evaluate and finance investment into attractive oil and gas assets,” said Okhomina.
It may look great on paper, but having been here since the start and beyond, I will believe it when and if it really gets going and the numbers show. We had a deal with Nigerians years ago and it turned out to be a right mess. They kept spinning yarn after yarn. so I don't trust them. Only when the 'Money is in the Bank', is the deal properly done...not before.
For those who've here from the outest, may recall the three Wells that were going to make us a fortune. Remember the PEMEX deal. What a shambles. Some of It made Stefan Olivier a few quid, but not us, so whilst I'm rather pessimistic by nature, it isn't such a bad thing when dealing on the AIM where one has to assume that nothing will work and if it does, all well and good. Short of that, the AIM is used to make the CEOs money, then they walk away or delist.
Been on the AIM since 2003...won a bit, lost a hell of a lot. This is the last of two of my holdings. The other is STA which is a total disaster after 12 years holding, but there's always a slight chance, but not with STA, maybe here, so I will stick it out for perhaps another year?
Nigerian marginal fields specifically require the involvement of an indigenous Company like Oilbank, so ADME will likely sign a FTSA (financial & technical services agreement) for a 40% share as the foreign technical partner, but with preferential cash-flow whilst recouping expenditure. Research the Chairman of Oilbank Int’l... it’s why I topped up today.