The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Those two holdings announcements came out late
Really good RNS, it does underly the potential value in AJE, makes our portion worth c$3m with additional c$7m if we looked to offload to Petronor as well
Looks like Petronor will get things progressing with Phase 2, but maybe want to get a greater percentage of the asset before progressing so hopefully this will speed things up
Interesting announcement this morning
Gross project appraised resource estimates:
• 500 BCF Gas
• 20 mmbbls Condensate
• 7 mmbls Oil
Ø Exploration upside in licence area
Ø Nearby discoveries needing infrastructure
Completion of deal with YFP for 52% interest in
jointly owned Aje Production AS in process.
Ø Advancing plan for re-development with
partners comprising:
• FPSO with gas handling capacity
• 4-5 wells for gas and liquids production
• 30 Km gas pipeline to onshore LPG plant
Ø Market enquiries on FPSO and gas sales
underway
Ø 3D seismic re-processing for well positioning.
Ø Positive discussions for project finance
underpinned by gas as a transition fuel for the
region.
Hopefully the formatting has stayed the same with the copy and paste, if it hasn't, sorry.
Last year interims for ADME to end june 2022 came out on 29/9/22/
? … so nearly time to hear about this year’s sparkling interim results?
Will we get any news in next 4 months ??
Or will we just get some posts covering the annual Christmas lunch
Lol, yes, no doubt they’ll be announcing bids for workovers of abandoned mexican wells anytime soon…
Mxo reincarnated !!
Should get news on those shallow well work over results from the US soon
At this price its not worth selling, until AJE produces, then we wont get close to my exit price
Barracuda written off completely.
zero production from aje since 2021.
no FPSO.
aje development still in never-never land.
return of stefan, eek!!
involvement of randy from NCT / MYN value destruction infamy.
“Back to sleep for another year.”
be careful dan, the accounts appear to flag pretty clearly that they will need to attempt another fund-raise somewhere in the next few months, in order to remain a going concern. given the pitiful volumes and flattened share price here, any placing will need to be very heavily discounted indeed to stand a chance of them getting one away. jmv.
Accounts out
while probably better than other years and didn't really tell us anything we didn't already know other than the formal write off of Barracuda (which was inevitable)
Think some new hence the drop
AJE is still stagnant with the new and while they say the partners are working on it, there doesn't seem to be anything progressing on there side at all - actually the annual report from Petronor doesn't highlight it that well at all
'Albeit delayed, significant progress has been made on negotiations of gas offtake contracts and the company is moving forward both in our discussions with license partners and relevant financing institutions. PetroNor hopes to progress the project toward final investment decision late 2023.
Investment Decision due this year - that means at best if they get the finance and off take agreements sorted - we might start the project 2024 - with first revenue (say mid to late 2024 at best)
Back to sleep for another year
Not much left in that.
Big drops like this on a weak little share like this are usually catastrophic 🫣
Just to rephrase slightly, i doubt that the intention is to dump those rubbishy licences per se, more to use puff and guff about the ‘potential’ of those licences to pump and dump the shares.
that seemed to be the modus operandi used for the garbage assets which randy connolly used with northcote /mayan … e.g all that shoats creek malarkey.
From my own reading of it, ADME appear to be tacitly admitting that the nigerian ‘assets’ are next to worthless, and are now trying to turn the company into a scheme for pumping and dumping some pretty useless US o&e licences that randy connolly [- yup, the ex-director of the astoundingly awful, value destroying NCT/MYN!!] has been unable to offload before now. jmo.
the combination of randy connolly’s involvement, stefan re-joining the BoD, umpteen convertible loan notes and umpteen new BoD share options (- without meaningful, performance-related vesting criteria so far as i can see - ) does not seem to have set the market alight with enthusiasm.
… & still total silence from the BoD about
the expired injunction etc re barracuda….
Kicking the debt down the road is not a bad thing with no update on AJE
Our Costs for new project are all covered by new loan facility
We will have some surplus cash - sounds like c6 Months Admin costs
Directors have purchased in subscription
Whether the investment is good or bad is not really the point to me, the point is we have another 6 months to wait for AJE Development news which for me is still the real jewel - see you all at Christmas
Well this is a very busy and interesting RNS with subscription of shares at 1.2p per share. Changed of fortune for me I trust as a very long term holder from the MX Oil days.
Full year results due out in about 6 weeks.
still no update on the barracuda litigation! (? …would
be very remiss not to mention that at all in the results?)
i would have thought they will try to get something away
before results, since financials are not going to look pretty.
my money is just sat here (for what its worth)
I just hope that AJE works out eventually
judging by RNS's, even the company has realised this is the only actual asset
it’s your money dan, but stefan’s return yet another enormous
bright red flag imv. game #3 the most likely one next imv, so
that might generate enough volume to exit on. good luck!
to be fair to stefan and his mates, they did manage to make a lot of money
for themselves last time round, so it’s not that illogical for the insiders to
give him another go, as they will presumably be hoping he can conjure up
another pump for them to dump into. but awful history of sustained value
destruction for ordinary pis under his tenure, who should beware again, imo.
historically ADME seems to have played three main games to set up a spike:
1. look, a very rich cornerstone investor has bought in, he’s a really
good omen! (most obviously, when the dubious sheikh was brought in).
2. look, we’ve cleverly managed to buy into /are about to buy into an
obscure asset that no-one else thinks is actually worth much, but it
is going to be a real company maker (e.g. marginal fields, barracuda)
3. oh look, someone is about to buy our stake in aje from us, so that’s going
to make ADME loads of money soon (- most obviously, when ADME, under
stefan as CEO, boasted that aje was going to be sold to GPDC, which spiked
the share price, & enabled certain individuals to dump just ahead of a large
placing, after which the GPDC ‘bid’ simply melted away & the s/p sank again.)
if i remember correctly, randy connally was also involved (via NCT /MYN)
in talking up MXO back when that phantom bid from GPDC was being touted
around. ? the other new ADME director is probably in at randy’s request?
(…worth looking back over the appalling history of value destruction
for ordinary pis at NCT / MYN while randy was running that show, to
get a sense of what a mate of randy’s might bring to the ADME party.)
What a joke
Stefan Olivier has been re-appointed - after years of failure at the helm of ADME (MXO) - he is back
a few more trades recently, but the overall volume has
remained pretty dismal if you look back at the charts.
the RNS today makes *no mention whatsoever of barracuda*, only aje.
ADME still hasn’t released any update about the court hearing on 28/3
about barracuda & the injunction they had previously been granted to
that date. ? so it looks like they may well have lost barracuda completely,
but are just trying not to mention it anymore and hope everyone forgets?
(- no change there, that’s how ADME dealt with e.g. marginal fields fiasco!)
but their annual results are due in june, and it will be difficult for
them not to mention barracuda at all on those. i expect that they
will be attempting to get another placing away before those results
are released (… partly as they will make pretty grim reading, imv.)