We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I wondered why there had been some large purchases lately
hi dan, hope and yours are well.
it really doesn’t look like anyone is bothering at ADME anymore. given that
previously they used to update about court and injunctions when it could be
presented as slightly positive / neutral for them (extension of injunction, etc) i
guess that the outcome this time round was unfavourable, and they just don’t
want to mention it (bit like the silence on marginal field outcomes in osa’s day).
i think the remaining reason for watching this is just randy connolly’s track
record - imv he is a massive red flag for any company that he gets involved in,
*but* he does have some history of very ‘creatively’ managing to froth up s/p
price spikes for a short while at least for certain parties to dump onto. ? maybe
randy will find a way to manufacture a little pump here? - if he does, probably
last chance for an exit before suspension / liquidation of this train wreck. jmo.
I am beyond caring - especially on the court
still just hoping for a miracle on AJE Phase 2 & 3
Are there any actual staff checking the e-mails and post at HQ?
this appears to be a clear failure by ADME to update the market in a
timely way regarding price sensitive information. there is no clarity
at this point for the market whether the interim injunction is still in
place or not following that scheduled court hearing on 28th march,
whether any court ruling was made, whether matters deferred to a
later date, etc. AIM regulation should step in imv (but almost certainly
won’t, since ADME is such a tiddler at this stage & who really cares?)
Spikeyj, NHNL was defaulted from the NWOML141 on July 03, 2022- if you check the EERL website there is no mention of a RSCA in NW OML 141. I agree, it is difficult to understand why ADME has not mentioned this fact or the various outcomes and delays to the Nigerian Lawsuit ( Lawsuit for what as ADME never put a pence in NHNL or the NW OML 141 RSCA). Perhaps you should ask Thato or their Chairman.
no RNS to update about the court hearing that should
have been held yesterday… so has it just been postponed
yet again, or did the hearing start, but is still underway?
tomorrow,
supposedly.
There has been some unusually large buys going through recently
Plan was always to get finance as a group within the partnership
Question of do we need to provide any additional funding to cover any shortfall
As i have said, its good having a larger partner but looks like they have some of their own problems now
https://petronorep.com/media/iueibkx3/20230302-company-update-regarding-recent-media-article.pdf
While they are denying it, there is usually something going on
whether it effects AJE in the long run we don't know
but for now - we sleep - like the courts in Nigeria and phase 2, not expecting anything definitive for months and it doesn't seem to be any movement in looking to invest in other projects (albeit what do we really have to invest) - think i have more cash down the back of the couch than ADME does (last loan will be received end of this month / early April and then it becomes another cost moving forward)
"Positive discussions on the source of funding" that from experience means. nothing other than preliminary talks. Aje is a wish and a prayer hoping for someone else to fund or more wishing buy then out. As with all on ADME projects, it is a sham. Marginal Fields (now called PPL) in Nigeria are being developed. ADME, no participation, new blocks, none. Osa is gone but it is the same company, buy a lottery ticket, you have better odds
From petronor presentation 23rd February 2023
Good to see they are looking to get finance as a group and not all individually. Work will start as soon as finance is agreed.
Once again, a deflection from the truth, but is that not what ADME is? As Spikey states the RSCA is a red herring so the fraud to the investors is not obvious to all.
it was more an issue from PEBKAC
Wow, I am amazed at your comment, the RSA is through NHNL whom KONH, says they acquired an interest in whom claimed they had, but with no payments nor official documents to support, and is in a lawsuit which is continually delayed? Now the owner of the RSC whom these third parties claim they have an interest in, is reported to have been defaulted, if so then is the RSC valid? Please look at the EERL website...
Nope all fine. Got the all clear from RSA
does it make a difference since NHNL was defaulted from the NW OML 141 RSCA on June 5 2022?
adjourned, yet again, to 28th march.
WHAT HAPPENED WITH THE COURT HEARING?
lol, your posting history re MXO / ADME tells a very different
story. (but not surprised you prefer to pretend otherwise.)
Thanks Spikey, I have done very well as a long term investor thank you :)
You might want to time your entrance and exits into investments a bit better in future
seven years you’ve been invested in this PoS now, frobertdude.
i gotta hand it to you, you sure are a patient investor, but that’s a
pretty bad mark-to-market, & a heck of a lot of opportunity cost.
? are you still a fan of this company, after seven years
of failure and sustained shareholder value-destruction?
(? if so, why??
The last announcement was that it was adjourned to 1st Feb, that's next week.
Dan, no RSN on the court hearing on Barracuda today, it appears to be postponed again. Amazing as ADME claimed this was a slam dunk, it appears Osa & Thato miss-lead once again. But who is suppressed at this?
That’s correct, no income producing asset right now
The main hope is AJE gets phase 2 moving quickly but the silence is horrible, we have more cash calls this year with the new finance package been short term, we still need to hear on Barracuda whether that is a cash call or cash receipt
I still maintain that phase 2 and 3 AJE look solid investments but the issue is when will these be realised and will it be in time to make a profit, another year wasted last year