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london fish you seem to be doing alot of worrying on a company you've no shares in .. whys that ?
zenith were prepared to offer 20,000,000 for a 42% stake in NHNL since then oil prices have doubled .. I cant see why adme could farm out with zenith or another other company for say 30 million plenty of funds to drill .
"The consideration to exercise the Option and thereby acquire a 42% interest in NHNL has been agreed as US$20,000,000 "
Brent at $114, ADME BOD has nothing to report on the Aje Field, another month delay on the court case with NHNL, will it be another delay again? How can ADME raise debt on Prospective Resources with an RSC and no equity for security? Raising debt on a legally challenged RSC seem questionable, if doable at 1 pence that's 3.2 billion shares but does not include Corporate Overhead which under the RSC is non recoverable? The BOD says nothing but is reported to still be collecting their perks while the stock cant seem to get above 0.8 pence, how will they do another raise without a massive consolidation? Ginsky, Forobertdude, Danbown83 please give us insight
Ginksy, the RSC is clear, for an expense to be a Qualifying Expense it must have a pre-approved AFE and be paid for by NHNL the owner of the RSC, how was what i said bull? ADME has not put one pence into NHNL, nor has KONH, how is this correct? Lets take it one step further, to execute Barracuda 5 will be a cash cost of approximately $16 mmUSD and and actual cost of ~32MMUSD to reach first oil, how does ADME plan to raise this money considering their CPR says Prospective Resources and they have zero equity in the block? If they win the court case, if its not delayed again, what makes you think the Operator will not cancel the RSC due to the year plus delay ADME has caused due to their lack of performance?
blimey, ginsky, still not dead yet, like a coelacanth.
If you want to follow logic ....wait until the end of court case ...its up to the judge to decide who owns what ..theyll have all the facts and evidence .. everything else is only speculation and bull.
How is this actually still being allowed to trade? Seriously! Being interesting to know if there will be some involvement of the nomad on adme soon
Frobertdude, please point out what I stated is not accurate and factual?
Give it a rest Tom ..the takeover over the board didn't work.
Let us look at this logically, ADME is in a lawsuit on ownership of the fabled 70% Interest in NHNL, it is consistently has delay after delay, ADME has certainly not made the owner of the RSC, NHNL or the Operator EERL happy with their performance or lack thereof ADME has not put a dollar into the RSC as a Cost Recoverable Expense as it is required, by the RSC to be invested via NHNL. Aje Field is no longer in production, their share price is sub 1 p , they have project debt and OPEX but zero cash. Please tell me why Zenith Energy would give them anything?
I agree with Dan
Watch this space. ;)
Given ADM, Zenith and the Nigerian outfit have zero cash between them where’s the compensation coming from and for what ? To be compensated one has to demonstrate a financial loss. Given the CPR on Barracuda it’s a liability missed not a loss incurred. A Never ending farce this.
Bank of Shareholders
Be interesting to see what happens with Barracuda - I think we might end up getting financially compensated to allow a separate purchase to Zenith (this in my opinion would be best for ADME)
? how do you imagine this company can survive for another year
with nothing at all coming in, plus debts and cashburn ongoing?!
This has been the big problem and the reason there is going to be an internal audit with operator on the CapEx
Again, the hope is that New Operator and Phase 2 will eventually bring clear revenue into ADME, but the delays on the PetroNor deal probably means we are talking realistically 2024 before there has any chance of revenue
there was zero cash anyway even when aje was producing. since all
aje revenues just disappear into the black hole of project level debt.
I would assume it is ADME trying to drive the share price up to 1 pence so they can do another dilutions With Aje field not producing there is zero cash and as Spikeyj said they have Operational expenses to rebuild the FSO, pay the Operator expenses, project financing debt to purchase the asset and their Corporate expenses so they need cash. A raise with a consolidation would be expected before the end of May
One wonders what all these small trades are about?
There doesn’t seem to have been any substantial buy/sale for a while