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londonfish nobody is trying to deflect ive shown you various difficulties ioc's were experiencing at that time between 2006 to 2008 including bombings kidnappings etc which is a good reason why sinopec would abandon barracuda and orxy would stay offshore nothing to do with the technicalities of the fields. If the field was so bad why did eerl drill 3 wells and adme's subsidiary NHNL completed 3 eias dredged and cleared the land ?your analysis does not stack up with activity on the field
Last comment, I see the boards blanked out my descriptive term i used about Ginksy's attitude toward Africans, its amazing how we are always viewed as scammers and frauds, yes we have a lot but the majority work harder, live under conditions no westerner could survive but still are more hopeful and truthful than any other.
Ginksy, you are trying once again to deflect, this clipping is 2006 from ENI, during this time EERL drilled the Barracuda well with ZERO community issues, an Indigenous company like EERL who has a track record with the SONGHAI Group with Hydroponic farming is a perfect fit. Dr Jude and Songhai can perform in NW OML 141, they have a plan supported by NHNL , ADME just says problems, community , kidnapping, etc, but please show where this occurred in OML 141, there is no documentation. EERL has drilled 3 wells, shot two 3D surveys , with NHNL having completed 3 EIAs, Surveys, Dredged and cleared land with no issues? You are a classic UK punter who blames the failures all on Nigeria (****** perhaps), Nigeria we have our issues but this is not an Nigeria problem, this is the punters who come down to our country, claim corporate governance , claim access to international funds and then raise CHUMP CHANGE to keep the lights on, not develop the project. ADME is a classic 419 Fraud company that is using our Nigerian Asset to fund their corporate overhead . All people want is for ADME to move on and scam someone else. That the AIM regulators have allowed this to continue is an embarrassment to the UK, Having experience with the TSXV, i would now put AIM equal or perhaps lower to the TSXV exchange , I thought AIM had regulations, sorry to all
more on the problems in the area at that time
Violence in the Delta Continues
Italian company Eni's Ogbainbiri flowstation has shut down operations after it was stormed by an unknown group of militants on the evening of 25 July (see Nigeria: 27 July 2006: Militants Attack Eni's Ogbainbiri Flow Station in Nigeria). At the time of the raid about 40 employees of Nigerian Agip Oil Company (NAOC) were at work. It is thought that they are now being held there.
It is possible that the incident occurred due to Eni's alleged refusal to sign a new memorandum of understanding (MoU) with the Ogbainbiri community following the expiration of the current agreement, but Upstream reports that Eni could have been targeted due to its failure to clean up an oil spill in the area some time ago.
This is just the latest incident in which employees of companies operating in the oil industry in Nigeria have been taken hostage. In the past couple of months, there has been an increase in the kidnapping of foreign oil workers; so far this year 32 people have been taken hostage from facilities in the Niger Delta, all of whom have been released safely. This militant strategy has been one of the factors behind the deteriorating security situation in the Delta that has seen IOCs refusing to allow their employees access to Delta-based facilities (see Nigeria: 24 April 2006: Companies Still Wary of Operating in Niger Delta, Nigeria: 26 April 2006: Confidence in Niger Delta Security Plummets as ExxonMobil Asks Staff to Stay Away, Nigeria: 12 January 2006: Shell Shuts In Offshore Nigerian Field After Workers Kidnapped and Nigeria: 2 March 2006: Some Hostages Set Free in Nigeria; More Oil Sector Attacks Threatened). However, this strategy has proved so successful that hostage-taking has been adopted as a tactic by others, and was most recently used by a village community to voice their displeasure at their current situation (see Nigeria: 26 June 2006: Two Philippine Oil Workers Released by Kidnappers in Niger Delta).
It has been a miserable week for the oil companies operating in the Nigerian oil sector—one that has led to over a third of the country's production capacity being shut in. It would appear that another oil company working in the area caused the damage by accident to the Sanbartch Krakrama pipeline. Niger Delta militant groups such as the Movement for the Emancipation for the Niger Delta (MEND) have been quiet lately, which suggests that when the organised militant groups are ready to strike again at oil-company facilities the shut-ins could increase substantially.
Shell chief executive Jeroen van der Veer stated yesterday that Shell has hopes of allowing staff to return to the Delta in the second half of the year. If this could happen then production that has been shut in since February could be restarted. However, as the April 2007 presidential election draws closer, the violence in the Delta looks set to increase. Earlier this year van der Veer admit
londonfish more on the ongoing problems in the area between 2006 and 2008 when sinopec were working on barracuda alot going on .. note oryx stayed away from the swamps and drilled well offshore
Royal Dutch Shell declared force majeure on Tuesday on its Nigerian Bonny Light crude oil exports for July to September following an attack by militants on an oil trunk pipeline in the Niger Delta on Monday.
Effective midnight today SPDC has declared a force majeure on the July, August and September 2008 offtake program from the Bonny Light stream,” Caroline Wittgen, spokeswoman for Shell in Nigeria, said.
The Movement for the Emancipation of the Niger Delta (MEND) said it had blown up pipelines at Kula -- through which the Nembe Creek trunkline passes -- and at Rumuekpe, located around 50 km (30 miles) west of the main oil city of Port Harcour
MEND’s campaign of violent sabotage against the oil industry in the Niger Delta has cut output in the world’s eighth biggest exporter by around a fifth since early 2006.
Barracuda was drilled in 2007 they left in 2008/9 it had nothing to do with Sinopec leaving in 2014/5 and or the Addax issues (2016), re kidnapping, if you have worked in the Niger Delta Operations you have dealt with kidnapping Give it a rest, Sinopec walked from OML 141, Oryx walked from OML 141 if you were technically competent we could argue the reasons but it was not corruption and or kidnapping issues. EERL has excellent community relations team, one of the best in the Delta, shot seismic, drilled 3 wells and Zero reported Community issues
Yes sinopec fled ..between ongoing violence and bibery allegations they too a runner leaving barracuda discovery behind ...
The DOJ and SEC are investigating Chinese national oil and gas company Sinopec over allegations the company paid over $100 million in bribes to Nigerian government officials to resolve a business dispute in the country.Bribery allegations surfaced this January after Deloitte, Addax’s auditor, publicly resigned because it failed to obtain a “satisfactory explanation” for an $80 million payment to an engineering company for Nigerian construction projects in 2015. Shortly after that payment, Addax and the Nigerian government reached a court-approved settlement in their dispute. The settlement resulted in the government reversing its position that Addax owed them $3 billion in unpaid taxes and royalties. The agreement was revoked in 2016, on a forward-looking basis only. Deloitte also noted that Addax paid $20 million to legal advisors in Nigeria and the US, from accounts in Nigeria and the Isle of Man. Several whistleblowers allege those payments were also meant to bribe Nigerian officials.
Ginksy, how does this differ, you stated they were chased out by the community , the word you used was FLED, then you went one to say Osa sorted out the communities? As i was in the area at the time i don't recall seeing Osa in the mix, he was fleecing all the JDZ Investors at this period if my memory serves me? Please explain what in my post was incorrect, I agreed both wells in OML 66 were discoveries ( with DSTs!) , they had an uneconomic model sending a tri=phase fluid to Nembe Creek as reported in their 2014 Final Presentation to the DPR? Please explain what i said that was incorrect?
Londonfish , Reuters article states otherwiase
BEIJING, Aug 18 (Reuters) - China's CNOOC Ltd 0883.HK has quit most of its 35 percent share in the smaller of its two Nigerian oil stakes even after the Nigerian operator drilled two successful wells, a source close to the matter said.
It was not immediately clear why CNOOC decided to relinquish its working interest in oil mining license (OML) 141, formerly oil prospecting license (OPL) 229, after two exploration wells in the shallow-water block sunk last year struck oil.
The move is a rare setback in Chinese state firms’ dash into resource-rich Africa, although some are also suffering a rising number of kidnaps of Chinese workers on the continent and growing critism from rights groups.
ADME is a tough investment. It is interesting all this debate about the asset but I am more fundamental than that and don't see how there is any control. It is all agreements within agreements and an indirect interest.
In addition it is likely that there will be equity raise after equity raise after equity raise. That's fine if control exists and the size of the prize is such that a successful outcome brings shareholders significantly into profit. But I don't see that.
As an investor the best thing to do is to monitor the share and if the building blocks and progress of the projects should change then reassess.
Ginksy SINOPEC farmed in to OML 66 (Adjacent to OML 141) in 2010 and stayed until 2015 when they made a corporate decision to leave the swamps they drilled two wells, both finding small oil and they left so do not tell the ignorant that it was a no go area, that is just a LIE- Ginksy, how again is ADME going to raise money if their last raises are only a few hundred thousand GBP? ADME ship is sinking
Osa was brought in by the Nigerian Government, seriously? I suspect Osa does not even know which kingdom it is in. This post by Ginksy is pure Bull Crap Sinosure drilled the Barracuda well with no issues, NHNL has conducted three EIA surveys, purchased the land dredged the slot with no Community issues. ADME has never even been to the site- Next thing Ginksy will say is OSA drilled the previous 4 wells and personally was on the rig and confirmed the oil. Ginksy are you Osa, Thato or are you his wife?
Geowiz it was a no go area for decades ... even the chinese fled ...until Osa was brought in by the nigerian government and sorted out the local issues...Osa has all those contacts with local chiefs to get oil developed at barracuda
lets see Osa is in a legal fight due to poor due diligence and non performance, he can not raise the funds to develop Barracuda IF he wins, why does he not walk away?
Exxon, Shell and Totals technical teams missed this opportunity which has been sitting around for decades during which time they all invested billions into the country but Zenith disagree and think it’s a stonker? Sign me up..
The chance of this development being funded via an AIM rights issue has to be zero. Via an ADM rights issue it has to be even less than that.
That is true Spikey - any last real data we have seen is that every well drilled has been deemed non-commercial at the time of drilling
There have been CPR reports done and provided to ADME and Zenith since last well was deemed non-commercial
I said at the time, ADME's buy in price looked cheap and a lot of the consideration was based on first oil and milestones (i remember someone saying it was to good too be true) and OSA saying this was the best deal in terms of the economics he had ever seen - which both look laughable now
(for comparison, if you recall, osa was very, very excited about
the marginal oil fields bid round — look what became of that
for ADME, and how little he had to say about it afterwards.)
“… both ADME and Zenith are obviously excited by whatever data has been provided …”
some of these AIM CEOs are just pretty good at *pretending* to be
excited at even the most rubbishy ‘asset’, in order to suck pis into a
spike to raise yet more money. we have seen zero evidence of any
kind to back up the idea that barracuda is worth bothering with.
GEOWIZ - Me and Spikey already went through this last year, 4 drills to date and all deemed non viable (so what makes things so exciting now?) - both ADME and Zenith are obviously excited by whatever data has been provided and I would hope that our technical team and there's are skilled enough to analyse correctly and make the recommendation to each respective BOD
The other issue is the ownership and how ADME have legal ownership - i have mentioned a number of times (that the structure is really awful) as we have purchased a contract in Barracuda, through KONH which owns NHNL as a subsiduary (but apparently doesn't) as they rejected the proposal in August, yet we claimed the legal transfer was done on 28th April
The legal questions i'm assuming are:
1. Did the Legal Completion happen where ADME contractually puchase via KONH the indirect interest in Barracuda via NHNL on 28th April
2. If it completed, are there any Cooling Off period / Conditions to be satisfied and what were the terms (typically a lot of contracts have post completion requirements of maybe 3 months etc) - if say it was 3 months from 28th April (3 months would be 28th July and the NHNL documents say they declined 17th August (so maybe this was after 3 months of the contract and ADME have gone to Nigerian Courts and proved this been the case) so injunction been made for further investigation
3. if it didn't and we never legally completed the transaction on NHNL, we only completed on the purchase of KONH - the question here then becomes why didn't we complete on NHNL, what did our money actually buy and why were we never informed. - this is what NHNL are implying happened
Its a waiting game here - fingers crossed
As far as I can see nobody owns anything in this circle
of despair. KOHN was set up as a shell by ADM. there’s no production or even actual reserves to ‘buy’ into just an option if expensive litigation is ‘successful’ to drill a 20-30 mm Usd speculative well into an area the Majors have rejected as sub economic.
nobody is disputing what NHNL have done to date...the question is who owns NHNL
re 19:18, personally i’d rather it all came out into the open in the court case(s),
rather than resolved in less transparent ways. sunlight is a good disinfectant.
Do you actually beleive anything Osa says? It is pathetic now, all with the court documents know the truth as it is documented in the filings, ADME/KONH are trying to deflect, if they so elect to proceed on March 1 the documents will be presented. How do they claim ownership? NHNL unlike what Pwhite57 says on ADVFN NHNL has conducted considerable works , established a Local office for 6 years, negotiated the RSC and Escrow Agreement, purchased offset data, incorporated OML 66,29 and 33 data to understand the offset reservoirs in Lower C and D Reservoirs production, completed EIAs, ATDs, detailed drilling plans, drilling permits (covering all permits and expenses) , three CPRs ( Completed and paid for NHEP, Ryder Scott 2016 and DNL 2019), negotiated a MOU with the community, purchased land, cleared, dredged a double slot and the water way access as well as commissioned a new EIA for the EWT/EPS and Barging, all through and under the NHNL RSC. These were paid by NHNL. What has ADME/KONH/Karra Oil completed? Raised money for their corporate overhead and expenses . This as you say is a joke and will be exposed on March 1.
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