Firering Strategic Minerals: From explorer to producer. Watch the video here.
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We received zero cash
The question is if there is any project debt left from phase 1 - we don't know
we have not been updated on this or from the supposed meeting with the AJE partners in i think April regarding the Project Debt and Capex queries that had been raised (remember with CAPEX we are likely paying more than double the actual cost to the current operator / while OPEX and repairs are at cost) the partners raised that OPEX COSTS were been but through as CAPEX COSTS by the Operator increasing the project debt significantly when it shouldn't
There is a good possibility that Project Debt has been repaid and that Phase 2 can hopefully commence next year
Spikeyj, The way i read the RSN "the proceeds of the lifting will be used to continue the development" by the JV partners in the AJE development. I would read this as ADME received ZERO cash. JMO
still nothing frobert?
i think the reason frobert doesn’t post what the positive
features of ADME are, is just because there aren’t any.
you’d think that a chatboard like this would be busy with
all the long holders and rampers busy trying to talk the
share up, and praise all the positive features. but no, the
ADME board is deathly quiet… the nearest they have to
a cheerleader here is dan (who is pretty mild-mannered).
hello frobert. still waiting for you to explain the positive things that
make you think ADME is worth investing in. c’mon, don’t be so shy!
hi dan, no, i don’t think the project level debt has
cleared ( - if it had, don’t you think they would have
been shouting it from the rooftops via RNS??)
i think they are just trying not to mention it.
That is an interesting point Spikey, they don't mention project debt and mention phase 2 of AJE instead, good spot, do you think the project debt may now have been cleared and that all parties have agreed to the funds been used for phase 2- but that does sound a lot more positive - good spot
you are correct we will still need a placing for Admin Expenses but still nothing, overdue - so hopefully Directors are just waiting for the right time to keep dilution to a minimal
I wondered when negative nelly would turn up. bless you. you must be fun at parties
funny how they don’t mention the project level debt in the RNS.
it’s almost like they are hoping pis will forget it if they don’t
mention it. but they still have zero cash, high cashburn, &
now owe a lot of deferred pay and perks to the BOD imv.
placing ahoy!
its actually a weird lifting - we know they aren't drilling and have no active wells and are replacing the FPSO
I can only assume this is the final oil in the wells that was in the FPSO that has now been sold now the Panoro deal has concluded
At lease this will give the JV a decent amount of revenue for Phase 2 development c$10m USD
our revenue is just over $900k on this lift (i know we don't get anything as cash) but it means any debt for phase 2 is greatly reduced )
Very positive to et a good cash injection into the AJE project
Nice lifting there, as planned, slowly slowly :)
I would suspect Osa and the BOD are all on their August Leave hence the lack of promoting and wild promises of great things in the future. Lots of movement in Nigeria, PPLs issued and many marginal fields are moving forward but ADME was not invited. Rumblings on NW OML 141 are circulating, it will be interesting if KONH or ADME have anything to report?
someone bought about seven grand of ADME shares on wednesday, and now
today someone sells those seven grand back. this kind of thing has happened
a few times recently … someone seems to be prepared to take a small loss
each time round of a few pips and dealing costs, in order to create the illusion
that there is still at least a tiny bit of interest in ADME. a truly pathetic share.
The tea & biscuits from the AGM are also on credit
used the last of the Instant Coffee so next meeting maybe costly
they must be giving the milkman IOUs.
? AIM’s most substandard ever pump & dump underway?
20 trades today, for a total of about £9,500 … lol!
and almost £4,500 of that just comes from two pairs of trades which
cancel each other out, i.e. two trades at 13:47 when someone bought
250,000 shares total, and then two trades at 16:19 when those 250,000
shares were sold again. seriously, is anyone really going to fall for this??
[lol, still, this is AIM, so maybe they will find some very, very gullible
new punters to fund the placing and pay for those outstanding pay
and perks for the BoD - stranger things have happened on AIM!]
hi frobert.
you’ve been around this board for a few years, so you already know that
those kind of questions have been asked before, & i’ve answered before.
but hey ho, one more time, yawn, no, i am not richie jennings, winnifrith,
nor do I have any connection with those folks, align / sharepuppets etc.
i read and post here as i find this an interesting & entertaining share,
& it sometimes has some quite interesting lessons one can learn from.
this is a chat board for discussing ADME company & its shares, so it’s a bit
of a shame from my point of view that you don’t want to post what your
reasons are for claiming to be positive about ADME’s prospects. i’m happy to
post my own views about ADME, including my reasons for being v sceptical
about ADME and its BoD, but it would make for a more interesting discussion
imv if supposed bulls such as you were willing to explain what you believe are
the plus points here …but since frobert seems reluctant to argue the bullish
case for ADME, would anyone else care to say why they think ADME is a buy?
on a slightly different, but ADME related note, i’d also be interested if
anyone could clarify which would rank higher in the event of ADME
going into administration or being liquidated: (a) the project level
debt, or (b) deferred pay and perks owing to BoD members but not
yet paid our? … i am wondering about this because ADME clearly has
no cash left, & i guess is just limping along with the BoD trying to
wait until the next placing to claim their pay and perks. but even if
they cannot get another placing away to refill the swine trough,
monies owned to creditors such as BoD members for back-pay would
obviously rank way ahead of the poor old ordinary shareholders.
I would actually be more interested in why someone who has publicly declared they are not an investor of ADM, yet, spends a lot of their time on this particular forum talking down the business. Is this some sort of masked superhero (pessimist) patrolling these chat forums perhaps? Or is it someone who failed to take control of the business via a general meeting.. is that you Richard Jennings / Tom Winni / Robertsham.. and if not Spikey, why the 31 out of 47 forum posts in the last 30 days are on ADMEs share chat. Obsessed much? I am genuinely intrigued why you have such a history of posts about this company , yet are not an investor, seems particularly strange to me.
i wonder why someone like frobert would prefer to take
a conversation “out of this forum” rather than post any
evidence or reasoning to support their purported
optimistic view of this share’s prospects? - odd, that.
usually on these chat boards if people actually have any
proper evidence or analysis to support their positive view
they are only too happy to post it….i suspect the problem
with ADME is simply that there is actually b***** all that
can be said positively about a company like this, but
the would-be rampers just don’t want to admit that.
Frobertdude, I would appreciate clarifications on your comments. First ADME RSN mentions Aje Field, a non producing field with a reported potential to produce gas from FUTURE wells to be drilled. Are these considered reserves under SPE PRMS regulation? The other comment, which i would appreciate clarification on is the slam dunk case against NHNL, that is "without merit" has been delayed until November 16 and then why is it in "settlement discussions"? How does ADME explain ( or omit) this in their RSN and why, if it had no merit, ADME state that they are trying to settle? Please explain, as we all hope for some sort of movement other than than the minor, obvious stock manipulation to try to raise the price to 1 pence so the ADME board can fund their existence.
hi frobert,
no of course i’m not invested in ADME — i’ve been consistently
sceptical about its leadership, ‘assets’ and prospects for a long
time (throughout which it has steadily destroyed s/holder value)
so you’d hardly expect me to own any shares in it, would you?
& no, i don’t want to “take this conversation out of this forum”. i am a bit
puzzled why you suggest that. LSE is a public share discussion forum, & i
post here as i am happy to discuss share pros & cons in the public domain.
meanwhile you still haven’t answered what evidence you have
for your assertion that you: “… believe the management are
on the right path for future growth and shareholder return.”
? what do you base that on?
… looking at your 19/7 11:05 post, your argument so far seems to be that
(a) some other companies have gone bust but ADME hasn’t gone bust yet,
& (b) positive thinking might help people obtain their exit price. - is that it?!
Top risers board ;)
Out of interest, are you invested in ADME? And if so what is your average? It would help me understand your position and advise. Would you like to take this conversation out of this forum, I am happy to. Regards
… no rush, frobert, but it would be nice to hear a reasoned
factual argument from a (supposed) long-term ADME bull like
you explaining why they think this share is a good investment.
tbh, can’t see it myself, but it’d be good to
know what the other side of the argument is.
“I do believe the management are on the right
path for future growth and shareholder return.”
? what evidence do you see to support that assertion, frobert?