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… the tsunami continues …
Another busy trading day so far. 3 trades totaling almost 1p!
Https://uk.linkedin.com/in/osamede-okhomina-052a477b
… meanwhile, osa still seems to list himself as CEO of ADME on linkedin.
Blimey indeed, i didn’t realise carter19 still had his eye on this board. it’s been more than two years since he posted here, think he stopped in spring 2021 when he seemed to be getting rather carried away with maga-style covid denial /anti-vax stuff.
Feb 20th 2021, carter19: “Who do you believe though Osemde [sic] or Spikey : )”
[ADME share price at the time, 4.45 pence.]
… looking back at what’s happened to ADME’s share price and prospects since then, the pretty obvious answer is that it would have been a remarkably stupid mistake to believe osamede okhomina, with the share price now 90% lower, two and a half years later.
Spikeyj is still around, he must still be lonely.
Presumably the same richie jennings who made such a laughing stock of himself regarding ADME under the umbrella of align research?
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.