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Full year results due out in about 6 weeks.
still no update on the barracuda litigation! (? …would
be very remiss not to mention that at all in the results?)
i would have thought they will try to get something away
before results, since financials are not going to look pretty.
my money is just sat here (for what its worth)
I just hope that AJE works out eventually
judging by RNS's, even the company has realised this is the only actual asset
it’s your money dan, but stefan’s return yet another enormous
bright red flag imv. game #3 the most likely one next imv, so
that might generate enough volume to exit on. good luck!
to be fair to stefan and his mates, they did manage to make a lot of money
for themselves last time round, so it’s not that illogical for the insiders to
give him another go, as they will presumably be hoping he can conjure up
another pump for them to dump into. but awful history of sustained value
destruction for ordinary pis under his tenure, who should beware again, imo.
historically ADME seems to have played three main games to set up a spike:
1. look, a very rich cornerstone investor has bought in, he’s a really
good omen! (most obviously, when the dubious sheikh was brought in).
2. look, we’ve cleverly managed to buy into /are about to buy into an
obscure asset that no-one else thinks is actually worth much, but it
is going to be a real company maker (e.g. marginal fields, barracuda)
3. oh look, someone is about to buy our stake in aje from us, so that’s going
to make ADME loads of money soon (- most obviously, when ADME, under
stefan as CEO, boasted that aje was going to be sold to GPDC, which spiked
the share price, & enabled certain individuals to dump just ahead of a large
placing, after which the GPDC ‘bid’ simply melted away & the s/p sank again.)
if i remember correctly, randy connally was also involved (via NCT /MYN)
in talking up MXO back when that phantom bid from GPDC was being touted
around. ? the other new ADME director is probably in at randy’s request?
(…worth looking back over the appalling history of value destruction
for ordinary pis at NCT / MYN while randy was running that show, to
get a sense of what a mate of randy’s might bring to the ADME party.)
What a joke
Stefan Olivier has been re-appointed - after years of failure at the helm of ADME (MXO) - he is back
a few more trades recently, but the overall volume has
remained pretty dismal if you look back at the charts.
the RNS today makes *no mention whatsoever of barracuda*, only aje.
ADME still hasn’t released any update about the court hearing on 28/3
about barracuda & the injunction they had previously been granted to
that date. ? so it looks like they may well have lost barracuda completely,
but are just trying not to mention it anymore and hope everyone forgets?
(- no change there, that’s how ADME dealt with e.g. marginal fields fiasco!)
but their annual results are due in june, and it will be difficult for
them not to mention barracuda at all on those. i expect that they
will be attempting to get another placing away before those results
are released (… partly as they will make pretty grim reading, imv.)
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?