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Wonder if the £2.7m in the Accounts was after or before the CAPEX meeting
certainly not enough with the 17th Lifting to clear it if so
I was surprised there was a 17th lifting - we knew they stopped production so to have one so late (i'm assuming with us getting a new FPSO for phase 2 - this was the last of the oil in there when it was passed back to owners)
18th Lifting wont be until Phase 2 starts - were not really going to expect this for another year at least
(doesn’t bode well for the 18th lifting, if they ever do one.)
i thought it was mildly interesting that the 17th lifting was so small.
the 15th and 16th liftings combined totalled more than 457,000
barrels of oil, but the 17th lifting was only just over 94,000 barrels.
full year results RNS’d in june mentioned;
“The £2.7 million owed to the Aje JV…”
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 :)