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You shouldn’t worry much about this Spikeyj, secure funding is something the new CEO is good at :
Osamede (Osa) Okhomina, Chief Executive Officer
Osamede was appointed CEO of ADM Energy in July 2019. He has more than 20 years’ experience in the global oil and gas industry, particularly in Africa, financing projects and growing businesses. Osamede started his career at Terra Energy Services, helping to introduce new deep-water technologies in Nigeria.
He is a founding partner of Africa-focused Energy Equity Resources, a partner investor of ADM Energy, where he has secured more than $300 million of direct foreign investment into Nigerian oil and gas. He brings considerable government expertise and connections to the ADM Energy board.
LOL, patch, i am *not* invested in this!
funny this bit from that feb RNS you posted:
"Encouraging interest from potential project finance providers given the very stable oil production and potential significant near-term production upside."
that was the sheikh, that was. so who's next as
a potential project finance provider, i wonder.
@ Spikeyj
You are just going to go on all night aren't you?
I understand you are upset that your investment here is showing a loss, but this is the position now. What's done is done.
Look at your investment, if you genuinely believe it is going to get worse from here then sell up and move on.
come on, patch, stop making it up!
e,g. 15th april RNS from mxo is very clear
that it was only "£680,000 raised, before
expenses." - so at best that would only
be £550K net. & that was four months ago.
how much money do you think gets
p***** up the wall for salaries and
'expenses' for stefan & the board over
a four month period? ... not much left.
there is nothing at all to evidence that they
have been able to pay off or 'settle' that money.
either wishful thinking on your part, or you are
just trying to sucker folks in so you can exit.
They've done at least 2 placings between then and now, one to the sheik which brought in around £800,000, and one via Primary Bid.
Seeing as they aren't in Carey Street, I can only presume they have settled,/partly settled or arranged terms.
lol, so why would the BoD tell their auditors
that they planned to repay the grenada
money by "raising additional equity finance"?
some longs on this board hope to find bigger fools.
@ Spikeyj,
You do realise you are quoting from the Final accounts to December 2018.
ADM Energy plc (AIM: ADME), an oil and gas investing company quoted on AIM, announces its audited full year results for the year ended 31 December 2018.
As each lifting is producing circa £600,000 net profit to ADME, I ain't too worried.
auditors' comments worth keeping in mind.
e.g.
"As at the year end the Group has net current liabilities of £1,198,000 indicating that the Group has insufficient cash reserves to meet its current obligations as they fall due. The Group received a cash advance of £650,000 in the year for future works planned in Grenada which is not going ahead and is repayable on demand."
"We reviewed the Group’s fundraising activities post year end to provide for ongoing working capital but with the Grenada advance still outstanding. We reviewed correspondence and challenged managements assumption of raising additional equity finance to repay the Grenada advance."
.
.... raising £500K recently (gross ... so maybe net of only £380/400K?)
will have done nothing whatsoever to put the company in a better
position to repay that grenada advance, let along have anything
left over to progress any new plans or pay for their share of aje
developments. the cashburn here on BoD renumeration is way
high anyway, even without allowing for any other expenses. so
the money they got from the sheikh placing in spring will have
been spent already, and this most recent barrel scraping £400K
net approx will only pay their wages for a few months more.
given what has just happened here, how on earth could they
persuade more primary bid punters to have another crack?
which will put into serious question the going concern status.