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Wentworth cash generative - needs to expand in the next year
Block energy - speculative
So do agree
Wentworth your safer bet out of them two
Have to say very disappointed with the leadership of ADM Energy , most important is that as a share holder the goal of all investment is that there a payback for your investment
The one thing that we hold is words and in this case there was ample opportunity to inform that there was maintenance on the rig several weeks ago and this would have impact of oil being collected.
Instead announced that more funding is required and increasing the overheads of a already blotted staff for a stake worth 5% in which all it has to pay is its share of cost.
No need for all these staff just administer
Have escaped with a minor loss 10% ; suspect there been some long investors here so good luck
Can recommend looking at these two company's that may help both have great uplift
Wentworth Resources PLC - Debt free in January and $14 million in cash - maiden dividend with second in early this year
Block Energy - gas flow rate to be announce soon , sign agreement to sell gas - multiple site and licences
Spikeyj is back and he has still got his socks !!
no, i am certainly not laughing my socks off, more
just noting sadly that this company continues on a
poor trajectory from a retail pi perspective. [altho’
from a BoD perspective, maybe they are doing fine?
as they have increased spending on BoD members, in
a company that was already spending plenty on BoD
pay etc., given it has a very limited asset base and is
not actually the operator for the aje asset. plus, bear in
mind OO is not losing any of his money by a falling SP.]
meanwhile, the RNS didn’t really explain why that
“significant equipment upgrade” was needed, over
& above the routine maintenance work, & seems the
RNS attempts to attribute declining production to those
maintenance and upgrade issues, which dodges that
interesting point dan raises that fall in oil production may
just be more about those 2 wells gradually running down.
so production is declining, but the BoD are paying themselves
more, and they no longer expect to be cash flow positive in
2020. when I’d last posted about their cash position, i had
estimated they would run out of cash by about Easter, just
because of their running cash burn for ‘admin’, even if they
did *not* spend anything at all on new assets or further aje
development (although they did then get in that final chunk
of placing cash which i had not expected). hard to know very
precisely when they will run out of cash given current update,
as they haven’t explained just how big that increase in spending
has been, but as a ballpark guesstimate maybe during march?
so i think they will run out of cash within maybe 6-8 weeks,
even with no deals and no progress on aje development.
but what they do have is permission already granted from
their shareholders to issue a huge number of new shares.
so they had better try to crack on with that relatively soon.
mcco - "inversters"??
You clearly can't spell either lol
Spikeyj that's a blast from the past I bet he's larfing his socks off !!
Ye mine too bottom draw ,, lost so much ,, alright for the bod on there big fat wages !!
McAdder, if you are being pedantic about the missing 'u' in 'continues', maybe you should delete the apostrophe in 'inverstor's'!
As others here have suggested, these shares go back into my bottom drawer, probably for a year or two more Not worth selling at this level having lost over 90% of value
Wasn't really expecting this update - truly shocking - i was expecting Debt repaid and some funds to ADME (not a fortune)
AJE is really a writeoff (until / if) Phase 2 operations start development and there is a lot to do until this is started.
Strategy update was poor as well - recent placings likely covering expenses - especially as not enough cash coming in from AJE until at least next year and its difficult to see if current operations will cover ADME running expenses until wells deplete end of 2021 - the decline in flow rates is already hurting and soon they won't be worth the partnership running
No surprise
THANKS your Royal Scroatness. Great job!?
I wonder what Zark and Peel are wondering. Some of us (including my thoughts) were maybe a little harsh on the likes of Spikeyj. Maybe we should have listened more.
Ffs can't even spell continue right in the RNS...
"contines to evaluate" lol
I've waited and waited like lots of other investor's but had enough. Sold some more this morning.
Strategy update released now
Zero so expect another placing to fund investments
Be interesting to see what this period of excessive growth delivers, in his personal statement at the end
So how much cash have we actually got to invest?
Chris
So funds raised was likely to just pay wages until may when debt is paid off on 14th lift
Back in the bottom drawer then eh!
Not profitable this year due to board expenditure, debt paid off in may now after 14th lift