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Started: NandL, 23 May 2024 07:11
Last post: DanBrown83, 13 Jun 2024 09:03
We are producing oil - not a lot but at least we can say we are income generative
We are still a £2m Cap Company
More upside than downside finally
Only need it to 10 bag to break even
back to sleep here now
….meanwhile, roughly one month to go before the final results RNS, to see how those company finances have been doing …
ADME announces that it continues to be in business to scrape the bottom of barrels, literally…
It’s not often that we get a positive update with my holding of several years. I look forward to many more.
For a Company with limited trading, why does it take 6 months to announce its annual results?
How much is Stefan being paid these days? In his last tenure he was milking >£250k per annum
Started: tooldforthat, 27 Apr 2024 10:50
Last post: tooldforthat, 27 Apr 2024 10:50
Just go and download petronor annual report it tells you all about aje.
Started: tooldforthat, 27 Apr 2024 10:40
Last post: tooldforthat, 27 Apr 2024 10:48
FIELD DEVELOPMENT
The redevelopment of the Aje field involves
field development activities. These include the
re-entry and completion of existing wells, the
drilling of new wells, and the installation of Subsea
Production Systems (SPS) & Subsea Umbilical,
Riser and Flowline (SURF) packages. From a
refurbished FPSO, the field will be connected to
shore by a 30-km gas pipeline, ensuring efficient
transportation and processing of natural to the
onshore LPG plant located close to the West
African Gas Pipeline (WAGP).
Albeit delayed, significant progress has been made
on negotiations of gas offtake contracts and the
company is moving forward both in our discussions
with licence partners and relevant financing
institutions.
The strategy entails advancing with
a Final Investment Decision (FID) to replace the FPSO
unit, drill more oil and gas wells, and lay a 30 km
pipeline to an LPG plant near the West African Gas
Pipeline's (WAGP) export station. Condensate and
oil will be produced and offloaded offshore while
offtake agreements will include gas sales and swap
arrangement for gas and LPG products.
The plan for 2024 is to proceed towards a final
investment decision on the project which involves
deployment of an FPSO, connection of existing
suspended wells, drilling further development
wells, and building a 30 km pipeline to an onshore
LPG plant close to the export compressor station of
the West African Gas Pipeline.
Started: Latino, 8 Apr 2024 12:22
Last post: carter19, 24 Apr 2024 22:40
I see your still around, like some lost pooch.
Dan, I admire your patience, but am also baffled by your loyalty to this share. S shurely there are better bets out there in the investment universe? (but good luck in any case, you’ve always been a polite and reasoned/adult pi on this chatboard.)
Still no real movement and price is still dropping, still holding but this is a waste of time and space
Still it seems you get quite a bit of company here for £2m
Cash flow and potential asset sale could give this a bit of a boost
ADME has been pulling that ‘premium raise’ trick for years — no need to take my word for it, just look back through the RNS history over last few years. they’ve actually used it quite often; it does not then translate into any substantial lasting share price rise or change in the company’s fortunes.
it’s just a way of trying to make ADME’s shares look more valuable than they really are, whilst simultaneously trying to inflate the apparent paper/book value of the ‘assets’ which they claim to be buying into (- especially when those assets are actually coming from associates).
this particular RNS is hilarious; if you look at the new biz they are buying into, ADME is quite literally going to be scraping the bottom of the barrel now.
Started: yellowdog, 8 Apr 2024 14:17
Last post: yellowdog, 8 Apr 2024 14:17
"At current oil prices, no material changes in the way the facility is run and based on achieving a rate of sales of 3,000 barrels per month, the directors believe that the investment could net between US$30,000 and US$40,000 per month in cash distributions to the Company;"
“ADM did not exercise its option to acquire additional Class A Units …:
SO may be “very pleased with the progress “ but there hasn’t been any reaction in the market
.
Here’s to Texas
Started: Frobertdude, 2 Apr 2024 11:49
Last post: tooldforthat, 2 Apr 2024 15:48
Wasn't a bad announcement, see what happens now, how much the field is valued at with the new data
Personally I wouldn't say a £9k sale of shares is in the realms of a 'DUMP' haha, as it hasn't even affected the share price negatively.. it's actually up on Google.. ;)
Good try though
(share price reaction, and the 2.5 million dumped this morning after the RNS, shows you roughly what the market thinks of stefan’s games with aje. ADME’s cried ‘wolf’ way too many times with the aje stake for any to take it seriously.)
… just means that stefan is limbering up for another attempted placing.
Interesting RNS - hopefully some good news on the horizon - securing a better selling price for our % of AJE on increased value of the asset!
Started: mcco, 12 Feb 2024 12:18
Last post: mcco, 21 Feb 2024 08:41
Someone was in early this morning selling 2 shares to get themselves almost one penny
As far as I can see there seems to be frequent daily dealings In shares here of under £10 stg.
Often only 1 pound. What’s all this about? Checking to see if the market makers are still there?
Started: tooldforthat, 29 Jan 2024 12:13
Last post: tooldforthat, 29 Jan 2024 12:13
We should be due the updated 3D seismic results soon
Early buyer this morning spending 9p ((plus commission and stamp duty?) for 20 shares
No rise yet at 12.30pm
This will rise tomorrow, I am seeing some similarities now that I have seen happen in the past to this share
Somebody tried to move the share price & create a bit of a buzz to sucker in some new mug-punter pis by buying about £6,500 this morning in several chunks.
but it looks like no-one fell for it, so they just off-loaded most/all those buys this afternoon.
zombie share.
Spikey will always let you know what’s going on as he’s a none investor, lives and breathes ADME
Probably just spoofing, imo.
Does anyone know what has caused this morning’s sudden relative enthusiasm?
Maybe the Board has arranged a meeting; now, that would be news!
0.44/49
atm
Started: tooldforthat, 1 Dec 2023 13:47
Last post: Spikeyj, 4 Jan 2024 19:54
Yellowdog, do you still have confidence that the ADME BoD is making good efforts to “progress the company”?
(share price, and the continuing total lack of BoD purchases of ADME shares from their own pockets, is telling a different story, imv.)
Well, it’s provided enough liquidity for someone to dump just over 3 million shares today. that was probably a bit of a welcome relief for somebody.
the market share price reaction & total volume rather suggests most people not falling for the latest b***-**** from ADME.
some large BoD buys on open market, *using cash from their own pockets*, might change opinion a little?
Indeed, at least evidence of effort by the BoD to progress the Company.
Announcements coming thick and fast lately.
& in the true spirit of xmas, a news snippet in a mildly positive vein about longer term prospects for nigerian o&e. de nada!
https://www.reuters.com/business/energy/shell-sees-6-billion-oil-gas-investments-nigeria-presidency-says-2023-12-07/
Wow carter, you are *still* in this one?! - you must be one of stefan’s most loyal & long-term followers. have a good xmas, & if you behave maybe santa will bring you something nice.
I hate to be saying something in defense of Spikey, as I am more a "glass half full" guy with respect to what I see as some intriguing developments, but given the history his points are not unfair. I do not think Claudio would be supporting the company the way he is if he did not know positive developments were underway. But time will tell.
Keep up the work of letting everyone know what’s going on even though your not invested. What a sad individual
Started: London74, 1 Dec 2023 17:30
Last post: Spikeyj, 4 Dec 2023 18:44
Three million shares dumped on friday, one million more dumped today - ££ value pretty tiny, given s/p these days, but there’s no liquidity for anyone to exit any faster… sinking ship.
Wow, this is getting whittled down ... soon poof and all gone. Another evaporated AIM story.
Started: tooldforthat, 1 Dec 2023 07:28
Last post: Spikeyj, 1 Dec 2023 17:07
The RNS this morning was bad news, not good news. it was basically admitting that years after buying into aje, with zilch return to shareholders from that purchase, ADME is now giving up on aje because they are unable to fund their share of development costs etc, and they will be attempting to find someone else who is willing to take it off their hands (- notably, the RNS doesn’t give any suggestion of any would-be buyer already lined up, so doesn’t look they already have a bid in their pockets from petronor as a safety net - ).
the mention of auditors in the RNS is a negative too, suggesting that unless they can find someone else to take over aje fairly soon then ADME will be at risk of being unable to meet its liabilities as they fall due, and being designated as no longer a going concern.
worth remembering that buying into aje in the first place was of course a particular ‘achievement’ of stefan olivier as CEO. since adme bought in, there have been no payouts of any kind to shareholders from the limited production that adme managed, and the share price has collapsed, year after year. aje has simply been a catastrophic money-pit and albatross around ADME’s neck —> very poor decision on stefan’s part in terms of returns to ordinary shareholders (although of course stefan and cornhill did very well indeed out of it!).
I’m surprised there hasn’t been a bit of an uplift today, but the quoted buy/sell price is 50%
If ADM were going to go into Administration it would have already happened, we have seen in the last year large shareholders like Hessia and OFXH have sorted a lot of debt and provided cash.
Hi dan, sure, petronor might well want to acquire that stake, but no reason petronor would want to pay more for it than they have to. the longer they wait, the more ADME will be a distressed seller, and the cheaper it will be to buy ADME’s stake, or just to pick it up as virtual freebie after ADME defaults on its cost contribution obligations.
in other words, i expect petronor to play hardball rather than act as a charity bailing ADME out.
if ADME goes into administration, the aje stake probably will get sold for something, but of course those proceeds will go to pay off outstanding pay & perks for the BoD, and to pay off the holders of secured loans. (but nowt left over for ordinary shareholders … ? how many shares have stefan and the BoD bought on the market, with cash coming directly from their own pockets?)
PetroNor paid $6 million in cash and $20 million in future payments related to gas for a 24.1% profit interest. If you do the maths that means ADM would get $2.3 million cash and future payments of $7.6 million. This is achievable, New Age appears to have been a distressed seller so, this seems to be the going price.
Started: tooldforthat, 1 Dec 2023 07:10
Last post: DanBrown83, 1 Dec 2023 10:41
So what will we get - $5m max to Petronor and that will be split into performance related milestones I reckon
Petronor will buy it, they have had a good year and they want control of that asset
I just remembered we have a bigger holding in it since the last valuation
Was it $19million last time
Knew they would put it up for sale.
How much?
Started: tooldforthat, 1 Dec 2023 10:15
Last post: tooldforthat, 1 Dec 2023 10:15
M.youtube.com/watch?v=UCeoebH-dLo&si=mLuYgp8z2ViuAk6Y
Started: yellowdog, 29 Nov 2023 14:14
Last post: Spikeyj, 30 Nov 2023 13:25
Not so much “years old history”, more ‘year after year after year’ wrt stefan olivier - i.e. not a matter of ancient history, more a matter of repeated failure from him on many occasions (for pis, that is — i think he’s done just fine for his own pocket!). he has *never* delivered for pis at MXO / ADME, over many years of being in charge. (…brief equally disastrous interregnum when osa took over for a while, but no reason to suppose stefan changed his spots during that ‘holiday’ from running ADME...)
MXO / ADME perennially tries to come up with new wheezes to try to excite pis enough for a pump / placing, but never actually delivers on any of those for pis … as one ‘project’ fizzles out without sales or profits, ADME just tries to find another one to spin.
mexican marginal oil fields — no return for pis, abandoned.
johnny hon & the chinese big investors — been & gone, nowt for pis.
aje — £1m ‘first oil’ bonus for cornhill, but no return for pis.
aje - touted sale to GPDC pumped the s/p, but then evaporated.
aje now, no production, no FSPO, no funding to develop, a bust.
dodgy ‘sheikh’ - s/p pumped & dumped, but nothing for pis.
superdialectics — someone made money out of that, but it wasn’t pis!!
american work-overs — deal abandoned, nothing from it for pis.
& now, ADME splashes out shareholder funds on an app - bought from? ; )
barracuda (OK, this one seemingly more osa!) - no return for pis, abandoned.
While I am open minded that SO may just be working for the pi (unlike Spikey who is bitterly focused on years old history), I do find myself agreeing with him that we need to see more to drive the share price. I in particular want to see results on the new deal and something real on Aje before topping up.
Well I didn't expect that rise yesterday, are we going to get a December rally?
Started: yellowdog, 29 Nov 2023 10:06
Last post: DanBrown83, 29 Nov 2023 12:06
Last investment worked out well so we will see, but we still need AJE to progress for any real value to be added
Per RNS
- Company to focus on oilfield tech
- Revenue guidance of US$500k annual rate first of 24
- target for YE US$1MM+
If they hit the first goal, should be an interesting year. Now, we just need news on Aje!
They unwound that deal and reduced debt. See previous RNS. Spikey's point is well taken, Stefan is going to need to show some progress with this to regain investor confident. Particularly given it is a new area of focus for the Company.
https://www.lse.co.uk/rns/ADME/financing-update-and-debt-and-asset-restructuring-r8j1twa9mtktj59.html
Nothing they do seems to grab investors interest. All these acquisitions over the last couple of years and not a return on any off them, what happened to the well reworks in USA, supposed to be happening in the 4th quarter of 2024.
The herd is not exactly stampeding to back stefan with pi money. he has, shall we say, a certain credibility gap to overcome based on years of appalling share price performance while he was CEO here previously.
all these secured loans don’t bode well for any return to ordinary shareholders when ADME goes into administration - firesale of aje will help return something to the loan-holders, but there’ll be nowt left over for anyone else. jmo.
Started: carter19, 25 Nov 2023 20:05
Last post: Spikeyj, 29 Nov 2023 09:08
“… implies a value of OXFT …”
My point stands - in the RNS, they try to claim that the 1p consideration shares imply a particular value for the acquisition which is overstated because they are using 1p in their calculation to work out the supposedly ‘implied value’, rather than 0.5. (not that you would get 0.5p /share if you tried selling many into the market, lol.)
Actually, I believe par value is 1p and they are not legally allowed to issue shares under par.
… typical ADME games being played. consideration shares priced at 1p, when the current and recent market value of ADME shares is half that — makes the ‘acquisition’ appear to be worth more than it is.
Adme pays over a million bucks for a phone app! Bent as a dogs hind leg this one! Avoid.
Spikey, why are you bothered on some one else’s opinion on S.O , your not even invested, you must lead a boring life.
Last post: yellowdog, 29 Nov 2023 08:50
In an oilprice.com article from 30 April 2023, "How New Technology Will Disrupt the Oil and Gas Industry", author Alex Kimani states: "Barclays estimates that the upstream market digital services industry will grow from less than $5 billion in 2020 to a more than $30 billion annual tab by 2025, thus enabling $150 billion in annual savings for oil producers. Opportunities for cost savings include cutting capital expenditures (CAPEX) as well as selling, general and administrative (SG&A) costs and transportation operating costs."
Www.ofxtechnologies.com