Member Info for DanBrown83

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

Still no real movement and price is still dropping, still holding but this is a waste of time and space

But Petronor are buying AJE from others so makes sense for them to buy from us, $5m is conservative, if it was in phase 2 production we would be talking multiples of this price, i said while it has its problems with the old operator, the potential in phase 2 and 3 is substantial, and this delay is probably going to help PetroNor increase its holding at a fraction of true potential value, but we have had another year of nothing on AJE

So what will we get - $5m max to Petronor and that will be split into performance related milestones I reckon

Last investment worked out well so we will see, but we still need AJE to progress for any real value to be added

Really good RNS, it does underly the potential value in AJE, makes our portion worth c$3m with additional c$7m if we looked to offload to Petronor as well

Looks like Petronor will get things progressing with Phase 2, but maybe want to get a greater percentage of the asset before progressing so hopefully this will speed things up

Will we get any news in next 4 months ??

Or will we just get some posts covering the annual Christmas lunch

At this price its not worth selling, until AJE produces, then we wont get close to my exit price

Accounts out

while probably better than other years and didn't really tell us anything we didn't already know other than the formal write off of Barracuda (which was inevitable)

Think some new hence the drop

AJE is still stagnant with the new and while they say the partners are working on it, there doesn't seem to be anything progressing on there side at all - actually the annual report from Petronor doesn't highlight it that well at all

'Albeit delayed, significant progress has been made on negotiations of gas offtake contracts and the company is moving forward both in our discussions with license partners and relevant financing institutions. PetroNor hopes to progress the project toward final investment decision late 2023.

Investment Decision due this year - that means at best if they get the finance and off take agreements sorted - we might start the project 2024 - with first revenue (say mid to late 2024 at best)

Back to sleep for another year

Kicking the debt down the road is not a bad thing with no update on AJE

Our Costs for new project are all covered by new loan facility

We will have some surplus cash - sounds like c6 Months Admin costs

Directors have purchased in subscription

Whether the investment is good or bad is not really the point to me, the point is we have another 6 months to wait for AJE Development news which for me is still the real jewel - see you all at Christmas

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

What a joke
Stefan Olivier has been re-appointed - after years of failure at the helm of ADME (MXO) - he is back

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?

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)

That’s correct, no income producing asset right now
The main hope is AJE gets phase 2 moving quickly but the silence is horrible, we have more cash calls this year with the new finance package been short term, we still need to hear on Barracuda whether that is a cash call or cash receipt
I still maintain that phase 2 and 3 AJE look solid investments but the issue is when will these be realised and will it be in time to make a profit, another year wasted last year

Cheers Spikey and Happy New Year

Front Puffin ceased activities a year ago and we sold the last oil it drilled months ago, AJE phase was always going to be with a new setup, but still no progress at all, sleep for 6 more months

It’s just a waiting game here, again
Nothing exciting until after Christmas

thats the good and bad thing about a share like this
minimal volume increase price which is great when / if a decent RNS comes out
the problem is any rise disappears very quickly on a few sells
For me - i just need to wait and hopefully get to my exit price and save some money here

AIM - just don't do it anymore

Align Research have sold
https://www.lse.co.uk/rns/ADME/holdings-in-company-lvqd28iod9zppw0.html
10,904,031 shares on 21st January (took a full month for them to disclose)

6,404,031 shares on 4th November

Sold 4,500,000 shares in under 12 months

They also now have 5,000,000 potential additional shares to be converted

Going to potentially think that EarlOfAIM works for Align Research
Pump & Dump to get rid of the last of the shares

Barracuda worth £99m ????? - Please explain how this is the case
and even if it was worth £99m, we don't own this asset as it is in litigation talks

The only real value to ADME imho is in AJE Phase 2 & 3