Member Info for DanBrown83

Don’t bother, they only ever give you what has already been announced and never answer your point, the rns’s are always worded in such a way that it is always non commital, same with most companies tbh

This is the biggest problem, we have had no news on anything substantial in months
Marginal Bid was brushed under carpet
CPR report over 2 months overdue
Finance from Dubai Bridge massively in doubt
Annual Accounts and update delayed 3 months
2021 was supposed to be the year of real progress for us here, AJE was supposed to be into phase 2 development but not an update on this for ages and the petronor deal still not concluded, still no actual revenue into our bank from aje uplifts, I was happy to invest earlier on the positive figures in aje, but many months on, I have seen the SP slide from where I still believe a 4-5p figure is fair while we wait for news
Hoping I will see profit when AJE come off and hopefully barracuda will as well, but looks like it will be another 3 months on both before we get any real update

1. Area is different - ADME states 1,295km2 / Zen states 105km2
2. Recoverable oil is different - ADME states 73 million barrels on website from one reservoir but potentially 1.3bn barrels in RNS / Zen states 232million with potentially 500mn
3. Two different CPR reports - ADME is from 2016 by Ryder Scott / Zen quotes Degeconex in 2019

it is more likely that the Zenith RNS is for a completely different location in oml141

I think the website is out of date
i don't think regulators will force OSa or the BOD to do anything unless they receive a formal complaint
we are all speculating on the back of an RNS from Zenith energy, which may or may not relate to what we have
It may be that NHNL have sub-divided the area into multiple smaller fields and selling the rights to different parties (spreading the risk ) and getting more investment
It could also be a total con and they are selling the rights to different companies with what could be unfair terms which can never be completed, therefore they scam purchasers out of up front funds paid in good faith
The problem is the silence on Barracuda - no CPR report / no update / no finance for Barracuda, last 2 months after a barrage of podcasts and Q&A has gone to silence since Peter Francis left and Oliver Andrews was appointed
The fact that no CPR has been published - was due mid July is now virtually two months late does point to there been problems

https://opencorporates.com/companies/im/015555V
my understanding that the ownership was held in this Jersey Company and rights transferred to UK based KONH
https://find-and-update.company-information.service.gov.uk/company/13213236 which ADME is now a major shareholder

Hi Spikey

The way post read regarding the CPR Report was that it was paid after Superdielectrics sale, where basically the cash balance for the CPR came from - i hope they have paid for it but it does bring in the question of where is it, why so delayed, and now we do have the Zenith RNS which is more confusing
The Loans are very lender friendly - always surprises me how friendly but as you say, we have no actual Revenue currently but we shouldn;t require one after the sale, how much does a CPR report cost???
the 2 AJE wells are drying up massively and were expected to run dry by end of this year originally
we don't know about Phase 2 in AJE (PetroNor/ Panoro deal still not concluded) or if we will have any CAPEX yet

So many questions, no answers, end of September for Accounts and we should get an update position on cash balance which will be a good indication on the state of the company and how likely any cap raise for general expenses is in the next few months

I cant see suspension and i expect accounts to be published by end of month
As stated, we have cash to keep lights on from superdielectrics sale, whether that covers the additional cost of the CPR Report remains to be seen but current cash should be ok
I think AGEOS could be right, i think that NHNL have the right over the full block, they have sold part of the rights (Barracuda) to KONH (ADME and Partners), and now at least part of whats left Zenith are looking at NW OML141 and part of Barracuda, the ZEN RNS doesn't mention the previous drilling in that area, which is strange as it would be expected in an RNS to mention the history, so maybe there area to the North West is virgin territory??

MrDollar - totally incorrect
Zenith RNS states they have an exclusivity agreement and they have 90 days to participate in the potential purchase - there has been no formal agreement
The issue that brings is that if they have a 100% exclusivity Agreement, what do KONH LIMITED have? - has ours ran out?
We certainly need clarity from OSA on this point

Purchase
just looking at the organisation chart - i am totally confused
they are buying in under us, so have we not fulfilled our agreement?
maybe the delayed CPR report is a default
indeed we need some answers from ADME here

We can't have lost it, we are actually shareholders in KONH
As i worked out previously, we actually have a 35% ultimate share in the agreement (51% (our ownership of KONH) who have a 70% indirect interest in Barracuda
Zenith therefore could be obtaining the other 30% indirect interest in Barracuda
Zenith could also look to obtain 100%, by purchasing the 30% and the 70% that we part own which would mean a quick return on ADME's purch

XODUS when you look at the group are a decent size
It is kind of weird they didn't go back to Ryder Scott who did the CPR in 2016 - surely they could of done an updated report quite quickly
Anyway - 3 Months on Wednesday for the CPR, which was going to take 4-6 weeks
No update on anything else - the timescales of this project considering this was supposed to be a quick revenue stream is a complete joke
It will be blamed on Covid - everything else is

XODUS GROUP LIMITED

Marginal Field - no information - just left out completely like it never even existed in the first place
No update on AJE either

CPR REPORT - 4-6 weeks from 25th May
we are now at week 12
one starts to wonder if they have it and they have realised there's no decent well sites
4 wells already, while all encountered oil, all were deemed uncommercial -

question is will they need a placing?
liquidity isn't the issue due to share sale earlier in year
question is more on funding for Barracuda as we are 100% responsible for it / what will be required for AJE phase 2
can we get funding from a conventional source, likely we will need to put something into it and the bank balance won't be great , are we expecting anything from AJE phase 1

what happened there - why the massive drop (2.3p to sell 300k shares) doesn't seem right

There is a lot of overdue news now - been lots of delays but i'm confident looking at AJE figures on the long term
the sooner the Panoro / PetroNor deal concludes - the easier it will be for us to have a solid base
at this price, the risk is significantly reduced and there is a lot more upside potential

He would of been bound by rules to notify at the time
I still think as both trades were within 30seconds it was just a change of legal ownership with the same beneficial owner
unfortunately we don't know why he left, or what he will do with his shares in the near/long term
Just have to wait here for news - should have had the updated report on Barracuda by now
Still waiting to here on the Panoro / Petronor deal in AJE which will allow Phase 2 to progress

May i take the opportunity to wish Peter Francis well in the future
AFC are big debt players so hopefully this appointment relates to funding for the CAPEX in Barracuda - this will reduce the requirement for further dilution this year

best of luck
I'm still in - still on the belief that the asset holds value in phase 2 & 3 - although the delays are hard to take and we have been saying it for the last 12 months - update soon, its the same with all AIM shares in my opinion - but one day i am sure this will go up on strong fundamentals (and not on the dream of a Sheikh)