Member Info for DanBrown83

Don't think Placement is required right now
ADME received sunbstantial funds from Superdielectrics sale so no need for placing
Obviously ADME will need funds in regards to Barracuda but we are still waiting CPR Report - so by the time placement is needed it will be Q4

this is really hurting now
delays and market confidence is low and obviously a background seller now

its a waiting game again - maybe end of September we will have some positives

After no progress on anything we are now under 3p
still waiting on AJE update
Still waiting on Barracuda CPR

YFP (YINKWA FOLAWIYO PETROLEUM) gain the most as the operator - they are the majority owner but also as operator they have a similar contract in place to ADME on Barracuda)
YFP propose the development / capital expenditure, the partners (including themselves as majority) approve these CAPEX, they are then paid for by YFP as Operator (which increases project debt) there will likely be a similar clause that Project Debt is repaid at least double the actual CAPEX ) - so if the works done last year cost $5m, there needs to be $10m+ operating profit in AJE before any actual monies come back to ADME

24th March RNS for Directors Purchases
10th June there was 2 trades of identical number of shares - 1,176,471 which looked like it was a transfer
we have had no confirmation of that
It could potentially of been 2 sells as both OSA and Peter Francis received that number of shares in the March placing

But no TR1 document to confirm either way which is really poor

PetroNor Announces Further Extension of Long Stop Date for Purchase of Aje
PetroNor (OSE ticker: “PNOR”), the independent oil and gas exploration and production company with
a focus on sub-Saharan Africa, announces that the Company and Panoro Energy ASA (“Panoro”) have
agreed on a further extension of the completion long stop date for the previously announced purchase
of Panoro’s fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited ("Pan
Aje") (the “Transaction").
The original date was initially extended to the 30 June 2021 per the announcement on 31 December
2020. However, due to persistent challenges related to the COVID-19 pandemic, the progress has taken
longer than expected. As such the Company and Panoro have agreed a three month extension to gain
the required authorisation of the Nigerian Department of Petroleum Resources and the consent of the
Nigerian Minister of Petroleum Resources to complete the transaction. The amended long stop date to
complete the Transaction is now 30 September 2021.
All other terms and conditions of the Transaction remain unchanged.

no news on PetroNor / Panoro either
there deal had a stop date of today

As a Trading Update it lacks a lot of detail, especially on Marginal Fields as we are expecting an update on this - so not one mention of it is really poor
Not surprised they left out DBI
Accounts within next 3 months - no mention on the expenses
Revenue is obviously a lot worse than expected due to COVID19 and still no mention of PROJECT DEBT been repaid

All look like separate trades - one would have to assume its an agreed sale from a partner who is locked in
should get a TR1 in next few days

i'm sure we discussed it at the time and last year (might of been someone else) but i know it was brought up

Cash and cost management are always key areas of focus for the Board and particularly so in the present environment. The Company has therefore taken the step to implement a cost-saving programme to reduce expenditure. It has put in place measures to cut G&A expenses by up to 35 per cent with immediate effect.

Corporate Update 27th April 2020

I'm sure it was around 18months ago from memory - by c50% - I think you made the point in last accounts it was still high and I said that they had only been implemented and would get a better picture in next years accounts - (i.e. this one)

It will be interesting to see the Admin Expenditure after they said they were reducing these significantly
In regards to the increase in BOPD - still 6 months to go but will be interesting to see the statements on Barracuda and AJE phase 2 - still no update on Panoro / PetroNor

Warrants are zero risk to the holder, but the value is realistically only a percentage of the current SP, else you might as well just buy the shares outright
Warrants only cost the shareholders due to dilution (costs the company nothing), most longer terms shareholders if the SP gets to say 10p, don't mind the dilution at 4.5p from a historic contract - what else can we realistically get in terms of finance (no income from AJE / Barracuda imho is still speculation waiting on CPR / Drill results) and we already know that Barracuda is going to have some significant cash calls on ADME in the next 6 -9 months, so rather have more in the bank at this present time

How much would you sell them for if they were yours?
I'm not sophisticated enough to sophistically trade like that , and i'm not clever enough how to use the warrants as security as you still have to exercise them at 4.25p (so while below this price all they can do is reduce risk when shorting, while if they were valued at 5p, you could technically execute a risk free short

personally wouldn't sell it - i would only execute the transaction if the SP was probably at least double
better person to ask would be the guy who said he bought some of the SHEIKH's

I think your 0.5p stated would be reasonable price - it is a lot less reduced risk of the buyers capital, but your average would be 4.75p (when executed) (so a total cost of 9.41m warrants would cost £447k)
A Lender would rather have a quick safe return for their Loan so i can see why they will probably look to sell the warrants

Rock and a Hard Place SpikeyJ
ADME i assume could of cleared the sale proceeds of superdialectrics but chose to hold cash
The interest isn't that bad and the warrants are at 4.25p - so not an issue at the current price - but its potentially a lot more shares n the future
Still no further news on the PetroNor / Panoro deal which needs to be concluded by end of June (another extension?)

I agree with Spikey on the Coded trades - i'm sure there are a lot easier ways to communicate than secret share trades
they always look weird small trades - it is more likely to balance a trade as we are dealing in penny's

people say they are broker codes