Member Info for DanBrown83

nice to see directors buying in
Oversubscribed - while i understand we need the funds - sounds like too much to me
we have a lot of shares in circulation + more warrants

Swamp with oil, near term production
Trafigura may be presented on what I would expect be the larger capex down the line, initially this is a small investment, so I think well worth the punt

The only negative to be explored in the RNS is in regards to CAPEX, RSA consortium gets 235% of agreed CAPEX back plus 15% profit share, so will look like we are going to be once again the last to be paid, but with such a little investment in terms of cash and looks like we are bringing Dubai as the finance partner it sounds like we will have a key role, 35% interest in this seems a hell of a lot for the price

Looks a good investment from the brief read, need to do some research but it’s not a lot of money to invest

anything up to 5p in my opinion is fair value
just wait on news on whats happening (like normal)

Next uplift is next week, was sketchy on project debt issue and never really answered but sounded like the revenue might be retained within partnership, on the second point on phase 2, he said it was delayed a couple of months due to COVID and both Perronor and Panoro are actively involved, again never really answered my question

I listened to a bit of it earlier in week - but not listened to all of it yet

OSA doesn't understand the AIM MARKET
he just needs to concentrate on the Oil Market in Nigeria

extra piece in AJE

tbh - I took the punt because of the potential of phase 2 and 3 in AJE
Why I am more concerned on the PetroNor / Panoro update - Yinka have obviously operated phase 1 extremely poor and i can see the value in stage 2 and more so for stage 3
My concern is how many shares there will be in ADME by the time actual revenues from phase 2 will come into ADME, realistically we aren't expecting much from the leftovers of the current two wells, after CapEx / Project Debt for Phase 2, probably looking at least a couple of years for funds to start hitting the bank regularly, gone from c30m to c120m since the Sheikh left in under 2 years , and all for a small extra piece of ADME
I remain optimistic for future as long as PetroNor / Panoro concludes - quicker the better
I still maintain I wouldn't pay 6p at present but I do think 4p is low

We are just the Technical Partner - we will get a stake which I will assume require us to give some Monetary Consideration
Obviously we haven't seen the Contract between us and Oilbank but the bulk of the costs will be from Oilbank, especially at this early stage as it will be them named on the contracts

The Company is participating in the Bid Round as the exclusive technical partner of OilBank International Limited ("OilBank"), a Nigerian integrated oil and gas service management company.

We wont get a free ride, but we are part of the team, we won't be hit with the full costs, most of the costs (possibly all) at this stage will be Oilbank's liability

for the Marginal Field, we are just part of Oilbank's team so it would be more likely that Oilbank would cover this?

Hessia Group certainly took over Andrew Frangos Shares - it is most likely his BVI company but it is possible he sold them to a 3rd party who owns Hessia Group or it could be owned by a family member as a proxy for him - BVI companies exist to hide
In regards to the placing (fundraise) - whichever way its worded, it is more shares and dilution, must be pretty hard to get away, been a month now since it was first mentioned due to the drop and still not concluded

Whats peoples views?
I will listen too later as at work
not much trading activity yet on the back of it

Extraction costs are $28 a barrell as per previous RNS
c$42 profit per barrell
196 bopd a day after EER transaction
$8,232 per day profit based on them calculations

It's not a lot but its a lot better than what it was

My 2 Questions:

When is the next projected uplift be at AJE and is this going to be sufficient to clear project debt within the partnership

What is the progress on phase 2 at AJE and has this been delayed due to the delay between Panoro and PetroNor, also is Phase 2 dependent on the completion of this transaction?

Investor calls are always good - contact with us PI's is important
No new information can be given in an Investor Call unless already in an RNS
Spikey knows that MOU's are always worded as non-committal - ADME have inroads to Dubai Bridge and Trafigura to provide funding for new acquisitions
The issue is still the same - we are a full year since the Trafigura MOU was originally signed and there have been no concrete new projects (and radio silence for 6 months) so what actually happened
Sounds like they potentially have one now that is imminent (in oil and gas imminent is usually months)
I would like an update RNS on the current state of AJE - when will next uplift happen and will we clear project debt and what is the current production at AJE - it was declining rapidly last year

There can't be that much left in project debt - last year they were saying it would be cleared by Summer but then there was some works required, we are now 9 months on and the 14th Lift was larger due to the fact they postponed the 13th lift

My Gut feeling is that ADME won't get any of the surplus revenues once project debt is cleared - it will likely be used as part of the contribution to Phase 2 - also the AJE Partners and the main operator have kept the details of the debt away from us, one of me thoughts was the Sheikh wanted to become the operator - the main income on these is been the operator - you get paid your expenses and operational costs first (which as operator are higher than cost value)
decent operation if you can get it and best part is its primarily funded by other