Member Info for DanBrown83

Will we get an RNS saying the MOU with Trafigura is extended
It expires this weekend
lose this agreement and it looks like funding for new projects will be very difficult to find
Still no further news on PetroNor / Panoro deal which will get Phase 2 started
Still awaiting details of any further uplifts at AJE and if project debt is repaid
Been very quiet here with no news for over 12 weeks other than the conclusion of the EER purchase

("Angus Energy", "Angus" or the "Company")

Equity Placing

Angus is pleased to announce that WH Ireland Limited has placed on behalf of the Company, subject only to admission to trading on AIM, 150,000,000 new ordinary shares in the Company (the "Placing Shares") at a price of 1 pence per share to raise gross proceeds of £1.5m (the "Placing"). The Placing Shares were also accompanied by the issue of one warrant to subscribe for one ordinary share in the Company for each Placing Share (the "Placing Warrant"). The Placing Warrants are exercisable at any time, for a period of 2 years, from the date of Admission at the following exercise prices: 50% at 1.2p; 25% at 1.35p and 25% at 1.5p.

The Placing monies will be used by the Company to advance the Company's current assets and for general working capital purposes.

Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective on or around 2 February 2021. The Placing Shares will rank pari passu with the existing ordinary shares.

Following the issue of the Placing Shares, the Company will have 916,502,269 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 916,502,269 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

George Lucan, CEO, comments: "We are grateful to investors new and old for showing this vote of confidence in Angus as it continues its evolution into a more broadly grounded Energy Transition company. We will be following with a comprehensive presentation to shareholders on the strategy, prospects and opportunities of the Company during the course of February and an investor call in the days following."

i said many months ago that fair value was in the 5p - 6p range
i said it when it was 40p and said it when it was under 3p
There is a hige risk - the current AJE value and of ADME is lower than the current value - maybe £2m at best imho
What you are really assessing is the hope value in Phase 2 and potential of other deals coming along - AJE next phase adds value but the whole of AJE in terms of resources potentially available t o develop is huge - this is where you are adding the extra value - why we have been key to see that their are new projects in fruition - you are paying a 4p premium for this on the understanding that if everything comes to light, you are hoping to maybe 10x your money, the risk is the AJE fails and ADME has zero assets except to sell Superdielectrics and the ultimate value maybe 0.5p a share if lucky

you would assume it will get extended - cost nothing for either party to do that but it is a good point

I agree Bear - looks like a transfer of sorts

lots of rounded buys yesterday - bid has moved up slightly on little volume - them two 154,545 trades are probably a transfer done at same price - i doubt someone sold that obscure amount twice
1 good RNS now and i can see 7p been hit with the volume yesterday - but it has done this before with lots of large buys followed by a lot of large sells couple of days later - i think i have mentioned this like 50 times now here

thats what they said - all bidders will at least win one and that adme only bid with oilbank on one they will know what they have got
what they don't know is how many people also won on the same bid - every license has at least 2 winning bids and most have multiple winning bids
But we don't know anything else yet

https://africaoilgasreport.com/2020/12/farm-in-farm-out/three-tiers-of-winners-to-emerge-in-nigerias-marginal-field-bid-round/

Looks like rounded buys earlier today have drove price up - now seeing some similar sized sells
few things
We know from articles that every company that bidded in the marginals has won at least one - but we have also been told that this has meant that every field has at least 2 winners (some with multiple winners) - As Oilbank with the support of ADME only bidded on one field - the information we need to be told is how many other parties are we sharing the field with - the next step will be to conclude the purchase with other parties and figure out who does what - we know this process will take a while

Personally my view on OSA is i don;t think it was a great appointment - his first interview was awful but he has got a lot better at these - he said the SP of 15p by Christmas c6months ago, its closer to 5p and he does lack the knowledge of the AIM market, he is obviously clued up in O&G and the Nigerian Oil Market but EER went into liquidation - there main investment was into AJE and if you read my posts, i have always said that it has been an awful investment - the only silver lining is that the potential in phase 2 & 3 does look good - but this does rely on the Petronor / Panoro deal been concluded (which has been delayed)

Current Oil Price doesn't do much for ADME . even with the increased allocation of production, its still too small to make much difference in terms of income coming in - we really do need an update on the project debt of phase 1 and uplifts as this in my view critical in giving the confidence of moving into phase 2 - hopefully with better finance arrangements than in Phase 1
Once the sign off for Petronor and Panoro concludes and some real figures come out on Phase 2 on the new wells and what the costs are / finance requirements to implement this, it is hard to judge the value of AJE
Current value on just Phase 1 is hard to justify much over £1m
My view on the Superdielectrics is that it could be awesome but the shareholding is so minimal its difficult to attribute much value - No new deals announced yet - we were promised 3 on top of AJE purchase and then it was 3 with AJE been the first to conclude

It's been a tough year for every business with COVID19 so people have to realise this has had an adverse effect on most companies - and certainly did on the O&G sector

We are back waiting on news which will hopefully be positive but this has been the story of ADME for the last 9 months

probably NT to sell
going to be some burned people i fear on this today

This is a bad delay - puts the whole phase 2 back another few months

there has been c1m share net purchase today - so you would expect a rise on that
especially since the last few days the SP has dropped on insignificant volumes

Looks like some buys going through this morning

i would expect a new one given that EER has concluded

Have they updated the notes section?
Thats where i wa reading and the main report is still old (the part that mentions 19.21p says 700% upside) - that would be closer to 40p so seems like its still old

wheres the link to the report - last one on aligns website is May

Not exactly an independent report when they do it

it would depend on the overall initial cost / Project debt amount and terms within the AJE Partnership
Project debt from Phase 1 is only just about to be repaid, there's only c1 years production left in the original 2 wells (100bopd (original stake) at say 350 days at say $20 a barrell = $700,000 from the initial investment- this is obviously more now post EER completion but the key detail is the finance
This is why most realise the original investment into AJE was a poor decision - one that has crippled the company for a number of years - fortunately with Phase 2 - the Petronor / Panoro Completion hopefully happening in next few months, a decent finance package can be sorted and AJE might turn out decent - Phase 3 is were the money really is but Phase 2 is going to be a real test if the new AJE partnership (when sorted) can make it profitable

if we say for example - 5 year project ( 3 year debt / 2 year profit) at $22 net per barrel = c $16m

OPEC are doing the best to keep oil prices at a range where there is good profit
Hope it continues

24th feb rns

Details of the Agreement

Completion of the transaction is conditional upon the consent of the Nigerian Minister of Petroleum Resources for the transfer of the interest from EER to ADM. Subject to completion, ADM will acquire 25% of the interests, rights and obligations held by EER in the Block such that, on completion, ADM's participating interest will increase to 4.9% with corresponding revenue and cost bearing interests increasing to 9.2% and 12.3% respectively. Further, ADM shall be responsible for a corresponding interest in EER's alleged outstanding disputed unpaid cash calls with the operator of the Block which, for ADM as a purchaser of 1/4 of EER's interest in the Block, represents approximately $1,500,000 plus applicable interest. Subject to verification through audit, should it be determined that all or a portion of the outstanding cash calls are due, it is the intention that any sums deemed outstanding by the partners will continue to be settled from production revenue at the project level.



ADM is required to pay a refundable deposit of $250,000 within 90 days of signing the Agreement. Upon completion and following the issue of the Consideration Shares, EER and any connected person or other person to whom the Consideration Shares may be issued and their associates ("Relevant Shareholders") will enter into a relationship agreement, lock-in agreement and orderly market agreement with ADM. Under the terms of the relationship agreement, the Relevant Shareholders will have the right to nominate a director to be appointed to the Board of ADM from completion, subject to normal regulatory approval, and such right shall continue until such time as the Relevant Shareholders cease to hold 20% or more of the entire issued share capital of the Company.

Hi Dave

The Shares today with Convertible loan is the last of the Consideration to be paid to EER / Hessia Group Limited
Hessia Group Limited also have conditions that they can't just sell all the shares