Member Info for DanBrown83

The Loan is short term, and i agree, not enough information regarding the Terms and Conditions of this to see if its is secured - it doesn't say its secured and my understanding is that if it was secured it would have to be stated
We get 6 months of 'costs paid' but in 6 months we have to start repayments - AJE wont be producing yet so we will have no way to pay this back unless we get a cash settlement on Barracuda

A flashy website doesn't cover the bad history

The fundamentals of AJE in Phase 2 & 3 is the only thing keeping me here

and back down very quickly

SP up to 0.65% (30% up)
Align and OSA shares mopped up or is there some more news here thats not been released

Until AJE is producing in Phase 2 - i doubt it could be sold for a great price - but its currently worth more than £2m imho

Pump & Dump to allow an outgoing Director out
settle back at this level again until the last update - Barracuda Injunction and Settlement update

kind of expected this - market hates it (or has loads of OSA shares now)
Outgoing Director owed monies and now selling shares
looks like he sold the last of his 1.6m this morning

Sounds possibly more like sale and invest elsewhere with Tennessee Black Gold

Initial production wont be until at least middle of next year

we should hold until Phase 2 is in production before even considering - a producing asset will bring in a better price

While the fundraise is good, and the loan is great , Osa leaving (while i didn't think he was at all competent) does give concern that it may be due to cash rather than anything else (considering he will only leave when paid up from subscription)
Other than that - this is positive and we have cash flow from loan to at least get us safely to middle of next year where after Barracuda Court Settlement / AJE update on Phase 2, at least know what direction the company is looking at going

I got to stick with my decision
I said it was too expensive for years - especially when Sheikh was there - but at 4p - the AJE Investment was worth that at least
I stick by that assessment and i have stated that my reason was AJE

If it is a Pump & Dump - there hasn't been a great volume - it got brought down last week on minimal volume - its gone up today on more volume but nothing major

I'm at nearly a 90% loss (on a share i originally said avoid) but everything has a value
I think 0.47 was the bottom (unless it goes under)
difficult to see how AJE would sell for less

Balance Sheet is positive - solvent
we do have cash to pay ongoing matters - especially deferring the Directors Salaries
We all understand that there will be a requirement of funding soon - but at present - we are trading as a going concern - and I doubt the Directors will draw on salaries to make us insolvent - so while we do nothing waiting for Barracuda and AJE , we keep costs low

The other side is if we are still appraising other investment opportunities where we do incur costs that cant be deferred - but I would hope OSA is just sitting back waiting on Barracuda and AJE - tbh - without AJE - ADME isnt a good investment - but AJE Phase 2 & 3 look a great investment for the longer term

Anyway - after a drop last week - were back to 0.65p
I think people think the bottom was hit so hopefully a bounce up or maybe a leaky ship

deferring the Directors Salaries which is biggest expense
won't be racking up much in Admin costs other than that - so lights are off, check e-mails once a day and turn off
keep the bills low while waiting - we really shouldn't be spending much at all until Barracuda Settlement is resolved next month
so we are still solvent - and while salaries get deferred - we will remain with liquid cash

Our stake in AJE is surely worth more than £1m
still a waiting game

i was actually surprised they had cash
looks like deferring the bulk of costs
will need a placing but I suppose when and at what cost
Just a waiting game on AJE and Barracuda settlement

I think it was more for Barracuda and potential new projects
the idea on Barracuda was we were the operator - so would need a full team of skilled management all the way down to labourers under our employment - obviously you get the management in first and then employ the actual ground force later on a contractual basis but this is my understanding of how it should be done
I can't see any company moving forward with any agreement without us evidencing the skills and expertise we bring with us, but obviously Barracuda is a bust in a Legal Battle, and as spikey has quite rightly stated - no new projects disclosed
So hes probably getting a salary (probably deferred) for doing little

Its why I like AJE moving into Phase 2
ADME are just minority Shareholders with minimal input / expenses covered within partnership agreement so other than a potential call on CapEx (which probably wont be needed imho) then we should just let new operator take control

We have seen nothing to do with any new deals
maybe something will drop in unexpectedly - but if if does - how do we propose financing it
must be an easy job at ADME - waiting on PetroNor and Court - check emails once a week and thats surely it

Biggest Expense is salaries - probably been deferred

In regards to compensation - compensation in regards to any lost potential revenue - these claims will be on that basis
on EERL and NHNL - i haven't actually seen anything to say that either of them actually have any rights at Barracuda at all - i have seen the historic rights that were revoked but not seen anything about this been re-instated but hopefully enough due-diligence has been done that the rights are there and we still have the right - but it is a minefield on Barracuda - for me - its AJE phase 2 that is the next update that matters