Member Info for DanBrown83

This was always due to conclude soon,
for AJE we really need the Panoro / PetroNor deal to conclude as thats crucial for next stage development

400k shares bought in 3 trades close together this morning
someone in the know?

Hi toldforthat
I understand
Its the fact that no foreign investor can be the major bidder in the Marginal Fields - its why the lead is Oilbank
its intention is to stop companies outside of Nigeria getting hold of the natural assets - in reality like most of western africa -it has led to claims of corruption with the Nigerian Elite getting richer and the poorer getting poorer with the assets eventually ends up in an outside corporate hands eventually via secondary sales, share purchase and finance agreements
While I don't think OSA comes across very well but he has improved over the last year - I remember his first interview which was awful - it is certainly an advantage to have a Nigerian national heading the company

My thoughts would be this is possibly the last buying opportunity into ADME at lower than 5p
1. Directors and Align just bought under 5p so feel at his price it is undervalued
2. AJE purchase is still expected to conclude Q4 last correspondence - so next few weeks - although i am not a major fan of this until point 4 concludes
3. Marginal Field update imminent - this could start the move
4. Panoro / PetroNor completion in next 4 months which will allow stage 2 of the development - and then the lucrative stage 3 to follow in a couple of years

Its like a coiled spring and the SP is still hindering on News, but it is all imminent

49% of a License??? - don't understand this comment toldforthat??

https://petronorep.com/press-media/press-releases/
Their acquisition into the AJE field expected in next 4 months (q4 2020 / q1 2021)

Agreed Chris
AJE until Phase 2 is well on the way is not worth much
Until a deal is signed and delivered it doesn't exist - its all hope value (so just need to wait now)

Another Directors buy
3 related parties n a week buying on the open market
not a bad sign

always a possibility of a leak with African based companies
not a lot of trades to make the sp rise significantly in last couple of days so i seems more like taking a position because OSA and Align have bought - they are in the know and while a deal probably isn't imminent to be announced due to disclosure rule, they must be confident

We don’t know, Market Makers don’t disclose under 10%, they were selling fast and I reckon they have sold all or most now but either way they have got rid of a lot of shares, it is good to see OSA and Align buying in open market, they genuinely must believe this 5p range is low, also thinking about it, I think it means other than shares for eer purchase, they can’t be thinking about another raise else they would of just subscribe to that instead

there's just under 67m shares in freefloat (most likely in small traders hands) / Market Makers
After Peel's sell off - there is likely a lot of shares available

I'm going to say they purchased - we would need an RNS for any payment in Shares that increases the number of shares
Align buying / Osa buying
Positive interview
both Osa and Align are on the inside so need to watch insider trading rules - especially if deals are imminent as interview would indicate

I think so
after all them transactions - been added and cancelled, there is only one left that isn't cancelled
300,000 at 4.9p (16th November at 13:43:47)
this matches the RNS

It is a tricky situation insider dealing - especially for Directors
Osa will know the progress on EER but this is in Public Domain - we know every detail of the asset, consideration, progress and everyone following expects the EER deal to be completed shortly - so i wouldn't call that insider dealing
Again with the marginal fields - ADME have bidded on one prospect and ADME will find the results in due course - no way to know if successful but they will likely have a feeling - its a small world in the Nigerian Oil Sector and everyone knows each other to a degree
Any news on any other deal would be Insider Dealing - no one knows anything on any deal and we know OSA and ADME are supposedly in conversation with a number of potential assets - no one has any information on these so its very murky - its why you see a lot of Directors buying after the News has been issued

If EER completion lands i think that would be ok - its expected any time soon in reality
If a brand new investment HOT's were concluded that had been worked on for last 6 months i would say problematic
If they get the award on the Nigerian bid - I think would be ok as unless they have been tipped off by the government pre-result - there should be no way of knowing if they have won or not

yes they do - i thought it was weird as buying from liquidators

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.

just re-reading the RNS on 25th august- think the wording put me off
i originally had in my notes no more fundraising for the purchase - i re-read this part today and think i jumped the gun and misread it this morning - as it says following the fundraise (that would state that in the future) but it does say the raise was for the purchase
It does question why the new Broker if not fundraising unless they are progressing well in talks on a new project?

Following the Fundraise, ADM and EER have agreed that of the remainder of the cash component of US$750,000, US$250,000 will be settled in shares, at a price of 5.5 pence per share, and US$500,000 will be settled in cash. Furthermore, the Company has agreed that the share consideration will be settled in new ordinary shares at a price of 7 pence each. All payments due, in cash or shares, will be paid on completion of the Agreement.

There is actually a large placing due - its required for the cash payment on the EER payment
New Broker might be involved with new investors to get the funds to conclude this purchase - still $500,000 in cash and the rest in shares at 5.5p

Different Brokers have different Investors - but that would mean another placing is due

3 Lead Brokers within a year?????