Member Info for doubleup

I havnt held for many a year but I know the company and directors inside out

Better be quick, can sell 1mill at 0.9 then it drops lower

Yesterday the company tweet -

??The Selo field offers substantial upside with a number of highly productive formations that can be accessed by one well.

today they rns-

At this stage, the Company does not intend to exercise its option to drill a new well at Selo.

You cant but laugh at the audacity

see below-

Other administrative expenses

4

(419)

Just the £419,000 this year

Highlights of RNS.

The investment into Eagle Gas Limited, which holds an indirect interest in the Southern North Sea licence, was written off in the year to 30 April 2019. There have been no further developments regarding this licence since the issuance of the annual report.

A reconciliation of the costs for the Colter well and sidetrack was completed in August 2019 and resulted in a refund of c£44k. The Company has made a contribution of 8% towards the cost of the post well review and a review of future seismic options for Colter South. Also included are licence fees for the next 12 months for P1918, PEDL330 and PEDL345 and the recent work on the Purbeck Anticline (PEDL345), including new petrophysics and fracture analysis for the Southard Quarry-1 well. The Company will provide a further update on this work in due course.

In Indonesia, there has been no movement in the stalled Bunga Mas deal.

During the period the Company has entered into an operating services and option agreement in respect of the producing Betun-Selo KSO in Sumatra. The Company commenced the workover program. At the period end, there is a fee debt of $687,000 which Andalas is entitled to receive and is recorded as a financial asset. As at the 31st October 2019 the Company had requested payment for $83k of this fee debt and this is recorded as a current receivable.

The Betun wells produced at an average gross production rate for December of:

BTN01 - 28.8 bopd
BTN03 - 3.8 bopd
BTN04 - 22.8 bopd
BTN14 - 19.3 bopd

The field delivered at an average gross production rate for December of 78.1 bopd with a maximum from the 4 wells of 92.7 bopd. This is in excess of the amount being produced at the time of the agreement (70 bopd).

At this stage, the Company does not intend to exercise its option to drill a new well at Selo.

As at 31 October 2019 the Company held a cash balance of US$42,000, which was to be supplemented by the proceeds from the placing of new ordinary shares post period end.

Now basing on December of 8bopd to ADL...

Amount owed / what all have spent....$687,000

Say they receive $40 per bopd

It is going to take approx 6 years to pay that back....and even after that they have made zero profit. lol

Good work Simon good work, but he managed to get another 250k for the bod so not all bad for him :)

Time, Simon will soon step down, he has had his pay day, over to Robert now as he is now signing off results etc.

The Betun wells produced at an average gross production rate for December of:

BTN01 - 28.8 bopd
BTN03 - 3.8 bopd
BTN04 - 22.8 bopd
BTN14 - 19.3 bopd

The field delivered at an average gross production rate for December of 78.1 bopd with a maximum from the 4 wells of 92.7 bopd. This is in excess of the amount being produced at the time of the agreement (70 bopd).

At this stage, the Company does not intend to exercise its option to drill a new well at Selo.

According to Helpful you will have good news by Friday........

1 more week to go helpful, guessing a lot of buying next week hay lol

Wasn't a sell was a cross trade

Also FB he states -

I remain of the idea that at this level of market cap the Indo deal was worth a go and we will see if it did work out or not in a matter of weeks and reassess its merits at that stage and see if the CAV connection is worth exploiting further or evaluate other opportunities.

ADL are in no position to dictate anything, ADL have not and can not exploit CAV, CAV have exploited the ADL shareholder to the tune of £500k to fund something they didn't see worth funding. Ive always said why would a multi national company bring in a company like adl of whom just sub contract the work out.

ADL needed something, anything to raise money against and they got it. There is no return for shareholders lol.

This is crazy, your support as an investor is that the company are good at raising money therefore diluting your shareholding???

You too mate

Ah well suppose you have only 2 weeks to wait bud :)

Hi Miker,

This is just speculation unless he is inside.

BTW to sell over £20 now its 0.12, sad times and will only get worse over time, sure there may be spikes but the BOD will always take what they want at the shareholders expense.

That is interesting, it’s only the 7th time they have tweeted the same thing since November lol.

Helpful,

If I was on filter how did you know I posted so you could take me off to respond??

Anyway in response -

1. If ADL converts to a participation and ends up with say 17% of say 150 bopd at $65 a barrel then it will be generating something like $1,600 per day before taxes and profits shares etc so maybe $1,200 net. So $36k pm. Fine it doesn't shoot the lights out but it is not nothing. - this earns all nothing as they only get back what they have spent so irrelevant.

2. The idea was always that this was the start of a relationship with CAV. On the basis of the above, they would be on 83% of 150 bopd at no initial capital cost to themselves so why would they not be happy? Once ADL participates then that is a different matter. - Of course CAV are happy, someone has offered develop their asset and in return only wants what CAV would have spent anyway, Zero risk to CAV for something they didn't see worth spending the money ono themselves.

3. There is a big difference between raising capital for running costs and capex for new assets/new drill. 1 above covers the running costs and I see no issues with raising capital for a new drill on Selo. - Do you know the costs of a drill?? how would ADL raise this cash....

4. The reasons CAV did the deal has been rehearsed numerous times. They want or wanted a partner who they could develop O&G assets with. - hmmmm so CAV wanted to partner with ADL because of ADL expertise?? look at their portfolio and show tell me if you would go into partnership with ADL unless ADL took all-risk.

5. I think that you will be very surprised in the next two weeks. You may not like it but I will. - I highly doubt that as time has shown

Im here to be shot down guys and please tell me where im wrong but although history cant predict the future it can tell you the way the directors run the company and their "projects" and here its the same each time. Dead projects, raise huge amounts of which the BOD take over time, Simon and the BOD could change but why should they when they receive so much for doing practically nothing

Helpful,

Say all hit 140 bopd and convert the outstanding liability into a participation.....

They then dont get any on the £500k spent and cant raise any money on the CLN to fund a drill which would cost how much? all it does is payback to the company the money they have spent of which will prob go on "general running costs".

The whole deal was set up to get money for the BOD, when will you guys see that?? no return to shareholders, no profit to be made, at best case they will raise more money to drill Selo causing more and more dilution to you guys.

Question is and always has been, why did CAV need all to come in and hire contractors (of which CAV could do themselves), answer - ADL would fund something (through dilution to shareholders) the owners wouldn't fund themselves, why is that lol.

No risk to CAV

No risk to ADL

All risk to shareholders.

You guys are played for fools over and over again making excuses for the people screwing you over, like the beaten wife of whom protects her abusive partner lol

A leopard never changes it spots and this is why the BOD refuse to take any shares in their own company because they know its chucking money away and will never return anything, they prefer to milk investors in raises and pay themselves (directly or indirectly through admin expenses etc etc)