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We have been over this before FV, there is nothing to state Tilapia II has been rubber stamped with licence approval.

The last information regarding the licence was in a conference call when AC stated "we are just waiting for them to sign on the dotted line" or words to that effect. In fact, we were waiting for the ratification through parliament, no mention of us already having the 25 year licence. Maybe I've missed something.

We should be thinking about why AC bought 39m shares on the 31st January 2022. We know Tilapia couldn't happen for 30 day's after the purchase because that would have been seen as insider trading. So, he obviously bought them because he knew it was going to happen later in the year. Covid stagnated the approval proses for well over a year. Add this to the standard time usual for Licence approval in Africa - 9 to 18 months, and we find ourselves right in the middle of the optimum period for this to happen.

I think it's also worth noting the money raised by various means throughout the year has gone toward building an income that presently brings in approximately $6.4m from the last oil lifting and $5.7m expected from the next June lifting at $110 per barrel, plus £2.5m from the Italian gas to electricity generation. Also noting these figures are not full year, so could be slightly more. You could also add our 56% stake in the 30 barrels a day from the already producing Tilapia - $600,000 for the year. However, I'm not quite sure whether we are entitled if we do not possess an operators licence. We could ascertain ownership from the payment of $128,000 we received for the same oil, from a subsidiary of SNPC last year. Either way we are in a pretty good position The market cap of £15M, according to LSE, does seem a little harsh, but the market works on substantiated figures and we are not quite in that realm of safety, yet.

Unfortunately we have missed the input of these audited figures in the upcoming final results expected before the end of August (overdue last year), hoping for mid July this year, for the year ending 31st March 2022. So we are going to have to wait a further six months for a concise price advance to the next level based upon our yearly financials.

Waiting now for the production figures later this month from the worked over Rob-1, rig deployment for Rob-3, rig contracts for Ezzaouia side tracks, approval for the KUFPEC deal and most importantly, Tilapia. IMHO DYOR

You should read my post on Friday 11:02 regarding the very point you raised. It will be a whole year from the last lifting - 8th July 2021, before they reap any benefit from their main income. Have not received a single penny from that date as yet , that's a long time in the financial wilderness. It stands to reason they will require intermittent top ups.

AndyBhoy - you are obviously reading posts from the three stooges I have on filter who bleat out cra* in multiples on a daily basis. By the end of May we will have $6.4m and by mid July will have an additional $5.3m. The company will be fabulously flush with money, Just put them on filter.

Looks like another adjournment. RNS ADME

He's been hit from both sides here. Covid definitely took at least 18 months out of the bureaucratic approval process and it's pretty obvious he grossly underestimated the length of time it has taken to sell his oil. One full year to wait for payment of his main source of income is a hard stone to swallow. I've heard of companies with cash flow problems but this really is outrageously long. Having said that, during this time he is in fact producing more oil every day and as time goes on he will reach a point where increased oil production will exceed his storage capacity (200,000 barrels) and will require earlier and more frequent shipments. Cashflow will then be non problematic. Until then, he needs to be very prudent with spending throughout the year until oil production momentum builds.

I don't think competence is an issue any more. He is now a significant producer of both oil and gas. With his own 200,000 barrel storage facility. Producing oil from both on shore and off shore wells and generating electrical energy from what is undeniably a waste product, and highly eco friendly. His now substantial oil and gas production turnover has established a firm financial position going forward and will be seen by those concerned to have a competency both financially and with the completion of Rob-1, also technically.

MG's figures and mine differ to some degree, and to be fair mine were based upon an earlier conclusion to the second 22.5% KUFPEC stake in the Sidi El Kalani field. They were talking about bringing this back to it's former glory, maybe not 10,000 bpd but they definitely had visions of 1,500 bpd. This would have given a significant oil production increase and a tremendous moral boost. Unfortunately we just have to wait.

Lets hope not 40 years FV. Although I must say the high oil price is a bit of a double edged sword. Great to have a high price to sell his oil, on the other hand weakens his negotiating prowess in finding stressed companies that are at $108, no longer stressed.

If there is no RNS today we can assume the case is being heard, or maybe they can't afford to pay the RNS fee.

I estimate ADME have about £3.50 left in the bank. I doubt if they can survive another adjournment.

Should be another ADME RNS.

So what happened?

Isn't this the day ADM Energy and Noble Hill go to court.

Charliesays - In 2020 they pulled out of Azerbaijan, a project that did not go as planned. Then embarked on a new strategy of buying up small companies that were already producing oil with the intention of expanding oil production by working over the slow producing wells and drilling side tracks and new wells along side others. This began in September 2021 and they are now, with the oil sale of $6.4m and the additional forthcoming oil sale in June of $5.3m, are fully funded to complete the tasks appointed on 3 concessions, Robbana, Ezzaouia and El bibane.

They also acquired a 22.5% stake in the Sidi El Kilani field from the Chinese National Oil company but cannot move forward because the second portion (22.5%) they were looking to purchase from KUFPEC (the National oil company of Tunisia) is at present held up by the Tunisian ministry.

Tilapia and Barracuda is another story, you will have to do your own research.

Banburyboy - Tilapia is already producing 30 barrels a day but we don't need Tilapia to make this company successful. Forget Tilapia, concentrate on what we have already. AC's plan is to increase oil production from the already producing wells up to 3,000 bpd by the end of 2022. That's approximately $117m per year, the value of which is 5 times the present capitalisation. Take a look at my posts from 23rd Feb to 7th March. Everything I have said is still in play, including the Barracuda deal (4,000 bpd) with Noble Hill Network Ltd. Before you come back to me on this point, we pulled out of this deal last month because ADM Energy decided to claim ownership in the courts. If Noble hill can prove ownership of OML 141 in the court on the 3rd of May, we can still complete the deal. This company could burst wide open on an announcement of contracts signed for any one of those potential deals mentioned in my previous posts. Good luck, DYOR.

PS: Don't even know what's happening with SMP/SNP in the French courts. We are currently Claiming for $3.7m with the potential of $20m.

Banburyboy - Tilapia is already producing 30 barrels a day but we don't need Tilapia to make this company successful. Forget Tilapia, concentrate on what we have already. AC's plan is to increase oil production from the already producing wells up to 3,000 bpd by the end of 2022. That's approximately $117m per year, the value of which is 5 times the present capitalisation. Take a look at my posts from 23rd Feb to 7th March. Everything I have said is still in play, including the Barracuda deal (4,000 bpd) with Noble Hill Network Ltd. Before you come back to me on this point, we pulled out of this deal last month because ADM Energy decided to claim ownership in the courts. If Noble hill can prove ownership of OML 141 in the court on the 3rd of May, we can still complete the deal. This company could burst wide open on an announcement of contracts signed for any one of those potential deals mentioned in my previous posts. Good luck, DYOR.

PS: Don't even know what's happening with SMP/SNP in the French courts. Currently Claiming for $3.7m with the potential of $20m.

Then why did they remove my question?

Dear LSE, In case you also inadvertently deleted my previous post, let me help you by repeating the same question. Please see my question below -

Dear LSE, Please explain why you removed the entire conversation regarding the article in La Presse.tn?

NeoGeo - thanks for that. In that case let's rectify that by stating anyone who wishes to read the article should google "la Presse.tn Zenith Energy".

Rocklawn - Just out of curiosity, is there a reason why you chose to remind shareholders of how many shares are in issue at this particular time. Seems to be a little odd seeing that it has absolutely no connection with anything that's being discussed.