Member Info for kentan

* read ... takeover of Panoro

As we get very limited information from the ADM Energy BOD itself, it is better to monitor the Petronor & Panoro Energy bulletin boards on https://finansavisen.no/forum/room/Olje to glean what is going on in Nigerian waters.
Although in Norwegian, using an online translator reveals what they are discussing. It was only through reading the posts on there (and Panoro's presentation in November) that I discovered the shut down last July at AJE OML-113 that reduced the offtake payload for the period.
The latest revelation concerns Petronor ... millions of warrants issued when the company was APCL have now lapsed (because the share price of PNOR.OSL has dropped significantly since the merger) and concerned their activities in Gambia and Senegal which have stalled. Because the take up of warrants has failed the positive news is that PNOR share price will not be diluted by the additional shares. This has a knock-on effect for Panoro when the sale of their AJE interest is based on the share price of PNOR (if below 1.13NOK then sale minimum equals $10m with future royalties from oil and gas extracted to max $25m), current price at close is 1.01NOK.
The deal between Petronor/YFP/Panoro is still waiting to be sanctioned by the Nigerian authorities (so not quick if going on previous history). With their focus now on their AJE interests and the rising oil prices, Petronor will no doubt press for an early conclusion to the takeover from Panoro ... and hopefully will generate a rise in ADME.

31/12/2019:
There is some good news of Portage Biotech, hoping to have its Cease Trading Order (CTO) revoked after filing up-to-date accounts and securing an extension to the strike-off procedure.
https://www.prnewswire.com/news-releases/portage-announces-filing-of-financial-statements-and-accompanying-mda-and-provides-company-operations-updates-300980014.html
Let us hope us poor souls still awaiting financial reward for the takeover of SalvRx Ltd 18 months ago can see some light at the end of the tunnel and finally get our hands on the 18 Portage shares for 1 SALV we were promised.
Meanwhile, the delisting of SALV from AIM on January 2020 now cannot be stopped, however it is encouraging to know that Jim Mellon & Co. are working diligently on the proposed t/o to diversify the company into new and better things.
After listening to his Climate Change & Laboratory Manufactured Meat Products thesis (to lower damaging animal methane gasses into the atmosphere) it seems this will be the road we will take ... from the committed vegan himself ...
Early days, but is spot on the new enterprises that venture capitalists are looking to invest in.

Happy New Year to all on here.
Lots of activity with comings and goings of supply ships and security vessels to Front Puffin, but no imminent sign of crude oil tankers in the vicinity.
With tensions again rising in the Iranian Gulf after the US attacks that have caused the oil price to rise substantially, together with a strong US$. If sustained, a 15%+ rise (from $60 to near $70 pb) could be very beneficial for ADM finances on the next proposed lift/offtake in late January (provided there hasn't been any unforseen or unreported stut-downs in the period).

How about this for a speculative take on a possible takeover ...
Jim Mellon's SalvRx are due to be delisted from AIM after being unable to meet the deadline for completing a t/o by 9th January 2020, but are said to be in ongoing talks to do so.
Redx are in the same sector and seen as a t/o target, so a reverse t/o by SalvRx would serve 2 purposes ...
1) It would allow SALV to remain on the AIM platform (after a change of name to Redx)
2) Their collaboration in the cancer research/treatment areas would be cost-effective and beneficial to both.
SALV are a cash rich shell after the sale of SalvRx Ltd to Portage Biotech and the link will also give exposure to the US markets.
Would help me out no end... as invested in both.
Just a thought ... but may have legs?

Because they will miss the deadline to complete a RTO of their intended target, the AIM registration will cease.
Unless the RTO is into a listed company into which they intend to reverse there will be no representation on AIM or other trading platforms, so Salvarx will become a private limited company with value, but not tradeable except by matched trades.
With no payment received from the Portage buyout and with their suspension preventing the issue of certificates, it has become a complete shambles, to say the least.
When there is any chance of monetary value to be achieved is anyone's guess, it just continues to show a black hole in my portfolio where there shouldn't be one.
Would appreciate some feedback from Jim Mellon who orchestrated this debacle.

Looking through the past recent history of Sheikh Ahmed's Private Office and his Ameri Group, I notice he entered into agreements back in 2017 with Pakistan's military government:
In 2017, the Private Office entered into a partnership with Frontier Works Organization, Pakistan in order to explore, establish and develop mutually beneficial projects in water desalination, energy, power, oil and gas, infrastructure, mining, and other industries.
FWO have undertaken and completed a massive infrastructure programme in the past with many giant projects ongoing.
Prior to his proposed Oracle investment, there is no evidence of actual investment or involvement by The Sheikh, just talk of it.
How many of the numerous agreements he has signed with dignitaries of African & Asian countries in the past 12 months have actually come to fruition?
LIke the journalist said who interviewed him recently, he appears to be a one-man-band, trading on his tenuous links to the UAE Royal Family, to gain access to deals with energy focussed companies with lots of promises but no substance.
Can see the same scenario happening at ORCP as at ADME, he will cut and run with a substantial profit on a meagre $500k investment.

Read 16th March 2018 (not 2019 as posted).

Sub-division of shares on 16th March 2019 has just been listed on Companies House website.
This document is being processed and will be available in 5 days.

Reference to the report in this news article dated 18th. November:
https://clubofmozambique.com/news/savannah-wins-third-mutamba-mining-concession-in-mozambique-147247/

Savannah CEO David Archer said: “The conditional award of the third Mining Concession to Mutamba Minerals Sands SA completes the tenement set of the Mutamba Project in Jangamo/Inharrime and represents a significant achievement for Savannah in its joint venture with Rio Tinto.
“To finalise the process, the normal administrative payments and processes need to be completed; these are currently underway for all three licences.
“We are completing the administrative conditions in a chronological manner following which all three licences will be fully formalised in due course, which, when completed, will continue to consolidate our position in the Mozambican mining industry.
“Once these three Concessions are formalised, they will enable the joint venture with Rio Tinto to progress the Pre-feasibility study (PFS) towards completion.”
The company’s interest in the heavy mineral sands project will rise from 20% to 35%, upon completion of the PFS.

So Punj is right to ask what the payments are and when were they completed (if they have).
What concessions and terms of agreement were negotiated to complete the issue of licences 1 & 2?
Is the news of this to be drip-fed, as it seems is happening, with a prospective cash call on the horizon to pay for the PFS and all of the licences?

Here is a repeat of what I have posted on the ADME board:
Let's hope anyone contemplating investing on the coat-tails of the infamous Sheikh Ahmed takes heed of what happened at ADME earlier this year.
As I explained earlier this week, through an interview with Sheikh Ahmed by a friend (a UAE based journalist), he promises a lot and talks big deals, but essentially he is a one-man-band using the family name of Maktoum with its vast wealth (he is a very distant cousin of the ruler HH Sheikh Mohammed) and so far he has only parted with very small amounts of his own money in securing positions within the companies he has invested in. There is always mention of the $Billions of funds from the Maktoum family that he allegedly has access to, but this seems to be a front to gain an advantage.
With a bit of digging and questions asked, it is apparent he positions himself as a middle man but makes sure he is the main beneficiary of any deal he concludes. This is evidenced by the fraudulent case of supplying electrical power plant to Ghana in 2015, where he negotiated a deal, as the intermediary, to sell it for an enormously inflated $510million instead of the $220m cost from General Electric (USA) plus a commission. There is a suspicion that he colluded with the Prime Minister at the time (John Mahama) and other corrupt members of the Ghanaian govt. to make sure they all came away with fully lined pockets at the expense of the Ghanaian people. The disputed amount is still being challenged by the replacement ruling regime.
His partner in his AMERI company who negotiated the deal was a Pakistani/Norwegian called Umar Farooq Zahoor who is the subject of an International Arrest Warrant (by Interpol) for his part in a $45million fraud in Norway in 2012 but has since remained in UAE where there is no extradition treaty with Norway or European countries. UFZ is seen many times at the signing ceremonies in UAE at the side of Sheikh Ahmed.
It is no coincidence of the similarities of the ADM conspiracy with this new venture with ORCP, who have Chinese interest in the project and Pakistan (UFZ's Pakistani origin). This has all the hallmarks of a pump and dump operation for little outlay but rich rewards in a very short time.
Take heed before putting any money into this operation ... if you do it is a gamble, take a short term profit if you can, but don't rely on the long game. When he first came into MXO (as ADM was then called) there were investors saying his involvement would make the company the "share of the century" and encourage others to invest ... in hindsight we can now see what his game was, more like "the fraud of the century".

Let's hope anyone contemplating investing on the coat-tails of the infamous Sheikh Ahmed takes heed of what happened here.
As I explained earlier this week, through an interview with him by a friend (a UAE based journalist), he promises a lot and talks big deals, but essentially he is a one-man-band using the family name of Maktoum with its vast wealth (he is a very distant cousin of the ruler HH Sheikh Mohammed) and so far he has only parted with very small amounts of his own money in securing positions within the companies he has invested in. There is always mention of the $Billions of funds from the Maktoum family that he allegedly has access to, but this seems to be a front to gain an advantage.
With a bit of digging and questions asked, it is apparent he positions himself as a middle man but makes sure he is the main beneficiary of any deal he concludes. This is evidenced by the fraudulent case of supplying electrical power plant to Ghana in 2015, where he negotiated a deal, as the intermediary, to sell it for an inflated $510million instead of the $220m cost from General Electric (USA) plus a commission. There is a suspicion that he colluded with the Prime Minister (John Mahama) and other corrupt members of the Ghanaian govt. to make sure they all came away with fully lined pockets at the expense of the Ghanaian people. The disputed amount is still being challenged by the replacement ruling regime.
His partner in his AMERI company who negotiated the deal was a Pakistani/Norwegian called Umar Farooq Zahoor who is the subject of an International Arrest Warrant (by Interpol) for his part in a $45million fraud in Norway in 2012 but has since remained in UAE where there is no extradition treaty with Norway or European countries. UFZ is seen many times at the signing ceremonies in UAE at the side of Sheikh Ahmed.
It is no coincidence of the similarities of the ADM conspiracy with this new venture with ORCP, who have Chinese interest in the project and Pakistan (UFZ's Pakistani origin). This has all the hallmarks of a pump and dump operation for little outlay but rich rewards in a very short time.

I can't see anything happening until the Panoro Energy / Petronor / Yinka Fulawayo Petroleum deal is sanctioned by the Nigerian authorities (and once all the payolla has been decided).
That would give the green light to what I have outlined previously.
Is it a coincidence that we have Nigerian nationals involved on the board and as investors?

I am saying any predetermined holding would be off the record, a secret deal that would never be revealed. Peel would sell only at a premium to their buying price of 10p and so far no-one has made an offer that high. They are at liberty to sell or buy to whom as they see fit.
My take on this would be it gives Petronor by rto of ADM, being the only London quoted stock in the equation, the opportunity as an easy entry into the London market as either an AIM stock or graduate onto the main market. It could be separated from their existing business plans in Senegal & Gamba so the Petronor ADM merger would solely represent their Nigerian interest in AJE and any future projects within the region.
Petronor has the operational experience and wherewithal, financial backing and historical tie-ups with BP, Shell & Total to fully develop the OML 113 field to it's maximum for oil & gas and also make a play for the adjoining field where Lekoil currently operate. They have their future eyes firmly fixed on this part of the Nigerian Basin because of the colossal abundance of fossil fuel it holds.
Sheikh Ahmed has shown himself to be a middle man in all of his dealings, not using his own funds but giving access to others through family links and name. Therefore, he may still be acting as an intermediary with his contacts in the Nigerian Govt. and the Saudi / UAE arms of his family with a nice little present if it comes off.

The fly in the ointment appears to be Frangos's involvement with their combined share purchase at 17p against the low price currently. If a deal could be brokered at around 20p it is likely they would be happy to sell as they do not have a representative on the BOD now that Stefan has moved on. The Chinese could be swayed with an increased holding in the new company that gives them exposure to Petronor's other projects in West Africa (Senegal & Gambia).

How about this as a possible scenario ...
Peel Hunt bought HH Sheikh Ahmed's entire shareholding at 10p and are currently sitting on a substantial book loss ...
but if it was a predetermined sale with an agreement for HH to buy back the shares (and more) at a later date with a premium to take full control in a merger deal with Petronor (run by his UAE cousins) where he would assume a seat on the BOD?
That way ADM would be acquired on the cheap with a minimal premium and current shareholders shafted, but a listing maintained on AIM for the entire company.
The assets of EER would be swallowed up in another insider deal and the new Petronor ADM would then have full control of AJE-OML 113 in a hand-in-hand partnership with YFP sanctioned by the Nigerian govt.

I have received an update from a journalist friend who had a meeting with HH Sheikh Ahmed:
"Yes, he's been busy. I actually went to meet him, briefly, earlier in the week. He's having a lot of meetings, but not a lot of money is actually moving. He's a one-man band, essentially. A very distant relation of Sheikh Mo, second cousin, but clearly uses his name to influence deals."
"He said exiting ADM was because he had disagreements with the management. Obvs he made a lot in the process."

So it looks more like the pending Petronor deal was in the offing and his involvement in MXO and the name change to ADM was going to be a problem. He got out with a nice profit for a couple of months.
His involvement with a wanted crook, Umar Farooq Zahoor, for whom there is an International Arrest Warrant by Interpol, still continues as he is regularly seen at the signing ceremonies. While UFZ lives in UAE, there is no extradition treaty with Norway where he is wanted for fraud, he can live openly. There is also a case for fraud involving the Sheikh's AMERI company, in which UFZ was involved, in 2015 with the inflated sale of power plant to Ghana that was supplied at $220m and sold to the Ghanaians for $510m, said to be a corrupt deal with the Ghana govt. at the time.
So there are plenty of skeletons in the cupboard.

https://admoffice.ae/news?page=1#start
HH Sheikh Ahmed bin Dalmook al Maktoum is still making himself busy having meetings with heads of state and ministers of the African Nations, including the Nigerian Ambassador to UAE on 19th November 2019.
Lots of big talk for investment projects and signing of MOU's for various schemes.
Seems like the AJE debacle hasn't phased the dignitaries of the African countries, they all seem happy to welcome his advances.
Isn't it about time the real reason for his sudden defection from ADM was made public after such a short period of promise?
Or are all these deals he is negotiating, just that, Empty Promises?

https://www.morningstar.co.uk/uk/news/AN_1569504819959221600/salvarx-turns-to-interim-profit-evaluating-takeover-opportunities.aspx
Reported 26/09/2019:
Salvarx plc results posted for 6 months until 30th June 2019 show an upbeat report with profitable trading income of £11.4m on investments and cash reserves from proceeds of the sale of 94% Salvrx Ltd (net £53.1 million) to Portage Biotech.
This helped the firm jump to a pretax profit of £61.3 million from a £190,000 loss a year ago.

Whereas on 28th June 2019 it had reported losses widening for the full year (2018) from £2.2m to £3.4m and this took into account the sale to Portage.
https://www.morningstar.co.uk/uk/news/AN_1561722448946219200/salvarx-loss-widens-mulling-options-ahead-of-cash-shell-aim-deadline.aspx

Something is not right here?

I am someone who is still waiting to benefit from the demerger sale because Barclays (despite numerous requests) I cannot obtain Portage share certificates to trade (not allowable in my ISA), again complicated by both Portage Biotech & Salvarx plc currently suspended on their markets, whilst they are able to trade and prosper at no benefit to me although I am a shareholder in both.
Am I to be in limbo until both decide to re-list or is my investment lost forever in the mire of uncertainty whilst the directors benefit at my expense?

It could explain why there was a delay to the last lifting by Afra Willow, she sat off Front Puffin for over a week before docking alongside. Perhaps the July shortfall in production meant there was insufficient crude oil ready to be transferred when the crude oil tanker arrived (was booked in advance on a contract) and therefore had to wait longer than expected for the offtake to full capacity.
Incidentally, Afra Willow arrived off Melbourne earlier this week to discharge our cargo, 19/11/2019 04:58 LT (UTC+11) she showed 12.4m draught (14.88 max).