Member Info for kentan

My earlier post was to reawaken interest why we invested here when the phantom HH Sheikh Ahmed bin Dalmook al Juma al Maktoum came on board.
Was it a preconceived confidence trick to lure in new investors only to burn them within 3 months for a meagre $1.5m profit by a guy who has the backing of the UAE Royal Family and untold riches, he alone is estimated to be worth over $30billion ...it does not add up.
Changing the name of the company to match his initials .... was it a vanity exercise? ... an ego trip?
Perhaps, if he cannot do it himself, someone close to HH Sheikh Ahmed could give us an explanation for his actions ... it would only be polite and respectful. The ruling Maktoum Royal Family of the UAE consider themselves to be honourable people, unexplained actions like those of HH Sheikh Ahmed can only bring disrepute and damage to the reputation of the Maktoum family and the UAE.... who would trust them in the future?
It would be nice to think that this would get back to the ruler himself, HH Sheikh Mohammed bin Rashid Al Maktoum, and he would take steps to repair the situation.
It is unacceptable that we as investors and shareholders are still waiting for a credible explanation.

Thought I would do a bit of digging to see what he has been up to since he abandoned us with no word or warning ...
He has been busy in his capacity as Chairman of Kaheel Group LLC and was present at the recent meeting with Chinese energy companies to provide their services to DEWA (Dubai Electricity and Water Authority), first reported on 23/09/2019.
http://www.mediaoffice.ae/en/media-center/news/23/9/2019/dewa.aspx
https://www.mepmiddleeast.com/people/73594-dewa-hosts-president-of-state-grid-corporation-of-china

Previously on 19/09/2019
UAE prince and Fortescue join the race for iron ore in Guinea
https://www.africaintelligence.com/ama/exploration--production/2019/09/17/uae-prince-and-fortescue-join-the-race-for-iron-ore-in-guinea,108372820-eve
The lure of Guinea and its still elusive iron ore wealth continues to attract the attention of a cache of billionaires, each looking to finally introduce the financially bereft but resource-rich West African nation to the seaborne steel raw materials business.
Further evidence has emerged that Andrew Forrest and Fortescue Metals have joined a swelling throng that now includes Robert Friedland and Sheikh Ahmed Bin Dalmook Juma Al Maktoum, who is a member of the family that rules Dubai UAE and runs an aptly named investment business called Africa Middle East Resource Investment.
It was Al Maktoum whose iron ore associated railway MOU with Liberia was witnessed by Forrest back in July. Apparently Al Maktoum has since secured an iron ore concession near Guinea’s mother lode, Simandou.
According to the Africa Mining Intelligence newsletter, Forrest’s Fortescue family has since been spotted taking a gander at Simandou blocks one and two, the concessions pared away from Rio Tinto's bigger Simandou permits in 2008 and currently the subject of a tender process by the government of Guinea.
Africa Mining Intelligence reported that the Fortescue team visited Simandou on August 22, three days after the deadline for securing access to the government’s data-room closed.
All probably a coincidence, I am sure.
https://www.afr.com/companies/manufacturing/we-have-entered-a-weird-place-in-the-aluminium-trade-20190919-p52t1z

Naya Pakistan Housing Project: Foreign firms' interest shows ...
The News International-11 Sep 2019
The delegation includes representatives of private office of His Highness Sheikh Ahmed Bin Dalmook Al Maktoum, China Construction Design ....
https://www.thenews.com.pk/print/525117-naya-pakistan-housing-project-foreign-firms-interest-shows-their-trust-in-pm-imran-s-policies-says-minister

So is he on a massive ego trip ... a bit of a butterfly playboy ... no real commitment, just playing business games? ... or is he a serious serial entrepreneur?
I still want answers to the questions why he ditched his holding in ADME and abandoned his plans virtually overnight.

On the 14th September, crude oil tanker Karvounis departed from Yombo oil terminal heading south. The destination is given as CPT, with eta on 20th September 2019 ... there is no port with this identifier.
As an educated guess I would offer Cape Town, South Africa as the most likely.
With an average speed of 12 knots, she would currently be off the coast of Angola heading south.
The recent cases of sabotage of tankers at sea has meant that shipping information companies are reluctant to identify the exact position of a vessel for fear of attack.
If it is Cape Town, on past records she has refuelled and sailed on to Melbourne, Australia. Therefore, the likelihood of returning to Front Puffin must be late October at the earliest.

Cowboy,
I am and never had been a Kenyan ....
The Hudson Lady Roseline is a converted passenger ship now occupied by Special Forces of the Nigerian Government to protect the waters of The Gulf of Guinea from pirates and insurgents.
It has acted in this manner close to the Front Puffin on numerous occasions in the past.
At present, there are no crude oil tankers with orders to visit FP to offtake a cargo.

In the past, the price determined for our sales was based on the average price, based on 5 days before the lift.
Thoughts that crude oil tanker Karvournis was on its way to Front Puffin have now been revised. After meeting its destination at Yombo Terminal, off the Republic of Congo (Pointe Noire), it increased its draught from 8.9m to 14.2m on 14th September. It now has a full cargo and is heading south again ... to an unspecified port (on Marine Traffic 14/09/2019).

Another kick in the ****** ... and still no sight of getting anything out of the ground.
See that the Omani's (Al Marjan) are the biggest takers, so perhaps there will be news of a granting of the licences (not promises) in Oman to resurrect the share price ... and Al Marjan will be the biggest benefactors with their increased shareholding bought on the cheap.

Think he prefers power without glory.... So long as he makes it pay!

* ADM website ... not AGM (predictive text interfering again)

It confirms, on Monday 9th September, Peel Hunt increased their holding in ADM by 300,096 shares, the % increased from 18.27% (on AGM website of major shareholders at 10/09/2019) to 18.82% ... although it is shown as a drop from 19.13% in the RNS.
Once acceptance of the Zark investment is shown and recorded in an RNS, the % will reduce in accordance with the new issue of extra shares.
The question still remains ... Andy Frangos (through Lesoza Enterprises) recently bought at 16.5p, Peel Hunt took the majority of Sheikh Ahmed's sell-off at 10p ... have they snapped up shares to average down their investment when the SP went sub 6p? ... they are still underwater at 7p.

Our partners in Aje, Panoro Energy, are making a presentation later today ...
Their share price has just spiked to over 20NOK that confirms analyst predictions that it may hit a yearly high of 23.4NOK this month.
If Aje OML-113 is on their agenda, with possible new partners to be introduced and announced, then it can only help ADM move further forward in attracting investment.
Zark Capital Ltd are Swiss-based and managed, with offices and registration in London ... where does Andy Frangos live? ... in Switzerland (on the banks of Lake Geneva). ... Seems he has contact with the deep-pocketed "Gnomes of Zurich" ...
I would wager that AF is pulling the strings and orchestrating ADM from the sidelines, without being on the BOD ... with his own major stake in the company and combined with Zark they have considerable control.

Remember OO has close links to EER (Norway) ... wasn't he a former CEO and is on the board of other EER companies?
Until the liquidators unravel the demise of EER (Norway), which has been going on since Feb2019, the untangling of interests in OML-113 cannot proceed.
But, by us having OO on our BOD we must be in prime position when it comes to sharing out the spoils.
Also take into account this is Nigeria ... deals are done behind closed doors and $ promises made. (despite the Sheikhs worthless MOU's).
Perhaps Peel Hunt and others have got wind of this and it has focussed attention on the SP.

It was reported last week in a few posts when John Hamilton made the announcement in an open discussion with investors following Q2 results.
You can get plenty of insight from the Hegnar.no Norwegian forum (use auto-translate) about Panoro ... PEN:OSL
The share price touched 19.44NOK today and is forecast to hit the year high 23NKO later this month.
Until the EER (Norway) liquidation is settled by liquidators (been going on since Feb 2019) their hands are tied and the unravelling of interests and restructuring taking place will happen then.

Sam,
Not forgetting the 4.48% owned by Andy Frangos & Wife Anna through their offshore company Winrose International Ltd (British Virgin Islands).
Together with other unstated holdings through nominee companies, we can safely say that AF and SO between them have 5.84% + 4.48% + 1.17% = 11.49%, or more, stake in the company, with Peel Hunt holding circa 27% from the Sheikh.... perhaps a bidding war for these will ensue between "The Dangerous Brothers" and Johnny Hon & The Chinese to secure overall control.
ADME is not on "Sheikhy Ground" as some term it, at present, with the expected $600k from the anticipated scheduled crude oil lift later this month.

As our SP further deteriorates to around 5.5p from a +40p high in the period, Panoro Energy, one of our partners in OML-113, has prospered and increased from a yearly low circa 14NOK to hit 19NOK+ on the Oslo quoted market (PEN.OSL).
It seemed strange to me, at the time, when all the excitement surrounding the announcement back in June of "The Sheikh" as our Saviour and Messiah, the PEN SP hardly moved upwards on the increased prospects for OML-113. In fact, at that time, the talk was of PEN baling out of Nigeria with the newly formed ADME taking up their share with funding from our phantom benefactor.
Panoro Energy ASA have just reported encouraging Q2 figures to show a strengthening of their budget and a rosy future.
Year on year, Panoro Energy ASA grew revenues 100.80% from 6.02m to 12.09m while net income improved from a loss of 36.59m to a smaller loss of 7.11m (all NOK), with revenues of 308.62m., total net income of 19.18m and a market cap of 1.17billion ... all with just 31 employees.
They leave behind 4 other companies in their wake in the FT Peer Analysis whose figures are lamentable in comparison.
Admittedly PEN is a much larger concern than ADME with prospects and income from Gabon and Tunisian oil wells, together with their stake with us in Nigeria.
Rumours, so far unfounded, were that Shell Oil was sniffing around the Nigerian basin looking to get back into deep-sea oil wells and OML-113 could be a target, with investment from a multinational required to go the next step in the lucrative gas exploration and production process.
Added to this, the latest news from our near neighbours:
"Optimum Petroleum and Lekoil, partners in the Ogo discovery located in OPL 310 block offshore Nigeria, have been granted a three-year extension of the license from the country's authorities."
"Following a successful appraisal, a full field development (FFD) program will be undertaken for which Lekoil and Optimum are in advanced discussions with a potential funding partner. »
https://www.offshoreenergytoday.com/nigeria-approves-three-year-extension-to-ogo-partners/
Taking the focus drawn to the area, it should promote and increase our prospects at ADME to expect good news in the coming weeks ... and we too start to fly .... we live in hope!
Yours in desperation,
Kentan.

Let's hope the update RNS is not published at 4:30pm on Friday as the market closes ... usually the sign of bad news.
They are hardly likely to come clean as to why The Sheikh chucked his toys out of the pram and sold up ...
and no more "fantasy island" from SO, please.
Would also like to know about our £850k invested in Superdielectrics Ltd in October 2018 ... all gone quiet.
Any more diversification envisaged? ... perhaps into the float of Naturi Vita Ltd, Andy & Stefan's CBD Oil venture.

Just about to round the Cape on her return journey from Melbourne ... (4 minutes ago).
Calling in at Yombo Terminal (DR Congo) to refuel en route to Front Puffin for next lift (14 -21 days time)?

The RNS is utter bulls**t ...
Sheikh changed the name of the company to his initials ADM ... why?.... an ego trip?
He would appoint his representatives to the BOD ... never happened.
I think it was the AGM where it started to go wrong ... the unusual strange revoking of proposals may have started it.
The cash raise started to dilute his holding ... perhaps there are more on the horizon that would have reduced it further.
Four months of his involvement would not be time enough to see progress (if any) with our partners.
It just looks like it was, a simple ... "Smash & Grab" operation to make a few quid ... probably at the behest of his crooked Pakistani pal.
Let's hope Stefan & Co. take a more prudent role in future and limit their greed (salaries & options) to stabilise the SP.

See the locals want a piece of the action, which is their right.
No doubt a few "sweeteners" should do the job to smooth the waters (as were promised in Moz).
It is their only bargaining tool, the area offers no alternative prospects of revenue to enhance and benefit the community.
Jobs and ancillary businesses will give those prepared to work an income and better quality of life.
DA needs to appease the situation before other "environmental protest organisations" jump on the bandwagon and it escalates.
No doubt someone will find a rare plant or newly discovered lizard to support their case to put a banana skin in the works.

On its way back from Melbourne after discharging our cargo of oil in June.
Stopping off at Yombo (Offshore terminal Congo) to refuel for estimated offtake from Front Puffin in mid-September.
This should help stabilise the share price with recovery back above 10p.
Peel Hunt know this and are prepared to pick up further shares sub 10p to deal at higher prices. In the meantime, they will sit on them.
Taking the fire-sale holding from Sheik Ahmed would have been considered a gift at 10p, especially when only days before a fundraise at 16p had been subscribed for and news of Lesoza Enterprise's increased holding at a higher price.

*typo ... not "al Dalmook" but should read "bin Dalmook" ... bin denoting the mother's family name.
Sheikh Juma bin Dalmook al Maktoum is the brother of Sheikh Ahmed bin Dalmook al Maktoum, he has a string of racehorses in the UK.