The board looks forward to the future with confidence....half yearly report 30th Sept
"Technical work has largely been concluded to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd"
"Our confidence in the Aje Field has been enhanced, particularly by the partners' renewal of the production licence for a further twenty years, and discussions are taking place for further development drilling in 2020."
"We continue with our plans to build a larger investment portfolio of undervalued projects by leveraging on our extensive network across Africa and originating deals for appraisal, development and producing assets. The Board looks forward to the future with confidence."
Good time to be invested here me thinks. Can't be far away from an official update on potential development of the aje field or on progress with potential asset acquisitions.
Expecting to see this back to the 6p-7p area next week or double digits if a positive update on either aspect materialises.
I think some games are being played here to try and keep the SP down - several times over today and yesterday some large buy trades have gone through followed within a minute or so by a sell.
For example today a 133k buy went through just before at 12.54 with there having been no trades since 10.12 then within 30 secs a small sell goes through. Very odd....
No offence Spikey but do you know what their plans are to develop the oil and gas at oml 113 with the other partners ? Of course you don't.
Do you know what assets they are hoping to acquire a stake in in West Africa ? Of course you don't.
Spikey I think it's you who is not sure here although I am pretty sure I and many others know what your agenda is here tata.......
"& the existing wells run dry after a few more liftings" ......err No don't think so Spikey see below.....
"Of note to the Company, as previously reported, was that recoverable oil reserves, which is one of the component elements of the estimated reserves figure, had risen from 2.96 MMbbls gross in 2018 to 4.73 MMbbls gross in 2019. This is a significant increase considering the field producing over 1 million gross barrels over the course of 2018."
As for your fag packet calculations on your estimated cash position/cash burn it's all guesswork on your part and pointless really.
Pointless because if they deliver by structuring a couple of deals with attractive assets cash burn would no longer be an issue. That's because they could be generating extra revenue within a short period of time from those assets. Plus after the next couple of liftings the company expect to be cash positive.
I would much rather see perhaps 100M shares in issue further down the line with something tangible to show for it and a much brighter future for adme than the situation that has been the case here for the last few months.
By the way Spikey you sound like nothing more than a stuck record - yawn...
I see no issue here, they already have receipt of a large chunk of it and the rest will follow. Doesn't affect their ability to complete any deals they are working on....
"The Fundraising, which totals approximately £562,360 through the issue of 8,033,713 new ordinary shares, is expected to have fully completed by the end of October 2019."
"Accordingly, the Company is pleased to announce that it has completed, conditional upon Admission, the first stage of the Fundraising raising approximately £283,450 by way of the issue of 4,049,311 new ordinary shares of 1 pence each ("New Ordinary Shares") at a price of 7 pence per share."
Jadele this is what you stated earlier....."you have to consider there is a Sell for EVERY Buy." ......I'm sorry but that statement is not true like I've already said. The number of buys and sells fluctuate all the time why do you think the SP goes up and down depending on buying or selling pressure! For you to suggest that for every buy there is a sell to follow is bonkers! That's why sometimes shares rocket 100-300% on good news when no one wants to sell but peeps keep buying. A rise like that is an indication that the MM's are struggling to meet demand with available shares and the price rockets up to entice some sells. Going back to Adme look at the trades I posted earlier....7 buys 1 sell so if anyone is stupid here it ain't me. I suggest you read up more on the mechanics of the stock market and how market makers try to make a market based on supply and demand at the time! And by the way the company doesn't sell the shares - that's what they have brokers for with market makers within those brokers to trade the shares.
I agree fully Patch. As for saying for every buy there is a sell....not true. 7 buys today and only 1 very small sell. In fact after close of market this afternoon there was another 150k buy meaning total buys were over half a million today equating to 1% of the company. So hopefully a nice build up now before some positive news.
Here's the trades......
04-Oct-19 17:06:36 5.125 150,000
04-Oct-19 15:45:16 5.14 97,062
04-Oct-19 15:22:48 5.1199 50,000
04-Oct-19 15:21:43 5.01 90,000
04-Oct-19 13:29:40 5.01 4,800
04-Oct-19 13:22:14 4.8541 2,100
04-Oct-19 10:21:09 5.01 5,444
04-Oct-19 08:59:35 4.924 150,000
The SP is at this price because it's heavily oversold unlike at 15, 20 and 25p+ levels where the hype of the sheikh was prompting many to still hold. However it is what it is and today out of the 399k shares traded only 2k shares were sold in 1 trade. The rest buys.
All to play for if good news does land.
https://t.co/ZoufADLln7?amp=1
Sirius Minerals: Odds of mine going into production lengthen significantly, says German bank
2019-10-01 14:02:00
Sirius Minerals PLC’s (LON:SXX) Woodsmith potash mine now has only a 25% chance of being built, according to a leading City bank.
That is the conclusion of the London arm of Germany’s Berenberg, picking through the aftermath of the group’s failed bond issue
Sells drying up - won't take much for this to move back up. News regarding options on asset acquisitions or indeed an update on development plans for the aje field could land anytime now and catch quite a few out.
Encouraging stuff in today's half year report....
"The CPR reported that 2P Proven and Probable Reserves showed an increase from 127.1 MMboe gross to 138.2 MMboe gross. Of note to the Company, as previously reported, was that recoverable oil reserves, which is one of the component elements of the estimated reserves figure, had risen from 2.96 MMbbls gross in 2018 to 4.73 MMbbls gross in 2019. This is a significant increase considering the field producing over 1 million gross barrels over the course of 2018."
Field Development Plan
"In line with Phase 3 of the Field Development Plan approved by the Government of Nigeria, the operating partners are currently developing various plans for gas production from condensate reservoirs in the Turonian sandstones at Aje. Discussions are taking place with potential off-takers and investors and an update will be provided soon."
"We continue with our plans to build a larger investment portfolio of undervalued projects by leveraging on our extensive network across Africa and originating deals for appraisal, development and producing assets. The Board looks forward to the future with confidence."