Member Info for mcadder

Nod nod nudge nudge wink wink....... I've now drawn the logical conclusion that Spikey and ap90 are the same person the way each poster is deliberately agreeing and backing each other up.....having a two way conversation between one person, nod nod nudge nudge wink wink - how sad indeed

I don't need to filter you - that way I get to see what rubbish you spout on here and have a chuckle at the same time

Blah blah blah your starting to bore everyone with your copy and paste rhetoric with your same silly post layout with gaps in the text to make your posts look bigger......yawn

From 11th Sept RNS
pleased to announce that it has entered into agreements to raise £832,000 before expenses from Zark Capital Ltd ("Zark"), an independent fixed income boutique firm based in London, and other investors.
a £269,640 subscription by Zark through the issue of 3,852,000 new ordinary shares
a further £150,360 subscription by Zark through the issue of 2,148,000 new ordinary shares
a £412,000 subscription from other investors through the issue of 5,885,713 new ordinary shares

From 8th Oct RNS
the Company is pleased to announce that it has completed, conditional upon Admission, the first stage of the Fundraising raising approximately £283,450.

So Zark subscribed to 420k worth of shares at 7p (269k and 150k).
Given that we know that 553k of the 832k placing has been completed that leaves only 278k to complete.
Therefore we can conclude that so far with the full 420k taken up by Zark the other £133,090 has been taken up by other investor's.

Osamede Okhomina, CEO of ADM Energy, said: "PetroNor entering the Aje project and taking a lead role in its future development is a strong endorsement of the viability of the asset and its significant potential upside. With its extensive offshore technical experience in oil and gas exploration, development and production, PetroNor can help bring near-term production growth and take Aje to the next stage of its development."

So all in all the liabilities you mentioned are just another scaremongering tactic aren't they Spikey in the grand scheme of things considering the progress being made and the plans for near term production growth of the aje field.

I think you've been sitting in the sun in the Sahara too long haha

Doesn't sound like PetroNor will be wasting any time with development of the next phase of the field...

PetroNor stated its rationale for the Transaction was to: "become a technical operator of a de-risked development project with significant upside potential", giving it the "opportunity to leverage PetroNor's technical experience to progress [the] Aje project and deliver near-term increased commercial recovery of hydrocarbons."

Osamede Okhomina, CEO of ADM Energy, said: "PetroNor entering the Aje project and taking a lead role in its future development is a strong endorsement of the viability of the asset and its significant potential upside. With its extensive offshore technical experience in oil and gas exploration, development and production, PetroNor can help bring near-term production growth and take Aje to the next stage of its development."

Bit desparate even for you Spikey digging up the annual report from 2018 considering 2020 now beckons. Show me an AIM listed company that doesn't have any liabilities - ADME's is small change compared to most yet they are also in a far better financial position than 2 yrs ago along with good progress made. But of course you wouldn't want those aspects highlighted would you as it doesn't fit your agenda. I see that both you and ap90 keep liking each other's posts haha ...........

Material increase in Aje Field reserves
The level of reserves reported in the 2019 CPR update represented a further increase compared to the previous report and highlighted the future potential of the Aje Field.
The 2P recoverable oil reserves relating to the two producing wells have risen significantly from 2.96 MMbbls gross in 2018 to 4.73 MMbbls gross in 2019, a 60% increase despite the field having produced over 1m gross barrels over the course of 2018.
These CPR results confirm the commerciality of the Aje gas development.

The Aje partners have renewed the production licence for a further twenty years and the Company expects to see further development drilling in 2020.
Modelling work to assess the best and most profitable development scenarios are ongoing, including the formation of plans to develop the hydrocarbon reserves in both the Turonian and Cenomanian for the highest return on investment.

Revenue increased 82% to £3.1m (2017: £1.7m)

· Loss after tax reduced to £849,000 (2017: £3,435,000 loss)

Renewal of the OML 113 licence for another 20 years approved by the Minister of Petroleum Resources.

Osamede ("Osa") Okhomina, aged 48, has over 20 years of experience in the global oil and gas industry, with a track record of financing projects and growing businesses.
Osamede was a founding partner and CEO of Energy Equity Resources ("EER"), an Africa-focused oil and gas company and a partner investor of ADM Energy in the OML113 Licence (which includes the Aje field), where he has secured over $300 million of direct foreign investment into the Nigerian oil and gas sector.

Technical work has largely been concluded to support a decision on Aje Phase 2 development; targeting estimated gross production of 8-12,000 bopd.

Project level operating costs remain as forecast and there is no planned or required capital expenditure anticipated in the short term. As a result, it is expected that the project will only require two further liftings (being October 2019 and January 2020) and sales of the oil to repay the liabilities at project level and to start generating free cash flow for the investors.
So just ONE more lifting required before they become cash flow positive.

One word Spikey

PetroNor

Tata.....

Competent indeed. Have a great weekend all ;)

"Osa Okhomina has more than 20 years’ experience in the global oil and gas industry, particularly in Africa, financing projects and growing businesses. Osamede started his career at Terra Energy Services, helping to introduce new deep-water technologies in Nigeria. He is a founding partner of Africa-focused Energy Equity Resources, a partner investor of ADM Energy, where he has secured more than $300 million of direct foreign investment into Nigerian oil and gas. He brings considerable government expertise and connections to the ADM Energy board."

"all means this remains fun to watch for some months"

I agree this will be fun watching it re-rate back to 15p+ levels.

Can't wait ;)

Yes slowly and I don't think we'll be waiting long for the last bit to complete imo

From SpikeyJ on ADVFN....

"it is bizarre that you and others like E_AL &
mcadder on lse are trying to pretend that it
is a success of some kind for this company to
fail to complete the placing it had arranged."

All we are trying to tell you for the 5th, 6th or even 7th time is that the placing is two thirds complete which at a premium under the circumstances is a good result.
We now await confirmation of the completion of the rest but given that the funds have been received from Zark who now hold 6.68% the rest will be coming from another investor.
At least the company are keeping us informed under the advice of the nomad no doubt instead of keeping us in the dark like a few AIM listed companies I can think of.
Yesterday a few panicked and sold and PEEL will have been lapping it up before closing flat so all in all the market believes there is no issue here as we head towards completion of a few deals Osa hinted at and being cash flow positive.
Osa confirmed the other day that oml 113 is producing 3500bopd which is net 175bopd for adme. So at current oil prices of nearly $62 thats almost an extra 11k a week revenue on top of 65k a week from the producing wells.
With PetroNor on board Osa expects a ramp up of production to 10k barrels a day (net 500bopd for adme). So given that we'll be cash flow positive very soon at current rates this would be fantastic for the company.
So you can whinge and moan all you like Spikey but the company is being led by a very competent experienced and capable CEO who is intent on delivery here. Given that we are at £3M Mcap this has a serious amount of upside if just one deal at this point were to be announced.

"it could be the difference of a deal been concluded"
DanBrown you simply don't know that so pointless speculating on it

alwaysbeclosing - they say sarcasm is the lowest form of wit which certainly applies to your posts so just make sure the only thing your closing is the door on your way out

DanBrown83 -zzzzzzz yawn zzzzzzz

Seems quite clear to me Spikey -

Out of the 832k raise we have had 269k plus 283k banked and just await the remaining 278k.

It's quite simple really.....

Seems to me that the company are not in desparate need of the money from the next stage of the fundraising hence the delay otherwise if needed urgently they would likely have cancelled the latest part of the conditional placing and done a further raise around current SP levels.
Something else bigger going on in the background imo

Bosses at Sirius Minerals under mounting pressure to outline plans for potash miner after self-imposed deadline passes without an update
By Francesca Washtell For The Daily Mail
21:58 31 Oct 2019, updated 22:19 31 Oct 2019

Bosses at Sirius Minerals are under mounting pressure to outline their plans for the potash miner after a self-imposed deadline passed without an update.

In early October, chief executive Chris Fraser said he hoped to make an announcement about the progress of a strategic review by the end of the month – yesterday.

But no update was forthcoming, leaving shareholders – including an army of 85,000 private investors – in the dark.

On one investor chatroom, shareholders have set up a thread entitled: 'Where is the end of October update?'

Writing on Wednesday night, one investor said: 'I am actually fully expecting an update at 7am tomorrow. Chris Fraser needs to reassert control.'

A company spokesman said the firm would complete the strategic review 'as soon as possible' and 'make an announcement in due course'.

So the CEO confirms oml 113 is producing around 3500bopd at a stable rate right now which is net 175 bopd for adme. Plus within 12 months that figure could be net 500 bopd for the company.
Then there's the massive gas potential plus potential deals coming to fruition. The only reason the market hasn't reacted to the above is because they wait to see if Osa is a genuine deal maker and has the ability to move the company to the next level. No wonder Spikey is worried. If like him I was short right now on this stock I would be worried too bless him....

Snippets from yesterday's interview -

• Focus is on West Africa but increasingly seeing transactions in North Africa and South West Africa
•16 yrs experience in the O&G industry introducing technologies in the offshore sector and completing upstream deals from Mauritania to Equatorial guinea to Nigeria
• Became CEO of adme as he saw the company drifting, was invited to join the company and good opportunity to take a small company into the big league
• 3 categories of focus - appraisal assets (not yet developed) - developed assets bringing partners on board - buying large half billion dollar producing assets using 90% debt and offtake financing
• oml113 is very developed asset with no geological risk producing 3500 bopd and pretty stable. Good asset good reserves, Petronor brings wealth of offshore experience from Norway, they will own 50% of the economics of the project and therefore much easier to finance. Means ready to take next step for further development and very excited about Petronor coming onboard
• Company was lacking executive talents and recent appointments bring vast experience of financing large capital projects in Nigeria and ability to access larger pools of finance etc etc
• Next step is development with PetroNor which has a programme to triple production (3k - 10k) can't talk too much about it at the moment but development programme will triple production for oil as well as develop gas