Member Info for Spikeyj

my assumption is that the ‘settlement’ is about ADME
trying to work how much they need to pay NHNL to
persuade NHNL to drop their claim on barracuda. jmv.

i am intrigued by the positive spin being placed on today’s news here.

ADME previously claimed that there was no merit at all to NHNL’s claim.

but now ADME claims it’s trying to negotiate a settlement with NHNL.
… and some on here think that’s *good* news for ADJE!? - just wow!

“… there’s a lot of evidence there folks.”

LOL!

thank you.

“ … they have confirmed …”

? to whom?

to be fair, i suppose it might be hard for a CEO to post
something about a company’s cash position if they are
right in the middle of trying to arrange a fund-raising.

… nope, it seems that ginksy has nothing to say about
ADME’s current cash position. (not terribly surprising tbh.)

anyone even remotely considering investing in ADME should be
aware that its cash situation is absolutely dire right now, and imv
they are in urgent need of a fund-raising to remain a going concern.

nothing to say about ADME’s current cash position, ginksy?

notice how they also drop a hint in the results RNS that they will
try to distract pis with some kind of shiny-shiny nonsense prospect
of a renewable energy asset in europe. until the plug is properly
pulled on ADME, they will always keep switching from one jam
tomorrow story to yet another — but nothing real & genuinely
profitable ever emerges. … all these years they’ve already
had that stake in aje, but not one single cent of profit or dividend
has *ever* come shareholders’ way. cornhill received a million
quid success fee at first aje oil, while the BoD extracted huge pay
and perks for years, but now the two aje wells are depleted
and failing, the FPSO has departed, with adme still left owing
the project partners a seven figure amount of debt re aje!

ginksy is completely ignoring the cash crisis for ADME right now, in 2022.

pie in the sky stuff for 2023 / 2024 / 2025 doesn’t produce cash for ‘em now.

MXO then ADME, always the same, potential jam
coming day after tomorrow to fund BoD lifestyle.

as you well know, ginksy, ADME has very immediate and
severe cash flow problems which threaten its survival as a
going concern. rising nigerian gas prices make *no* difference
whatsoever to ADME’s current cash balance and its cash flow.

plans for future aje development in 1, 2, or 3 years time don’t help
ADME at all in the short term. just means that if the partners ever
get their act together with a field development plan etc, colossal
amounts of money will then need to be raised for further drilling
and infrastructure and ADME’s share of the project level debt will
balloon ever higher. (- but i expect ADME to be wiped out long
before that, with its interests in aje being taken over by others.)

at a broader level, anyone who has watched MXO then ADME
over any length of time will know not to take seriously claims
such as your “production will increase to 9000 boep in phase
two due next year and to 24,000 in phase three due in 2024/25”

— since the track record of ADME ever actually doing and achieving
the things that its BoD claims will happen is remarkably poor, both
on timescales & any eventual outcome. e.g. just take a look back at
stuff osa said before about 3 deals a year, marginal oil field bids, when
barracuda CPR was meant to come out, when drilling would commence
at barracuda, etc. just spinning the plates while they cream pay & perks.

“… cash flow loss from operating activities increased
by 40% to £2.1 million (2020: £1.5 million loss).”

cash and cash equivalents at 31/12/21 of £110,000.

they then raised £561,000 in january 2022. that’s a
gross amount, so call it circa £500,000 net in jan 2022.

cash is king, and ADME have b***** all,
zero coming in unless they place again.

but the shares are trading well below their paid up value of 1p, so ADME
cannot place more shares below that price, unless it is made conditional
on some kind of further share capital reorganisation/ consolidation etc.

30/6/22 meant to be the long-stop date for petronor.

30/6/22 also the date when the ADME / KONH dispute
with NHNL dispute is meant to be back in court.

… RNS coming pretty soon.

(sorry, should have read, *1117* bopd for 2021, not 1118)

oil production from the aje field continues to decline badly year on year.

2018 3100 bopd
2019 2967 bopd
2020 1909 bopd
2021 1118 bopd

they have lost their previous FPSO. zero revenues
coming from aje until they pay up for a new one.

“In the short term, the Group will require further additional funding in order
to meet its liabilities as they fall due & continue to operate as a going concern.”

? crl, you’ve posted about having been a teacher for many years - aren’t
you eligible for a defined benefit pension from that long employment?

… & kicked out that trading slice yet again.

nice back and forth on this share over time.

and yet all those revenues still just disappear into
the gaping black hole of project level debt, so
ADME still doesn’t receive any cash at all from aje.

& the 2 existing aje wells are depleted, more or less dry now.

cash burn remains very high, with pretty much zero cash left.

so ADME still needs to raise cash as a matter of urgency to stay afloat.

but the shares are trading well below the 1p paid up price.

so they need a chunky placing very soon indeed, but would
also need to make that conditional on holders agreeing
a capital reorganisation/ consolidation to enable that, imo.

grim for ADME. amazed the share price still remains so high here.

is the long trade here still ‘crowded’? perhaps less so now. me, taken a few, but the world is a bit b******* recently.some of them 2008 chickens home to roost.