RE: from ADME results27 Jun 2022 11:30
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.