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!
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.