Member Info for Spikeyj

the next placing will need to be a lot sooner than
that. this raise only brings in enough for about *two*
months of their ongoing ‘administrative expenses’.

presumably they are hoping that they can use news of a
panoro/petronor deal to market a larger raise by end dec.

ADME will fail as a going concern if they can’t raise again then.

the RNS is a bit slippery about the warrant numbers. it says
6.666,667 warrants, but actually each warrant is for 3 shares,
so in reality they are warrants over 20,000.000 ADME shares.

although placing price is superficially 1.5p, morecor is also getting
one 2 year warrant with exercise price 3p with every placing share…
so in terms of how much monecor really thought it was worth paying
for ADME shares; = 1.5p *minus* [fair value for a 2 year 3p warrant].

from the tone of the RNS, sounds rather like they are giving up on barracuda.
suspect that the initial findings from the CPR simply don’t support the idea
that they can develop it economically, though it remains a possibility that
they don’t have finished CPR yet because ADME has failed to pay for it. jmo.

https://www.thetimes.co.uk/article/astrazeneca-could-go-from-hero-to-villain-7xjstmtn7?shareToken=02069fec8255d14c905353258ba30cab

https://www.thetimes.co.uk/article/andy-briggs-phoenix-insurance-boss-with-a-seat-at-the-cop26-table-of-power-9pdv7tn0k?shareToken=f9d10e868e458f5bebe635b8745ac330

hi aceofclubs. you asked, “Why do I hold Aviva?”

i am curious … what is your own answer to that?

drop seems a tad harsh, but
then, the markets always are.

holding, content enough on l/t view.

(vaccines a bit of a red herring for AZN long term
prospects i think, not where growth will come from.)

bets placed,
wheel spinning.

the message they should be giving, is all BoD members agreeing to take
all of their payments for next two years+ in shares only, with no additional
freebie or rebaseable warrants thrown in, and no rubbish about ‘deferring’
salaries (since that just means they leach the cash out of next placing anyway).

snowball’s chance in hell.

but every month that this company’s shares are still trading is
another month when they are pocketing another six figure sum
in ‘admin expenses’. money for old rope until someone stops ‘em.

i suppose it’s nice work if you can get it.

comms style does seem a tad insensitive
given what they’ve done for shareholders.

but they’ve done OK for themselves, so
hardly surprising they are all smiling.

https://www.thetimes.co.uk/article/inflation-threat-tests-andrew-baileys-mettle-xpmz79j2n?shareToken=9f1d9a7a4efebf5fc99943b2753db777

sadly, it is not possible to add further commentary about my understanding
of the context here without skirting around the libellous, & admin would ban.

so, “… what we cannot speak about, we must pass over in silence.” (LW, tractatus)

it was the best of times, it was the worst of times…

added again today. … feel slightly apprehensive about that, as i already hold
a decent chunk long on an 18 month-ish view, so possible not a smart move,
but got tempted to take punt on a trading slice for a 2-4 month stance. we’ll see.

? a little bit of buying from some
in anticipation of next week’s results?

& a couple more.

bought a few back.

BoD would be sending a very different signal to the market if they announced
that all directors were willing to take full pay in ADME shares (*not* repeatedly
re-baseable warrants!!) rather than taking cash / deferring for placing cash.

the total BoD share purchases to date have been minuscule in comparison
with the £200K a month that they are creaming out of shareholder funds.

current total market capitalisation is only in the region of £3 million;
makes it look bizarre that they are willing to pay out somewhere in
the region of £2.5 million pounds for a year’s worth of BoD pay & perks!
effectively, the whole company just exists as a cash dispenser for the BoD.

? how on earth do the renumeration committee justify this kind of plunder?

— surely can’t be anything to do with actual achievements, given e.g. the
terrible share price performance; the pathetic production from the aje wells;
failure to produce a CPR for barracuda; failure to drill at barracuda in H2 ‘21;
failure to ensure effective due diligence of ‘partners’ such as DBI; failure to secure
any marginal oil field deal; failure to secure those 3 deals a year osa boasted about;
failure to show trafigura anything leading to even $1 of actual concrete investment.

yikes, apologies, the monthly cashburn is likely to be more like *double* the
figure i gave at 18:21 yesterday, since the £1,137,000 admin expenses in last
interims was *only for a six month period*, not a full year. so twice as bad
for ADME’s cash position as my previous post suggested! - mea culpa.

bought a few,
small for now.

dan, ? i am curious, how do you know what rate of return those UAE (etc)
investors will demand to lock up UK their money at risk to develop aje?

globally, costs of capital to develop o&e resources have been rising fiercely…

and as ADME’s BoD are p***ing £93,000 a month (and rising) up the wall, each
and every single month, to pay themselves their bloated & utterly unmerited
pay and perks, ? where exactly is the cash meant to come from to keep them
in those comfy lifestyles before ADME can finally actually manages to bank any
cash from aje? - they have zero sources of cash income into their own accounts
whatsoever & it would literally be years before they could book anything from aje.

lol, look at the size of those 2p trades, someone is
trying to play keepy-uppy with the share price! — not
much shift on the bid side though, funnily enough.

& what do you think ADME will
have to pay for that funding, dan?
ain’t no such thing as a free lunch.

even fresher up here. good view of
the stars, but oxygen getting a bit thin.