Member Info for Spikeyj

dan, it’s not just about the admin expenses, horrific tho’ those are.

if they are genuinely intending to drill at barracuda, for example, then they need
a lot of cash to pay for that. similarly, if they really do intend to drill replacement
wells at aje, then that’s gonna cost a *lot* for that deep sea work - ADME can’t just
keep doing placings to pay BoD pay & perks (“admin expenses”) but do nowt else?

biggest & reddest of red flags about ADME is not actually
the cash position, it’s the shocking record of poor, delayed,
unclear and incomplete communication from this BoD.

… particularly when they keep making grandiose claims about what they
are going to achieve, but then fail to provide coherent updates about the
progress they are making, or adequate and timely explanations about why
their plans have fallen through / ‘strategy’ changed, projects abandoned, etc.

… imv, makes it near impossible to rely on anything that the BoD is saying.
if one can’t trust BoD, & BoD doesn’t communicate, surely uninvestable?

baffled the share price managing to hold above 2p, given that every man &
his dog knows a attempted placement is imminent to avoid insolvency. even if
someone is dead keen on l/t prospects for aje or barracuda, for some reason,
hard to see why they should hold rather than just dump & wait for lower. jmo.

“… another 50m shares at 2p”

? 2p? - why on earth would any putative placee want to pay 2p for an ADME share,
unless they were given large amounts of long dated warrants to sweeten the deal?

(apologies for posting twice, 22:59 post
only just appearing on the site for me.)

ah, i see, “the Bid Round is no longer a strategic priority…”

£275,000 a year for this! (excluding any possible side deals & fringe
benefits for running a tiny nigerian AIM oilie that burns money.)

ah, ok, “… the Bid Round is no longer a strategic priority.”

& osa is getting £275,000 for running this steaming pile (…not taking
into account any possible fringe benefits or side-deals that might be
available to an enterprising CEO of a tiny, cash-burning nigerian oilie.)

soz, meant 2021 of course, not 2011.

not had time to look through everything, long day, but so far i can’t
see anything at all about that marginal oil field bid that was meant to
be so exciting, which ADME promised it would update about in due
course … can anyone else spot something about ADME’s bid outcome?

H1 2020 …. 2126 bopd,
H1 2011 …. 1360 bopd.

frankly, i do not believe that ADME is being upfront about the real reasons
why aje production falls, year after year. yet more FSPO maintenance, my ****.

… of course, ‘admin’ costs for adme largely means BoD pay and perks…

the problem for shareholders is not that managers don’t have “a grip on
the out of control administrative expensives” — the problem is precisely
that the management DO have a very tight grip indeed on them, & they keep
turning the taps steadily to enrich themselves while shareholder cash burns.

“.. ADM has received a draft of a preliminary report …”

seriously!? - four months after they said the CPR
would take 4-6 *weeks*, that’s all that they have?

… i wonder if the CPR has not progressed further because ADME has
been unable to pay for the work needed?- but just speculating. they can
hardly blame covid delays, when they knew perfectly well about covid
pandemic back in may when they announced the 4-6 week timescale.

or could it just be that they don’t like what the preliminary report said
about barracuda, & are deliberately wanting to slow down the release of
some bad news? - bearing in mind that no one has ever been able to
extract *any* oil commercially from barracuda, in over four decades.

stunningly bad.

running on fumes.

burning cash on every increasing ‘admin’ expenses.

aje oil production continues to fall year after year, always
with an excuse, and always with a promise of more one day.

placees would be better off waiting until november 5th & saving
their cash to put on their kiddie’s bonfire to make a nice blaze.

i’m just dribbling in steadily, rather than trying to time it.
but if you’re timing is good, go for it and be lucky!

& a few more.

dunno - some possible switching within the energy sector to stocks such as
RDSB / BP etc, which have done very well over last few days while SSE has slid?

sold a couple more, but the rest stay for £18+ territory.

& a few more.

goldman push the boat out … target price up 3p, lol.

what a nice day for RDSB. think
i will treat myself to a half pint
of mild to celebrate. cheers all!

RNS 30th june 2021:
“The Company expects to publish its annual report ahead of that date.”

bit daft of them to say that if they didn’t mean it.

taken a small slice,
still remaining long.