Member Info for Spikeyj

yes, it’s a positive directors have bought some shares, although i suggest
that the amounts that they are spending on shares should considered in
relation to the total pay and perks they are extracting from this company
on an ongoing basis. - i.e. given that their high renumeration makes ADME
a very profitable gravy train (for them) to sit on, it would make financial
sense (for them) to keep oiling the wheels on that gravy train wheels by
buying some shares from time to time to support sentiment and the s/p.

an interesting issue being discussed over on the other channel,
re BoD participating in the placing when ADME still haven’t made
any announcement to the market about what they have & haven’t
got in the marginal field auction - given that ADME should already
have some inside knowledge about that, as nigerian govt supposedly
sent out letters about field allocation offers on march 2nd, asking for
signature bonuses to be paid. (... maybe that’s part of the “inter alia”?)

i’ll take that as a ‘no’, then.

no malice, jonbchelmo, just realism.
this share has been train wreck for years.

? any disagreement with the factual material i have
posted, or do you for instance have info about flow
test data from previous wells in this new acquisition?

i have no doubt that there is a perfectly genuine MOU between trafigura & ADME.

however, according to the relevant RNS, it is an MOU that does not in any way
whatsoever commit trafigura to provide any funding at all. effectively, it is an
agreement that trafigura *may* be willing to take a look at a deal or deals that
ADME wants to show trafigura, and then *might* (but might *not*) choose to
offer some kind of funding, on terms which are as yet unspecified. that’s all.
that agreement has cost trafigura nothing at all so far, with no commitments.

yes, MXO and then ADME do indeed like throwing some
important sounding names in the mix, to drum up interest.

johnny hon, the sheikh, gcpc, zark capital, lesoza, trafigura, DBI, long list ...

(? but not so clear how much cash those folks ever really pony up?)

yeah, real trafigura. ... just how much money
have they put into this particular acquisition?

... but it does matter who DBI really are, imv, as that speaks to
the plausibility (or otherwise) that they will be able and willing
to come up with chunky funds in the future to develop this field.

(that superficial name similarity with Omani royal family could be
inadvertently deceptive, if punters aren't researching carefully.)

"...the intention is that ADM's financing partner Dubai Bridge Investments LLC ("DBI") **MAY** fund certain development costs of the Investment (terms and conditions are still to be finalised)"

emphasis added by me. no guarantees anywhere, nor
even indicative amounts, %s, or costs for such funding.

so just how fast is a nigerian "accelerated book-build"?

no RNS after one full trading day... maybe tomorrow, eh.

18:20, thorough and factual, good post.

sold a few bought above 1300,
but still remaining long overall.

... the RNS is peppered with words like “may be possible”, or “may be an
opportunity”, etc. - not hard for a nomad to sign off on stuff that vague.

nothing wrong with a CEO expressing optimism, but it’s way different from
having clear, solid evidence of actual production etc. ...it may be possible
for me to marry winona ryder, and i may have an opportunity to win the
euromillions lottery, but frankly neither of those are looking very likely atm.

they don’t say anything in the RNS about what the actual production was,
nor flow-test results, from those four existing wells that were drilled. - is
there any previous history of successful flow-testing of completed wells in
this field to back the idea that a 5th one will quickly produce 4000 bopd?

i am not suggesting that anyone is doing anything not “legit”.

...i am just wondering what the evidence is for their
apparent ‘optimism’ about production from that field.

i would be interested to see if anyone
can post some solid evidence to justify it.

i suppose it depends how much you trust ADME’s “internal
estimate” of 4000 bopd for first oil, if they do drill a new well.

that seems a tad optimistic, given that the previous four wells
seem to have been dry ones. (but maybe they will get lucky?)

why? - is there any solid evidence you can see out
there that justifies that expectation of 4000 bpd?

... one or two posts about that over on
the other channel commenting on that.

...“near term” does not always mean the quite same thing in nigeria
as elsewhere ... so will be interesting to see how it turns out! yet again,
osa tries to attach that 7p tag as attempted price anchoring. in reality,
the vendor is selling for a certain quantity of ADME shares, & they can
see what they can get from in the market. it would make no difference
to the quantity of ADME shares they are getting, and the amount they
can get from selling them on, whether they claimed those settlement
shares were ‘priced’ at 3p, 7p, or 14p - but it does change the optics.

4.25p placing to invest in a nigerian
swamp (physically & metaphorically).

? any sign of trafigura?

proposed price seems consistent with numbers previously bandied around, e.g:

https://www.reuters.com/article/uk-aviva-poland-m-a-idUSKBN2AO2OD

nice progress

a couple of them still active on the GSK board.
(well, one dullard, & one rather mischievous one.)