Member Info for Spikeyj

i don't think picto was being particularly misleading.
in his own sweet way, he was trying to be helpful by
highlighting that there were some results available
for RAP. - it's just that picto didn't seem to have any
kind of commentary or analysis to offer, & perhaps he
didn't understand that full results were available. his
job here is just to post links for the team, not to think.

many thanks picto for drawing attention to the RAP results.

however, the link you posted only gives a brief summary,
so i thought it would be more useful to expand on that by
posting material which includes a link to the full results,
and some analysis of these by davidkip, as quoted below:

"The full accounts for RAP make grim reading. Ignore the profit stuff (negative) as much is due to re-valuation of two investments that are very hard to track down.

Cash.

https://backend.otcmarkets.com/otcapi/company/financial-report/233242/content

See p24

Last year $1.9m went out the door, matched by circa $2m raised by equity placings. This year, money is still flying out the door (a net $1.1m outflow) that was matched by a mere $400k equity placing with the rest being a related party loan of $732k.

RAP thus continues - as it has for as long as it has been around - to bleed cash and needs subsidising by either placements or more debt. What is perhaps interesting here is the shift to debt not placings this last year, ie those that backed it in the $2m placing haven't followed their money by-and-large, leaving RAP to be bailed out by a shareholder/related party loan."

also from davidkip:

"One clue is that the trade receivables has ballooned to $2.7m or thereabouts, but actual cash from customers has been piddling $800k. The suspicion here has to be that they're spending a small fortune on inventory, getting out to distributors and booking that as revenue, but not then actually selling the stuff to the end customer.

Streamcast and Motivideo are still there as 'assets' despite being essentially impossible to track down (this hasn't changed from our previous discussions on this). Motivate Health Tech is valued (apparently independently, via a DCF model) at $42m and similarly for Streamcast ... one would have thought such cash-generative businesses would have *some* sort of internet footprint, but hey.

If those two assets were written off then RAP would have negative net assets, debt, and be losing money. I can't recall if there's a technical term for that ..."

mcadder, do you think petronor is going to pay
adme's share of new well drilling costs? seriously?

"He is a founding partner of Africa-focused Energy Equity Resources, a partner investor of ADM Energy, where he has secured more than $300 million of direct foreign investment into Nigerian oil and gas."

yeah, that's exactly the sort of thing i meant. he raised chunks of money
towards nigerian oil & gas development, but EER & EER Norway went into
liquidation. no good outcome for any ordinary shareholders, was there?

[although one suspects the various BoD members did OK overall.]

mcadder, but no reply from you about
how that 10,000 bopd will be achieved?

existing wells already pumping flat out.

“Competent experienced and capable CEO”. Really?

well, he's been involved in many companies. and he
has been involved in raising a fair bit of money. but
there isn't much evidence that ordinary shareholders
have ever done very well from his involvement, and
companies with him on board tend to get liquidated,
as is evidenced by those listings at companies house.

slowlyslowly, if you wanted to buy some adme shares
at the moment, why would you want to pay 7p in a placing
rather than just buy in open market around 5p? - unless
of course you believe that those 8p warrants are worth
circa 2p. (but then again, lol, none of the rampers on
this board ever seem to acknowledge that the 7p placing
came with a substantial sweetener of warrants which
effectively meant placees were only paying about 5p/5.5p.
... it is very different for a placee to buy shares at 7p, versus
buying shares at 7p that come with 1.25x free 8 warrants)

mcadder, the company announced it had arranged a placing
that would complete on 4th october. but it didn't. and then
they announced that they expected that it should complete
by 31st october. but it didn't. & now, they have not given
any anticipated timeline for completion, nor have they
offered any explanation at all for the failure to complete.

(most likely explanation in my view is simply that someone
has changed their mind and decided not to take the punt,
having watched what has happened to the share price since
the point when they initially agreed that they would commit.)

obv, you are fully entitled to your own opinion about that,
but by and large, it is not great news for companies to
claim that they will achieve something, but then fail to
deliver, not just once, but twice in a row, & still with no
explanation or clarity about how they will fix things.
(and i'd suggest that with AIM companies in particular,
goes double re failures to deliver on issues re funding.)

meanwhile, how are you expecting that oil production
from the aje wells will be ramped up to 10,000 bod ....
as petronor & pals can't just ramp up to 10,000 bod by
opening taps wider on the existing two wells, can they?

do you agree that would need need drilling of new wells;
and if so, where will ADME get the money from to do that?

new deep water drilling will cost money, & no-one is going
to give adme a free ride on that. adme would need to pay
their fair share towards drilling any new wells, and at the
moment, adme does not have the cash available to do that
without issuing loads more shares to raise money. so their
alternative is just to wait until somewhere (?towards end of?)
H1 2020 when they are hoping that enough project level debt
will have been repaid for the revenue from oil sales to finally
become available to ADME itself to pay those big BoD wages
but also have spare money left over to spend on new drilling
etc. not impossible, but that's a pretty long way ahead in the
life of an AIM share! & new deep water drills don't come cheap,
so imo they would still have to raise a lot more money.

meanwhile, we all wait with interest to see what new deals
OO will announce. i think peel are also waiting to see that,
with fingers over their buttons to reduce still more. jmo.

all means this remains fun to watch for some months

12:31 post, stone cold. but perhaps accurate.

100% loss for LTHs brewing?

(koovs and alli may live on,
but not the current equity?)

"He has a very good reason for wanting CW in place at the moment; there is simply too much going on for PA and TB to deal with it all."helpful posted that on the AOGL board on 29th october.then, two days later, CW is toast. worth bearing in mind, when considering what weight to give to such posters.

"May 29, 2019 0 comment
Dear Shareholders,
We are pleased to up date shareholders on progress this year for the Company. We are aware as well that shareholders have asked for more frequent information so will publish a quarterly update moving forward. "

november now, so it's more than five months since
whetstone said they would publish quarterly updates.

still not even a single comment from whetstone
about britdaq throwing them off that platform.

they also need cash to keep on paying those
large BoD wages bills month after month.
the company still has big monthly cash burn.
('tho would be interesting to know OO's pay?)

and they will need cash to pay their share of
any new aje well drilling / developments etc,
whether or not they manage to arrange other deals.
as if they don't pay their share of aje, they lose it.

E_AL: "Stage one - 31 Oct 2019: £283,450 received at 7p per share."
E_AL: "Another £283,450 in the bank :)"

that's a bit misleading, E_AL.

the £283,450 was raised three weeks ago,
as per ADME RNS Tue, 8th Oct 2019 07:00

so the RNS today is *not* announcing
"Another £283,450 in the bank :)", is it?

why wouldn't amit be happy?
pis gave him millions of £££.

ah, there it is.

"The second stage of the Fundraising, which amounts to £278,910, has been subject to further delays. The Company will provide a further update to the market in due course."

not unexpected.

thanks patch, it's really exciting news.

- peel go from just under 14% to
just over 14%. woo hoo indeed!

meanwhile, how's that
placing coming along -
should be RNS tomorrow?

stalin, perhaps it depends why CW left?

maybe he knows the game is up for AOGL,
and there is little/nothing left to be gained
by hanging around with this company. (may
be same motivation for those who lent the
company money, but secured on the assets
so they will be fine even if this turns into a
total bust for the poor old holders of equity.

hopefully that's not the case for LTHs here,
& maybe it just means BoD finally grew a pair.

"As Koovs is contemplating fundraising options, as brokers to the company we are suspending our forecasts, recommendation and target price."

andy, thanks, very interesting link.

(not sure how much i agree with it, but
it's nice to see that quality of reflection.)

dangerously factual stuff garyn.
not gonna make you particularly
popular with the natives on here.

atb.

garyn, you might need to explain what "inferred"means.