Member Info for tresha99

Cheers Spikey...likewise! All the best

And I'm out...too many red flags here now with the hugely delayed results and no sign of anything else moving. Taken a loss, but it isn't the first and it won't be the last. Knowing my luck it will rocket tomorrow and I hope for the good guys here that it does. Cheers all, especially Osa...

Conspicuous absence of any mentioned of DBI or Marginal Fields...

Spikeyj,

I agree, they appear to be very slow in RNS'ing developments if they are as we understand them to be. There is however a further stage in the process, after award (and obvious payment of signature bonuses), which is the negotiation and signing of the farm-out agreement with the licenseholder. See section 1.0 of this...

https://marginal.dpr.gov.ng/Content/assets/pdf/ExplanatoryNotes.pdf

It could be they are at that stage and don't yet feel anything is RNS-able?

I agree Spikeyj, but I assumed one or two of them were Osa himself as I know he frequents these boards!

And from those who blindly stick up for them without explaining why....

Post-pandemic my understanding/experience is that the rigs are queuing up for work!

I agree with tooldfor that, that Osa has been duped here. However I disagree that he has "come clean". The RNS says to me that he's found out they aren't who he thought they were and he's dressed it up as just a clarification RNS. Which would answer Spikeyj's question of "why now?". Overall I'm clear he's guilty of a woeful lack of DD.

I work for one of the majors and I wouldn’t trust our own “internal estimates” with the little data we have on Barracuda right now

JHendo, what would you describe as a sensible amount of patience? I’ve been here about 9mo this and see a near 40% drop in value, even with some averaging down which I refuse to do anymore. Just waiting for the next pump to get out of I’m honest

What makes you say that Ginksy?

Thanks Spikeyj.

Some of the quotes from RNSs that you and Dan have just posted show how much of a joke it is. Extensive oil and gas experience? I think not. The Al Zubair family. Not even close. And OSA saying that the questions are offensive is mind boggling.

This remind me of the Lekoil fiasco in 2019 when they had the wool pulled over their eyes by some fraudsters. At least they admitted it in an RNS and held their hands up. OSA has tried to spin this as though he knew all along and that it is somehow positive.

Exactly Dan. Absolute joke on so many levels it’s laughable. It was a joke from the moment I saw the website made on GoDaddy. And from there it wasn’t hard to do any detailed digging to find out what it’s apparent taken the company months to do. The problem was plenty of either naive or disingenuous people making the link with the Omani Royal Family that many blindly followed. Even though that link could be expelled pretty quickly.

Not sure if you have Twitter but check some of my posts on there (@UnplannedLTH). I’ve posted more details and screenshots there. AWGAL Investments, one of his company has an accountant listed as Mr Disney Casper. I mean c’mon. And the only real business I could find any link to was a failed theme park and a chicken wing shop.

Absolute shocker from Osa, and I hope he reads this. As we know he does.

Glad to see all my research was totally correct and vindicated. Although I’d rather it wasn’t! And OSA in the presentation giving absolute *******s about us not using google etc.

Got plenty of hate here and on twitter. Just goes to show, you should trust your own research.

Ahh yes you're right, I hadn't spotted KOGL in the presentation. However this link shows that Calabar capital ceased control of KONH and ADM took over.

https://find-and-update.company-information.service.gov.uk/company/13213236/persons-with-significant-control

I posted about this way back when the Barracuda deal was RNS'd, saying that KONH was a new company etc. Osa addressed it in the presentation by laughing saying there’s funny posts on these message boards and that of course they created a new company as a financial vehicle for the transaction. But as we said before, we need to use google to do this kind of digging! The KOGL involvement is a new one for me so I’ll look into it.

We bought the license from KONH Ltd
https://find-and-update.company-information.service.gov.uk/company/13213236

Osa and Carter et al are now Directors of it. Previously its sole director was Daniel Maling. He has now resigned from KONH and started Calabar Capital as a sole director and was given the consideration shares in ADM. So he has no further input as far as I can see.

Dan, I think Osa and carter are directors of KONH Ltd as of 13/04 since the acquisition of 70% of it by ADM. The consideration for that as per the RNS on 28/04 is paid to Calabar Capital, sole director being Daniel Maling, who previously was sole director of KONH, from where he resigned on 13/04. So I don't think they're necessarily getting free shares.

I knew I had seen Calabar Capital somewhere.

"Following completion of the Investment, ADM has paid US$0.25 million (approximately £180,000) in cash and US$0.55 million (approximately £395,000) in ordinary shares at the price of 7p. As a result, ADM has issued 5,657,912 in ordinary shares of 1 pence each at 7 pence per share ("New Ordinary Shares"). The New Ordinary Shares are being issued to Calabar Capital Limited which, on admission of the New Ordinary Shares to trading on AIM, will hold 5,657,912 ordinary shares, representing 3.59 per cent. of the issued share capital of the Company. Calabar Capital Limited has entered into a lock-in agreement with the Company not to dispose of any shares issued to it in consideration for the investment for 12 months after the issue of any such consideration shares, save for in certain limited circumstances or upon the prior written consent of the Company."

Ginksy, like any small cap oiler, the positives here are in the potential. We're not sat on huge reserves, or pumping thousands of barrels a day. Instead the potential to get there is where the value is. And potential value relies heavily on sentiment. As with most companies ion AIM. If we get some positive sentiment going, with more details (technical) on the deals being done, dare I say it, a decent Nigerian marginal field win, and some clarity on the next phase of Aje and the project debt....then we could see a nice move.

Ginksy, are you saying that because I decided to invest a long time ago for certain reasons, that I have to be positive about all future events and never question or change my mind? Seems a bit idealistic to me. Perhaps even childish. Just because I’m having some doubts doesn’t mean there aren’t positives here too. Am I still invested? Yes but mostly because I’m underwater. Do I wish I had invested in the first place? As things stands, frankly no. Do I hope that view changes. Absolutely.