Member Info for tresha99

That's a bit laughable really. So we should just accept that Zubair al Zubair has access to all funds we should need and we shouldn't question that because Osa has met his kids. Let's get real.

That's actually got me even more concerned than I already was after my research. Because I am fairly certain in my research that Zubair Razzaq is the guy running DBI, and I have seen nothing that suggests he has the credentials we need. If he is as fantastic as is being made out, then the company can easily point us in the direction of credible information that isn't sought from Google about his experience and credentials. Even a CV perhaps. And put to bed the frankly ridiculous notion that he is in some way Omani royal family. But instead we're given a snippet of a name that is easily confusable with other parties and links to a website that my 8yr old nephew could knock-up. And told not do any further research. Doesn't fill me with a lot of confidence.

You'd hope that there is some seismic data in that 2016 CPR. So I wonder why that has not been revealed or presented. Any new CPR is now highly anticipated.

I must admit I also skimmed the webinar so interesting to read that he mentioned having me Zubair from DBI etc. I will have another listen for that. Sounds like he was again referencing my posts here with my research into them...

Just listened to the webinar...thanks to those who shared the link. Was good to hear that Osa reads and pays attention to these messages. His talk during slide 8 referenced my previous post on the contractual structure of the new deal.

For the record I wasn't suggesting that the newly incorporated company holding the new Barracuda interest was a negative thing. I was purely providing a narrative of my interpretation of the deal from what was spelled out in the RNS. Good to see that laid out in more detail in the presentation.

Anybody manage to join the call and kindly share any updates?

I think you're right actually Spikeyj, I recall reading something along those lines too. I think my thoughts are really around the fact that we don't know the nature of the bid the ADM has put in with Oilbank as their 'Technical Partner'. Have we actually bid alongside them to formally take a stake in the license? Or have they submitted a bid which we have had input into, with the contractual arrangement being that only their name is on the license as a direct holding and we have an agreement to take certain value from them, in the same sort of relationship we have now with this new field, where we have an 'indirect' interest.

The signature bonus will be several million as a minimum I would imagine. But will depend on ADM's share as they are 'Technical Partner' to Oilbank's submission. To be honest we've not even had it confirmed (I may be mistaken) that ADM will actually take a holding in the license. They may well have a separate agreement (Like an RSA) with Oilbank. As the majority holder has to be a Nigerian entity to as a maximum, ADM can only take up to 49% anyway. All to be revealed I hope.

Ideal scenario is that Trafigura do decide to get involved, and fork out the signature bonus for ADM to take a large stake in the field. Worst case scenario (aside from having won nothing) is that ADM have to find another way to raise a portion of the overall signature bonus as consideration for being an external partner to Oilbank without taking a direct field holding. Of course, on top of all this, there is the Farm-In agreement with whoever is the overall OML holder to be negotiated.

Perhaps we are at that stage now and that's what's causing the delay? It seemed that was the next step after notification to the successful parties (Which rumour has it, has happened) and ADM are waiting to formalise their Farm-In agreement before RNS'ing. The fact that directors have purchased shares in the recent placing suggests they may not be sitting on too much concrete news just yet either.

Thanks for this link Spikeyj. Very interesting read. I'm certainly curious as to where the potential 4000bopd comes from. time will tell.

Out of interest, I'm trying to understand the current license situation is. KONH (who ADME have acquired control of, is a new company incorporated in February this year in the UK, by an Australian chap Mr Daniel John Shilton Maling.

https://find-and-update.company-information.service.gov.uk/company/13213236

KONH's subsidiary Noble Hill Network (A Nigerian company) holds "a 70% indirect interest" (Note: Indirect through an RSA) in the Barracuda field.

http://www.noblehillnetwork.com/Noblehill-Network/OML141.html

This RSA means Noble Hill Network (now via ADME) will develop the field in return for some to be agreed profits from the development from the operator & license holders.

So who are the license holders? As I understand it, the Operator was Emerald Energy https://emeraldngr.com/oml-141/ alongside various other minority partners, at one point including CNOOC of China, who departed after a legal battle in the UK with Emerald Energy over £66m in payments https://www.oeclaw.co.uk/images/uploads/documents/China_Export_Judgment.pdf.

However the trail goes cold when the Nigerian government revoked the license from Emerald in 2019. Presumably for lack of development/progress. https://africaoilgasreport.com/2019/04/farm-in-farm-out/nigerian-government-revokes-licences-of-seven-oil-blocks/

So who is the current license holder, and who are the other parties in this RSA are my next questions that I cannot yet answer.

The RNS also quotes him as Zubair al Zubair. Which presumably this article copied from. So it's certainly easy to see why the link with the Omani's has been made so easily. I'm certainly not saying that I'm definitely correct. But I did spend a long while delving into this and just haven't been able to convince myself that it isn't the guy I found. If you follow the link I put in my original post about this and I've added below, and search for his name in the document, it mentions him "Heading-up private investment firm Dubai Bridge Investments" with the name Zubair Razzaq but not as 'His Excellency' Zubair al Zubair. Now that's the bit that 'scares' me. Has he fraudulently convinced the BoD that he is royalty when he isn't?

http://abcdubai.olasoft.com/uploaded/web/2015%20Candidate%20Bios.pdf

https://www.dpr.gov.ng/marginal-oilfields-bid-winners-paying-signature-bonuses-sylva/

Perhaps it is in the ‘Inter Alia’ as the situation is clearly developing now. It seems the company does know something by now and should really RNS. Interesting situation, especially with the Directors taking shares in the placing!

Thanks Spikeyj.

I did some extensive research on this when the DBI announcement was first made. I posted a lot on twitter (I’m @UnplannedLTH if you want to look back and find them) and got laughed at by those intent on saying it was the Omani royal family running DBI and signing up to ADM because one google of the name Zubair takes you to them. But the DBI website is a single page made on GoDaddy with no credible information whatsoever. Hardly something becoming of the Omani royal family, whose actuall website doesn’t mention DBI at all. So that suspicion led me to tracking the companies and coming up with the person actually behind DBI. Who I’m afraid to say fills me with zero confidence that they can come with the necessary funds.

I will add that I am a holder here (before DBI). But the potential of DBI is not something I have any confidence in. And infact is a major red flag/risk to my investment here as far as I’m concerned. It certainly matters who they are (and not Mr Bean) because they have to be credible in coming up with the funding that the company thinks it can. We will see though.

UKInvestor2.0, DBI isn't chaired by the guy in the link you sent. I investigated this extensively and made several posts on the topic when the agreement with DBI was first announced. A lot of speculation was made that it was the Omani Royal family, as per the link you've sent. However...see below where I've pasted some of my previous research.

The website domain name dubaibridgeinvestments.com, which is for the company listed as per the RNS, is registered to a Mr Zubair Razzaq. He is the head of the company and not Zubair Al Zubair...and certainly nothing to do with the Omani royal Family. It's based in City of Arabia, Dubailand. http://abcdubai.olasoft.com/uploaded/web/2015%20Candidate%20Bios.pdf try this link and search for the name.

He is also head of a company called AWGAL Investments. Both companies showing the same phone number. AWGAL is part of the Ilyas & Mustafa Galadari Group (IMG Group)...another Dubai based company with no royal family links. Mostly a few restaurant investments over 5 years ago. And potentially a link to a Dubai based theme Park. I've posted plenty of screengrabs of this evidence on twitter which I can't post here but feel free to take a look.

Spikey, I work for one of the majors and the short answer to your question about comeback on the Operators suggestion on additional work is invariably no....especially as such a minor stakeholder as ADM. I've worked on fields where we've been a minority stakeholder and get very little input, or even where the Operator/Dutyholdership has been contracted out and still had restricted input. There will of course be regular partners meetings and updates etc, where all partners can comment and voice their opinions. But unless you want to put your hand in your pocket and go check for yourself, or go down the legal route, you're effectively at the mercy of the operators engineering team. It's often the easiest (read cheapest) way. Having said that, there wouldn't be much benefit in an Operator making work out of thin air when they have a proportion of the costs to pay themselves. Of course they get operating costs back, but then you get into a whole different argument about whether any upgrades are OPEX or development CAPEX.

It seemed after the price action, some of the rumours here and the conspicuous absence of certain Twitterati which usually indicates a raise is in the offing, that one was close. It of course still may be but today's action seems a little more positive...who knows what to think

It’s probably like when you’re filling up the car and it’s more fun to see if you can hit a round pound or not. £30.00 dead is fine but if you go to £30.01 then you have to buy a snickers too so it doesn’t look obvious when paying that you can’t control the pump

Maybe it's Trafigura holding up the deal(s)....

Hi Dan,

Do you know what those conditions are or where I can find them?

You may well be right actually! 4.85 seems low for a buy at that time though...hence why I assumed sells.

Couple of pretty large sells this afternoon...doesn't fill me with confidence knowing the Nigeria results are just round the corner...

https://www.africaintelligence.com/oil--gas_state-strategy/2020/12/03/buhari-to-finally-announce-marginal-field-winners,109625147-bre

Fingers crossed it's good news imminently...

I'm hoping it isn't a typo that was meant to be 6.25!