It really is galling to read the latest ramptastic pre-placing guff coming out of Andalas Energy (LON: ADL). They’ve signed yet another ‘piece of paper’ this time not unlike the last ‘piece of paper’ it’s with the state owned construction and engineering company, to jointly develop gas fired power facilities (“IPPs”) in Indonesia.
Of course there’s no mention whatsoever of the costings. Now you’d think that when you enter into an agreement jointly then the capital expenditure would be jointly financed. At least that’s how it usually works in the world of real business. A joint enterprise requires joint funding. Not so in the world of the ramptastic Andalas NO Energy No Power & certainly NO Money… The deliberate omission of the required Capital Expenditure is yet another attempt, and lets face it there’s been so many, to befuddle retail muppets, who like all muppets rushed in on this news. Some bought at 58% into the RAMP and got would you Adam & Eve it spiked ouch!!!
The whole history here is of lies and deceits. You’ll all recall the millions raised on the back of Tuba Obi Gas project commonly known as TOE. They gave it back to Pertamina. The contract expired in May this year. But Whitby the scumbag told investors it was all part of the wider plan etc. etc. etc. “As our recent project submission and project
inventory updates attest, our cooperation with Pertamina continues to strengthen, therefore rather than focus our resources on developing a single smaller gas to power project at TOE, we are focussed on continuing the momentum we have in developing a portfolio of at least five projects with Pertamina that each have the ability to add significant value.” Tuba Obi East went back to PERTAMINA because Andalas had no money and couldn’t progress. TOE was due to expire in May.That is a 100% fact confirmed by my Indonesian sources who spoke to Pertamina yesterday.
As of today Andalas Energy have no assets whatsoever in Indonesia. That is an absolute disgrace. Hey but at least they’ve got exactly what shareholders have; signed pieces of worthless paper…..
Yet the company have squandered millions upon millions placed upon placed, diluted upon diluted. Not too mention the amount of times Andalas has been suspended…. The only people making money here are Whitby, Gorringe & co. Bucket shop brokers and the corporate jackals. Oh and lets not forget the $500,000 that vanished into Whitby/Gorringes pockets at Corsair Petroleum. Remember it was half a million dollars in two loans that carried 5% interest. They never came back to ADL! You can read all about it HERE
This Company are running on ‘methane’ vapour. Cash has gone. It is close to insolvency. Indeed it is insolvent liabilities by far out stretch cash & assets. Oh they don’t have any assets…. Placing or Administration its either one or the other.