Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Totally agree 123, GL and team have done wonders considering the mess left by the circus and as far as I see it, will continue to do so. This was never going to be an overnight sucess and we still have hurdles to overcome, but with the assets we have and what potentially is in the ground, I for one believe a major player will step in and all will come good again. IMHO
Great reply. Informative as well. Be careful though his children receive private education, and he has private health insurance. He also knows it all as you can see in previous posts with myself when he said this would never happen.
Anyway, the fat lady is even ion the venue yet let alone singing her song. We can still make a working arrangement and get to first gas and profit. No good jumping ship now SP less than a penny Hold tight and hope for the best
GPetroleum_Agreement_Model_2021.pdfive up? What! Telling people here that you have just bought more shares or that you continue to make a profit, even though the price has continued to drop. It really doesn't matter as I expect the amount you have invested is pitiful but the way you harp on, and your tone, you make it sound as though you have bet your house on it.
Oh here is the info you are looking for....
https://hydrocarbons.onhym.com/sites/all/themes/hydrocarbure/images/node/Petroleum_Agreement_Model_2021.pdf
21.2 Delivery and ownership of Deliverables PETCO undertakes to provide ONHYM with the deliverables detailed in Appendix III (the "Deliverables") by the end of the concerned Exploration Period and/or Exploitation Period at the latest. In general, the Parties agree that the Deliverables shall become the full ownership of ONHYM upon their delivery to ONHYM, which shall freely dispose of them, regardless of their nature, form or medium. PETCO warrants ONHYM the enjoyment and peaceful exploitation of the Deliverables and that the Deliverables do not infringe any third-party rights whatsoever. PETCO warrants to hold ONHYM harmless from and against any third party claim.
APPENDIX III- DELIVERABLES The Deliverables generated from the Exploration Works as set out in Articles 4.2.2, 4.2.3 and 4.2.4 shall be delivered to ONHYM in the following formats: 1. Seismic: Acquisition, processing, and reprocessing 1.1. 2D & 3D seismic acquisition and processing - - - - - - - - - - - - - - - - Field data in International format (SEG D), in 3592 (E05) or LTO-04 tapes. Field data merged with navigation data in International format (SEG-Y), in 3592 (E05) or LTO04. Seismic acquisition parameters test data in International format (SEG D or SEG-Y), in 3592 (E05) or LTO-04 tapes or on DVD. Supporting Field documents and Observer logs in International format in 3592 5E05), LTO-4 tapes or on DVD. Final operation report in hardcopy (one copy) and Digital format (Word & pdf), on DVD. Seismic acquisition parameters test Report in hardcopy (one copy) and Digital format (Word & pdf) in DVD. Shot point and receivers Field coordinates data in International format (P1/190, NAV P2 or ASCII), in 3592 (E05) or LTO-04 tapes or in DVD. Weathered zone data (WZ) (Refraction and/or Uphole), if acquired, in International format in 3592, LTO-04 tapes or in DVD. Velocity data used to generate the field fast track in International format (SEG-Y and /or ASCII) in 3592 (E05) or LTO-4 or in DVD. Intermediate processing data such as CDP gathers and other gathers (PSTM gathers corrected and uncorrected NMO), if available, in SEG-Y format on 3592 (E05) or LTO-04 tapes. .............. et etc etc
Maybe you should do some basic research before investing.
Yes, 'have a good day'
This tax issue is a blow however it's not cast in stone yet. There is still an appeals process where it may be reduced or go away but worse case is it will have to be paid. Will the company have to do a raise? possibly, or can the money be raised by a farm out then possibly or can any amounts owed be paid over a longer period then again all possible.
We should not direct anger here at Graham as he has done a very good job and we must remember that he did inherit the problem from the previous board. Whatever happens I'm glad that Graham is here to steer us past this and hopefully on to better things.
I wasn’t going to post this - but given the action today I thought it may be useful for people:
The announcement yesterday essentially confirmed what we expected that we will have to go to court on the principle of licence ownership movements. There is no change from a year ago with Tax demands. This is for our dormant Moroccan company Sound Energy Morocco SARL AU. Our other tax case, the one against Sound Energy Morocco East ltd, a UK company is subject to an appeal process. So two cases one advancing to the court the other to go to court of appeal.
Clearly we believe the basis of taxation is incorrect. Worldwide licence transfers and ownerships change with time. The tax office assumes all are sales and purchases. This is not the case. Unfortunately Morocco is an immature province in Hydrocarbon licencing and so we are doing our best to educate without being too condescending.
Regarding protection of the company (PLC) we are taking all steps as you would expect. Should we continue to lose tax cases, and we feel that once a judge with more experience in these matters reviews the case it will get resolved. The idea of tax payment phasing is possible in Morocco just as with HMRC in the UK We have other solutions in our planning too. I remind you SARL AU is a dormant Moroccan company.
I give up.
but please keep posting this sort of stuff, it's really helping me out. I didn't expect to get any sub 1p
that done, it's time to focus elsewhere.
sound will either work this out or not. if they do - happy days, significant profit. if they don't - it's only small change in the grand scheme of things, I'll not lose any sleep over it.
have a great day
Of course they do. They're a state backed partner. We would share data constantly. Where do you think all the 3D and 2D data came from to drill the horst? Tendara operating partners (Fastnet).
pduk - "then all the intellectual property like seismic etc reverts to ONHYM"
please provide evidence for this statement.
It would have been a huge error in the way the various subsidiaries were set up to allow that possibility.
sundance4, you need to move away from you assertion that the kingdom of Morocco is full of desperate half-wits.
Sound, in my view, is in a precarious position. Without a definitive timeframe of payment and the lack of short term cash, we have been weakened when it comes to negotiations.
IF Sound fails, and that is a big IF, then all the intellectual property like seismic etc reverts to ONHYM. Then then merely need to find another partner with deeper pockets who will have no problem at scaling up.
The thing I think stinks is this tax was not advised straight away when due , but did when we started to make progress under Graham & team , whole lot stinks .
looking at the old rns,we already had provision for usd22mil for the tax liability,and we knew it was coming.
so why ll these fuss buy keyboard warriors??
people might be forgetting that most of the Sound subsidiaries are UK registered NOT Morocco registered.
This specific claim is against SARL AU, a dormant Moroccan company.
Anyone else think that may be significant?
sundance - you say "So expect news very soon how the trip went if it actually did"
ignoring the fact that you clearly imply I'm making it up (what possible reason could I have to make up something easily checkable?)
why don't you simply ask the company, like I did?
I suggest SOU collect all their exploration / production data together and take it to the UK., leaving no copies in Morocco.
Then they have something to bargain with.
Morocco desperately needs that gas.
sundance4, yes I think you are correct. This big can of worms has now got even bigger. The problem for me like many, is how much bigger it can get before something really bad happens. Like many others,I have lost my shirt on this company,and I cannot believe that with all that gas in the ground ,we still dig up more bad news every time.I cant really say I am selling up,because there's nothing to sell.
If it is true that senior board members are in Morroco discussing the tax issue then its safe to say that it will most probably contain statements and truths and hard hitting facts similar to :
Listsen Up toots
" if this tax issue has to be paid now then the implications of that is that all the hard work ,logistics ,potential,seismic study,data etc to provide that ever increasing shortage of a commodity called natural gas to an energy vacant country like Morroco that Sound has accomplished over the 10 plus years that it has been in Morroco has been for pretty much nothing , zilch,zero as we could possibly go to the wall " and that will not be to pray I can tell you that Mr Energy Minister of Morroco
Of course MrEnergy minister wold be very aware of this fact
So expect news very soon how the trip went if it actually did
you seem to make a habit of posting similar sentiment on multiple O&G company boards.
modus operandi by any chance?
They thought it might be all over... it is now
the solution is out of SOU hands the morroccan govt want them out so they can take over the resource and they will win. SOU is toast
I believe senior BOD members are in Morocco as I type working on this very matter.
Dust seems to have settled somewhat with only a slight drop this morning. Lets hope the BOD are all hard at work seeking the best solution to this problem.
It`s difficult but not insurmountable. Whilst our new bed fellows could be a danger by having recourse to seizing the company as was alluded to in an earlier post. i hope they would prefer to see Sound carry on until the gas is flowing. Whichever way it goes i think we should resign ourselves to the SP being down at this level or below for some time. Mind you funny things happen on AIM so it could rise. As i posted yesterday evening at least we now know what the playing field looks like. Chins up everyone there is still lots to play for
They are trying to rip us off on a technicality and discrepancy of wording. Feck them!
WL: "If I was in charge of that major/farm in partner I'd be thinking a large contribution to Sound's bill could get the deal done and would be small change in the grand scheme of things once Tendrara's billions are unlocked."
I'd be thinking a large contribution to SOU's bill would net me some of those billions for myself. As of today the tax bill is bigger than SOU's entire market cap. Hopefully they won't have to pay it until revenue starts flowing. If they have to be bailed out, whoever does it will drive the hardest bargain they can.
rns regarding latest 'Local Taxation Committee ' confirmation..
Graham Lyon, Sound Energy's Executive Chairman, commented on July 13th rns....
With reference to the 'Local Taxation Committee's decision' on the 13 July....GL stated..
." We will both appeal to the Moroccan higher courts and reflect on the ruling with the various Moroccan ministries given its impact for new entrants into Morocco. "
To be honest....even if he loses, he'll have to go for this appeal, there's too much money involved....if only to ask for time to pay.
I’m well aware , thanks