Incorporated in England and Wales, Sound Oil is an independent oil and gas exploration company. It was founded in 2005 and admitted on the AIM market in June 2005. They are hoping to grow their portfolio with selective additions of different projects in the focus areas and also in other regions of the world.
Appi, premisses promises eh..........but consider these well known promises:'I Gave a donation at the office' - 'The cheque is in the post' - & the most heinous & humorous.......'I won't come in your mouth!'
Luckyman - I have plenty of patients (sic) that is why I hold a significant investment here and have done for some time. It was not long ago I remember your patience was strained and prompted you to post with great regularity on the need for news.
Crude I can't disagree with any of those facts - as that is what they are. Furthermore - don't get me wrong - I'm pleased with the fundamental direction in which the company is going and I think we are building a solid base for growth. However, in 2014 we were told of a busy drill programme and a transformational year for 2015. Nervesa gas early 2015, Badile drill early 2015, Laura drill Autumn 2015 and the nailed on Nervesa 2 drill - some through no fault of our own, we managed only one of those things which had an unsuccessful outcome - so that to me is a damp squib - and none of those other operational developments, as welcome as they are, can put a shine on those missed objectives.
The thread was about the SP and and what it would be at Crimbo - I'd like to think my post was full of facts too and base my opinion on those. IMO I think 23p is out of the question, or at least not sustainable, except with the operational developments I mentioned - proven reserves are everything now and unless we drill we can't prove anything. Consequently I feel we are more or less around fair value until something of real significance happens.
I think we can safely state that our operational direction has changed and we have shifted our focus into other projects and therefore priorities and schedules have had to be moved around - well in doing so, so has the risk balance. It is therefore up to the individual to assess how well that sits with them. Up until the Shard event I was uncomfortable with the relatively binary outcome scenario we were heading into. The Sidi Moktar deal seemed to bring it back more into my comfort zone but that appears to be far more complicated that I interpreted it to be at first. If I'm honest with myself - most of what was said at that event, everything positive I took from it, has since irked me considerably. The big noise around N1, Badile a couple of weeks away, Sidi possibly in production by end of year - so far it's added up to twice the square root of nothing.
IMO by far the most important piece of news for this year is Schlumberger - MoU as it is. I would like some more detail here but am prepared to extend my patience further because of their involvement as it reduces the risk to us PIs. It's odd it didn't have a more positive impact on the SP, as you can guaranteed if, (insert the deity of your choice) forbid the deal fell through the SP would surely tank now.
Anyway, that's enough grumbling for today - enjoy your respective weekends everyone - ATB
Afternoon all - & Appiamma. Appi, I'm glad you ended your 10:49 post on a happy note.
I don't think for a minute that 2015 has been a 'damp squib'. We had the all important EIA Awards for Dora/Dala & Badile; we had the N1 concession award (that should increase production figures by 400%) & the GSA with Shell Energia - a company that JP has hinted will be more important to us down the track; we had two new Directors (Richard Liddell & Stephen White) of vast experience & a new US & Europe orientated Broker (Cantor Fitzgerald) appointed. Much needed funds were raised with our cornerstone backer Continental & two new projects were acquired in Morocco to substantiate our Mediterranean strategy of diversifying from our Italian base. $80 billion US giant Schlumberger signed a '1 year Term Sheet' that will finance giant new Morocco project, Tendrara.
In early January this year we were 9P: even at today's slightly depressed price that represents over 35% increase on the start of the year. At the beginning of 2014 we were just over 6p & that is another over 30% rise. So the last two years have reulted (so far) in end of year sp increases of over 30%. That surely is real growth & gives rise to optimism & hope for the future. Don't forget we are still building & I fully expect those growth figures to be dwarfed once we start drilling in earnest (actually Morocco- not earnest). Where else can you get steady growth on your investment? Of course it all depends on what price you bought in at but that doesn't detract from the fact we are actually growing as a company. We are 'on the cusp' & we have laid the groundwork for that success - imo.
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