Joe, yes, I intend to do some drilling (& quaffing) on the 14th. There are lots of questions & some questionable partners, but I/we think JP will want to assume 'Operatorship' of Sidi so this story has a way to go before we actually start drilling. How he goes about acquiring the PetroMaroc equity (if he can & what he uses) will be interesting to us shareholders. Like you, I have complete faith in JP as I don't think he has put a foot wrong since he became CEO.......you cannot count N2 as that's just bad luck in this game. Every CEO on AIM O&G is guilty of over optimism re timeliness on projects. Imagine if they gave it to you straight......worst case scenario. No one would invest. Surely Pharma is the same & building companies also. At least we have our clear Mediterranean strategy.....some junior AIM companies have assets spread across the globe in a seemingly unrelated pattern with no synergy or apparent reason.......its as if they just stuck a pin in a map!
Crude.........we only do gas in the Med region............simples!
FastNet walked away from Tendara after trying to find a funder, what chance does Petro Maroc hold reference Sidi Moktar? Check the balance sheet its a shocker. April, could be an April fool as they have announced they require more cash December, that's next month.
We serious to expect that Sound, could ever enter into a deal to effective release all of that debt - of shall eventual bankrupt Petro Maroc - and we fund the project all based on an existing 25%.
Glad you enjoyed the message Appiamma,
As I wrote previous post, Petro Maroc need to man up. They also need to cut a deal soon or cut and run. The latter I prefer.
JP is well aware of the situation that they have basically no funds to develop the asset. When I questioned him about this via an email he replied by saying we are working constructively with them to sort it out,as our share is carried by them, so it's important we find a solution. Don't know what is going to happen but he also states we are in a strong position in terms of funding and a team on the ground !
I don't think we will be calling the shots at Tendrara, or many ( or any ) of our assets either. They are all so expensive to drill, even if we are "operator" the big strategic partners will really be in control, they will have the purse strings, so will really be in control. IMO.
Also, as you say, not much to lose at Sidi Moktar because we only pay a Euro if no commercial gas is found, as I understand it. It will be nowhere near as quick as I think we were originally led to believe ( a bit like all of our assets! ), bu I reckon JP has something up our sleeve and will perhaps get Schlumberger involved? I think we could well end up being operator here.
Encouraging because we already knew they had debt and very little cash, that was no surprise, but the hope that they will announce the deal by the end of the year makes me think that JP will be able to announce something by then, such as we are taking operatorship ( is that a word? ) of Sidi Moktar..... JP will have done a lot of did on this and will be aware of their position, IMO. They will be working on a plan to get around this, I'm sure. Hopefully JP can work a great deal as PetroMaroc have very few options as I see it. I would be hugely surprised and disappointed if any of this was news to JP. "Hope to announce news by the end of 2015" " been in negotiations with seriously interested parties since August " ( SoundEnergy by any chance? ) Or words to that effect. So I think things are moving behind the scenes.
Crude, can you quiz JP about this when you have plied JP with a glass or three of Chianti?
Encouraging in which way Joe? We have a company hogtied by debt in control of an asset that could potentially provide us with real cash flow short term - cash flow that would replace the deficit left by N2. While they are in control of this license I consider anything concrete coming out of our HoT agreement as being worthless, as any potential hydrocarbons are going nowhere. Thank goodness it costs us nothing - but I saw this deal as a real positive to offset some risk but it is increasingly looking like the road to nowhere as I would not want to be involved here with PetroMaroc running things.
Xmas raffle - no, JP did say he was going to put in a T-shirt, mug or something for the winner. Remind him about that though IMO I remain favourite not BigMark. The LagerKhan is putting up some Bubbly I believe.
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