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Lost over 20k on this, others no doubt much much more. Criminal
What a heap of ****e this is just glad i didn't throw much at it
I've written my holding off now in here tucked away for 10yrs
trellis35 - there no pressure for these people - the only thing they will pay attention to is legal action. The FCA will only become interested if some noise is made in the media and/or a case gets underway.
JP et al. will just refer you to their T & Cs , which boil down to caveat emptor, unless you can point to a specific thing where there is misfeasance/fraud then you might get somewhere, and is why I am interested to know what Besser's advice was to Ms McCauley.
I have previously defended (for my sins) in numerous complex fraud cases and you would be amazed what people can get away with, and the lack of will/competence in regulatory/prosecutorial bodies, unless the case is a slam dunk...
I would also say, if a regulator does get involved, and prosecutions follow - you can forget getting any money back.
Sorry, wrong board, you can guess who it should have been!
The exdirectors don't give a care about private investors, they have taken what they want and gone to the next group of mug investors. The next RNS will be millions of options for the new chairman.
The facts is that Parsons is taking on more and more directorships. Hardly the actions of somebody who is seeking to keep low under the "intense scrutiny" now is it?
"Parsons and Fumagalli are under intense pressure at the moment"
Really? Who is pressuring them? You surely can't mean your SAG? Can you????
From what I understand (please correct me if I am wrong), you are not getting any responses from the Company (Sound Energy in this case) and the various regulators and authorities have merely palmed you off with standard, automated, responses. So trellis - where is this "intense pressure" that you speak of coming from?
A very well worded reply no doubt having had regard to advice. Parsons and Fumagalli are under intense pressure at the moment, and much of the wording in the first part of the reply is mirrored in responses to PIs in Sound,Echo,Coro, NUOG,RGM,AST.
" Those rules are in place to protect small investors like yourself. The alternative is what used to happen in previous decades where certain investors got an advantage through access. You will I hope understand that in seeking to be a corporate citizen with the highest integrity we want to, and simply must respect those rules."
I will leave others to judge whether they believe those words in a Company involving Parsons and Fumagalli, and hope they do not come back to haunt Martin Hull
I asked some further questions, previously asked by fellow investors on this board to Martin. these questions were regarding the recently drilled well in the eastern cube, lack of information release and the issued Wizard asked concerning the exploration well in santa cruz ( reliability of seismic data).
below is his response:
As I mentioned previously I do understand the frustration.
Exploration is a high risk business and whilst we all hope for a very positive outcome, by its nature that is not always the case. That doesn’t change the real impact of the commercial failure of the exploration
You will appreciate that I am unable to engage in a conversation that reveals any previously undisclosed information. The only way we can reveal sensitive information is via the RNS mechanism. Those rules are in place to protect small investors like yourself. The alternative is what used to happen in previous decades where certain investors got an advantage through access. You will I hope understand that in seeking to be a corporate citizen with the highest integrity we want to, and simply must respect those rules.
I did want to correct a couple of inaccuracies.
We clearly stated in the RNS that at the well location the tested intervals do not meet the commercial threshold by themselves. Again as stated we estimate the commercial production threshold is approx 1 mmcf/d. The tested rates are below that. However there are additional intervals of potential interest which we have not tested. We are looking into whether those intervals might combine with the tested intervals (or indeed by themselves) to meet the commercial threshold. As you would expect we are doing a detailed cost benefit analysis on our options. We are unable today to draw any further conclusions other than the tested intervals are not commercial.
With regards to the Campo Limite well, is was an exploration well. You will appreciate that the published CPR figures on the Santa Cruz Sur assets are for 1P and 2P reserves. Exploration does not impact these reserve numbers.
In terms of information disclosure I take this very seriously. I have asked my team to compare our disclosures vs our peers. I have had it reconfirmed that we provide more than similar peers and substantially more than our regulatory obligations. We hope to have a revised and updated investor presentation available in due course.
As we look forward I believe there is much to be positive about. In the short term the Campo Limite testing will provide a result in the near term (clearly there remains both risk and real upside). Meanwhile the production optimisation / enhancement at SCS is tangible and with a different risk profile to exploration. Nevertheless the continuing exploration potential in the Tapi Aike license remains and this has always been considered the potential ‘game changer’
Thank you for your exceedingly helpful post and references.
That's exactly why bulletin boards of this nature are so
helpful (sharing knowledge) and in times of despair helps me
rationalise my investment.
Again my thanks.Regards
You never know ! Found this on CGC website, January 2020 presentation, interesting facts about Palermo Aki. ECHO is at the right post code just need a bit of luck. It could be the unexpected one which delivers !
? Palermo Aike Shale was ranked at third place at continental level
(South America), and the second largest in Argentina
? Similar acreage to Vaca Muerta, with geochemical characteristics
similar to Wolfcamp Midland and Barnett Basins
? Potential shale play in the Austral Basin is supported by strong oil and
gas shows, overpressure and exploration wells blow outs
? CGC operates more than 3.5 Mm acres located in the oil and gas
window, with recoverable resources higher than 50 TCF
Very difficult to guess. All the share price doing for the past two years is decline regardless of news.
if santa cruz drill does come in what can we expect the sp is do? what heights may it reach?
We will forever get battered because of sou and JP’s and Marco involvement here. MH from what we are told had a good career at Rothschild but he could easily get tarred with the same brush as JP, but then they go on to make money elsewhere anyway. Our mcap very poor, 3 more drills, new seismic, producing asset and still old Bolivia in the background! That’s way behind schedule for monetisation. Unless they can pull a rabbit out the hat won’t see much movement unless the Santa Cruz drill comes in
I'm taking some comfort from the fact that the volumes of shares being traded each day (example today - so far reported on LSE; 1.65m sells vs 0.7m buys) - is very very low - equating to 0.003% of the shares in issue. As we know, when the buys outstrip the sells, the share price will go up and it won't take much to move this one. What we really need to see from Echo is a marketing plan to get some new investors on board and the next Q&A session presents a good opportunity to ask some pointed questions on this. Unfortunately due to a badly timed volunteering session at the local primary school for all my Thursday, I'll not be able to follow the next investor Q&A in real-time, but I would hope some questions posed to Martin touch on what Echo are doing to maket their asset potential to new and existing investors and in a way which encapsulates a number of key observations made on this board in recent days, on what we feel Echo could be doing differently/better etc - not just on the Tapi Aike western prospect areas where they may be more limited on what can be reported, but the timeline for progress on the Santa Cruz assets; estimated cash-flows (after costs), workovers, CLix-1001 and Santa Cruz Sur potential more generally etc.
I emailed Sarah back along, no reply. Waste of time IMO, when I read the RNSs, that response, it’s sit on the fence stuff to me. I won’t be attending the time with the team, will be busy at work. Will just be more spin.
IMO things just don’t add up at the mo. Not happy, look at the sp! A joke
Ridiculous market cap but the lack of detail is not helping. One moment they make us believe that they may go back to this well try to rescue the flow rates. Then they come up with confusing statements as if they have concluded this well as non commercial. Also regarding Palermo Aki when they say existing discoveries it throws more confusion. What exciting discoveries? What quantity? Why is this not disclosed it to us ? I feel like someone is heavily shorting this. Something is not right. As if info is deliberately held back.
I agree the lack of information is not sufficient hence why I raised it with him. he is willing to answer these questions. have you emailed him directly or do you plan to address these issues at Thursdays investor Q&A session?
I think this SP is undervalued just with our current producing assets. Can see us being a cheap takeover target if we hover around this Mark. Get your skates on Mr Hull and start fracking and testing
I personally don’t think the information they have given us very satisfactory in comparison to the past. Where’s the updated target play from the “new” seismic. We had flow rates from the test, but at what pressures, what actually is the reserve of gas in theses zones. Should be quite standard data from a test don’t you think?
Read his reply! Does not change lack of commerciality, from the RNS from memory they are considering other zones! Frack again! But twice the amount.
i contacted martin hill directly and as always the gentleman always replies in due course. I raised concerns about the lack of information provided to shareholders and the near term future for echo. his response is below.
I do understand and appreciate your concerns. It is a clear disappointment that the first Tapi Aike well was a not a commercial success. Whilst there are some positives to take from our technical work, and the validation of the sub-surface model, this does not change the lack of commerciality in the test intervals.
We remain very upbeat about the future and believe we have a strong strategic action plan in place. In the near term we are focused on 3 clear areas;
- Campo Limite testing
- production optimisation (cost reduction) and enhancement (increase from the current already significant base) in the SCS assets
- further Tapi Aike well in the western area (the substantial potential seen here was the main reason for our entry into Argentina)
I want to assure you that management is doing everything to increase our chance of success. Nevertheless exploration remains by its nature a risk business.
I would also like to assure you that we take our obligations to provide information to shareholders very seriously. I would be very happy to talk further with you if that would be helpful.