Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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BM said that he did not want to revisit the drills around the TE-5 horst because the reservoirs were too small although he did say that they'd considered drilling TE-1, 2. Whilst waiting two years for the seismics it might have been a good idea to prove up one of the old drills, perhaps the SP wouldn't be where it is now. What I don't understand is why SBK1 isn't mentioned as a gas find in the presentation along with TE-5
PNE79
On 3D seismic, AGIP and ONAREP drilled TE-1, 2, 3 & 4 in the vicinity of the TE-5 horst. All had gas shows in the Tagi reservoir, but no flow on test. The locations were defined by 2D seismic.
In 2004 MPE acquired 3D seismic over the area and drilled the TE-5 discovery well. The same 3D was used to define the locations of TE-6 and TE-7. So 3D seismic played a central role in the discovery and appraisal of the TE5 gas field.
The 3D showed promising correlation of amplitude anomalies with areas believed to have better reservoir properties. The same applied to 3D over the Meskala gas field next to Sidi Moktar,
A sensible forward programme would be to revisit the original 3D seismic area around TE-5 and add more detailed coverage for exploration drilling close to the development area. This is known as ‘develo-catting’
Modern land 3D is cheaper and more efficient than 20 years ago using telemetry to connect geophone arrays to recordering equipment which eliminates miles of heavy cables. The trend is for sparse 3D.
Here’s an interesting publication which illustrates the point.
https://csegrecorder.com/articles/view/sparse-3d-whats-in-a-name
Hi Daveboy, great thanks. Hope all is well at your end.
It could always be better mind, I started investing in sound just after I'd turned Thirty, I'm Forty next month and hoping for a decent big boy birthday present off JP.
Omitted the Saffron/Coro setup, IRG/Echo setup. C4/….. guess who setup. Marco and James are on a win, win.
I posted some worst nightmare scenario conjecture that was removed with regard to assets being sold or shifted to c4 or elsewhere.
Coincidentally Nuog recent Rns in respect of refinancing and loan from our dearly beloved corner stone investors, mentions that assets will be sold, hence shell company will acquire replacements. I wonder were from.
So long as my original value of shares here is not devalued might think this is better than going long of which i cant see happening.
Well said PNE, hope you are well.
Esmeralda - I think some of us are guessing/assuming that the contingency payments would be handled under some newco, so:
We will all be allocated shares in the newco, which will receive the contingency payments
We will get some sort of fixed payment for all the other Sound assets
We can sell the shares in the contingency newco to draw the line, or keep them to see if anyone successfully gets gas out, which I think quite likely
But I believe everyone will get the choice...
... unless there is no deal
Does that mean Jobbs has finally filtered us? Thank God for that.
PNE - even Malcy who is an Oil and Gas expert asked why they hadn't done any 3D seismic. I'd rather trust him that you. No offence. Believe what you want to believe with regard to life above a chip shop. It has its perks. Never judge a fritter by its batter content.
Jizzy
Filtered messages before yours PNE. So guessing that is Jez and Simon. The gruesome twosome.
Enjoy your squalid existence..........
......a little brainpower could go a long way.
Do you have any idea how much 3D seismic would have cost and how long it would have taken to analyse? For a company of our size its all about comprises. Regardless of the outcome I know who I would rather put my trust in on this matter. No offence, but it isn't some middle aged bloke who lives with his brother above a chippy, who probably doesn't know the difference between a rock and cat crap! 3D seismic does NOT guarantee anything or it wouldn't have even been a consideration, do you know how much it adds to the CoS over 2D?
My personal view is that any deal will probably contain some future contingency based on results. Lets not forget our partners Schlumberger, the world's largest oilfield services company who had a good few million reasons why they wanted a commercial discovery, they might just have had a little say in our drill locations .
By the way, I think Jobbs may have placed you in the bin.
Oh and another thing. Frank James Smith is a decent bloke. I have met him and have chatted with him many times. He may not be invested here but he unlike many of us had the balls to sell out when he saw things erode away here. Most of us are left stranded waiting and hoping to get our money back, mainly out of greed. Frank invests in gold companies now anyway. HUM, CORA are his play things for now and in time I suspect he'll do well with his investments.
Jobbs you numpty, Contingency payments and going long? What are you like? The sooner this circus show is over the better you moron. You are in a minority if you want to see more drilling by these amateurs. I say give somebody else a go at finding the gas i.e. sell the asset / company. We have scratched around in the sand for long enough IMHO and without much luck. Tendrara requires a multi drill campaign by a company with more time, deeper pockets, better rigs and some 3D seismic deployed over the drill sites before poking the drill bit in the ground, which is something we didn't commit to. I don't buy BM's comment about the fact that 3D seismic wouldn't help and that you'd only know what's down there until you poke the drill bit in the ground. Rubbish is what I say to that. It was because they didn't want to spend the money on 3D seismic. Simples. Grow a pair mate and stop sitting on the fence. Parsons needs to deliver us a result by year end so we can put this debacle to bed.
I had misunderstood - but also get your point.
The only way I see real value being achieved is with contingency. I’d like something for the Horst and then an agreed drill programme within a certain timeframe.
But I guess what I really mean is that I would love to see another business drill the wells. It’s been fun......but would like to be able to watch another business conduct the work programme and we can enjoy some “crystallised” value with some upside risk.
You may have misunderstood my comment or far more likely I didn’t explain it very well. My Hardy’s Pinot Grigio from Spar is never going to do me any favours when compared to what Trellis gets to drink. I meant that for some shareholders who have posted here ‘drawing a line under it” means getting rid of their Sound shares through a company sale. If we are hoping for an outcome where a future drilling programme is carried out by a new licence owner and as a result of that some value might accrue to Sound then you would still need to be a Sound shareholder to benefit even if by then it had become an asset less company. I was going to say a shell company but realised some might think I had forgot to capitalise that word!
If you have a prescribed drilling programme, with some value for the Horst - it is Esmerelda.
“Going long” with “contingency payments” is not really drawing a line under this is it? I expect any deal will incorporate some future payment based on results but that will mean everyone retains their Sound shares even if there is a cash distribution from the sale. I read a lot of people saying they want an end But that will only come when they sell their shareholding.
No way is this share "dust".... and currently not worth much more than the SP....stuck!
"i now hope we go long and recoup all our monies. personally not bothered if it takes years. half a million shares in and i need a good result..... as i bet a lot do on here :/"
To do a proper drilling campaign would need a raise of way more than the current market cap of the company. There's no such thing as "going long" from here. You can admit your current investment is dust and you can start again on the next raise if you're insane enough. Or you can try and sell what you've got which is worth more than the current SP. There's no going long to recoup your existing money.
Very similar indeep. Would rather they sold with contingency payments based on a drilling campaign.
Be nice to be able to draw some sort of line under this. Find it hard to believe they’d still be silent without having some sort of deal to be working on.
i now hope we go long and recoup all our monies. personally not bothered if it takes years. half a million shares in and i need a good result..... as i bet a lot do on here :/