Sound Energy #SOU provides an update on a potential farm-in and operational progress in Morocco Watch Now
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Hi Trellis Hope you ok ? Care to reply to my post on Thursday?
I do not think it is.
Far to few posts. The other poster was a 30-40 a day.
TruthfulOpinions....... dont be silly trying to drive this down for your own gain. Aubergine
Truthful, you're not a former spam-obsessed wastrel by any chance?
and now we see your true colours!
huge dilution coming up, get ready to part with yet more cash to make sure they keep extending the tunnel - just when you think you see light, another few months are added on the journey.
note to one-self: this is going to be another story where the licenses are relinquished because the operator ran out of money
make your money and run, if it hasn't already crippled you
Trellis. I have often complimented you on your efforts with SAG, however, as Billfish has pointed out, before you post in future, do proper research and leave guesswork to KTF.
Afternoon Trellis For clarity would you like to summarise the achievements of the SAG so far and the views of the lawyers you've referenced previously. If you'd like to comment on how you plan to go forward representing the group, of which i am a member, that would be useful. Finally, you did say you would refrain from making personal posts - your thoughts ?
BillFish- alas the cellar is far from empty and it needs someone such as yourself to put me right having posted after a long day trying to empty it.
Thank you for the correction and apologies for any unintended mistakes in my posts.
For completeness I should add that the announcement to go with the 20" pipe was made by myself on III after a meeting with John Joseph during the Beast from the East episode. A meeting which confirmed the pipeline OD and Luca's departure from the company.
I would draw your attention that so far the option to save $40 million by reducing the OD has so far been eshewed by all parties while savings are being made in all other areas.
The interesting thing about that RNS though is the amount of funding being promised by OGIF related parties for upstream developments and the restriction on OGIF preventing then from owning more than 29% expires in a few weeks time.
Interesting times ahead I think.
Has your cellar run dry. Some of the stuff you are posting just now makes me think you are on the electric soup now (that's lanny, four crown, el dorado and buckie for our southern brethren).
A pipeline with an OD of 18" has never been mentioned ever in the history of Sound. Also given the announcement of the pipeline options preceded the anointment of John Joseph I don't see how you can assert it was his pipe dream.
I would refer you to the RNS dated 4rth September 2017 ( no you wont find it on this site). It contains the following
"Sound Energy, the European and African focused upstream gas company, is pleased to provide an update on the funding which will be required to develop the Company's existing Eastern Morocco discovery.
Further to receipt of a non-binding expression of interest from Oil & Gas Investment Fund ("OGIF") in July 2016 in relation to OGIF's interest in funding, building and operating a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe ("GME") pipeline, the Company is pleased to announce that it has now received an indicative non-binding commercial proposal (the "Indicative Proposal") from Advisory & Finance Group Investment Bank ("AFG"). AFG is a Moroccan based financial institution which acts as fund manager to OGIF, the Company's partner in Morocco*. The Indicative Proposal is provided by AFG on behalf of a range of institutions, including shareholders of OGIF.
The Indicative Proposal, subject to agreement of terms and contract, is for the provision of funding for the construction of the Tendrara Gas Export Pipeline ("TGEP") connecting Tendrara to the GME pipeline of between US$60 million and US$100 million. The Company currently estimates the gross capital cost of the TGEP pipeline to be approximately US$60 million for a 12 inch pipeline and US$100 million for a 20 inch pipeline.
The TGEP is a critical part of the infrastructure which will be required to support the commercialisation of gas from Tendrara by connecting the proposed Tendrara processing facilities to the GME pipeline. Connection to the GME pipeline and therefore to the Moroccan and Southern European gas markets, would support Sound Energy's strategy to access infrastructure connected to growing domestic and international gas markets.
The Indicative Proposal from AFG also confirms that AFG has been advised that a subset of the institutions may also be willing to fund the planned Tendrara upstream processing facilities "
I know it may be difficult to distinguish between 12 and 18 for LTH given they have been bandied about so much. This RNS identifies the 2 options and the cost of either also it identifies the source of funds i.e OGIF via its own bank. So I think this RNS answers some of your points. The RNS announcing John Josephs anointment was made one day later on the 5TH and you can see that RNS here.
Pont- same as mine are worth. No I won't be selling or giving up, because I still represent 366 other people as well as me
Time to sell up Trelllis ? I’ll stick in there because I hold feck all now and not worth selling!
PS- there is no confusion read my posts- I am questioning the ability satisfactorily to raise the funds to get to 1st gas without Greenberry or new un named partner taking over once groundwork done. the big fat pipeline(24") was a JJ pipe dream during the period they needed to keep all investors not just disciples on board- remember it started at 18" then got progessively bigger followed by disciple comments such as "shows how much gas we have got" "must be great news SP will fly" "they would not increase pipeline size if they had not proved the gas" etc ad infinitum. There is no pipeline merely environmental studies allowing a pipeline to be built(even the corridor was reduced if anyone remembers)
The micro LNG plant is a way of saving Sound if enough funds can be realised to get to production end 2021- that is a very long way away. I think people are assuming that even if we survive that long there would then be enough immediate profits to go exploring in the desert again once the Bond is paid off,paid the 20 to 30 million development costs and covered the new 11.5% interest on the loan in dollars which covers only 30 to 50% of costs even before interest is taken into account; they may well be right- I have been quoted 100 million pounds on top of current MC for the value of the LNG over the PROPOSED PERID AND DEAL; it is of course worth ZERO if we cannot fund it, and a few extra pence a share if we have to give %s away as before to pay development costs or take out ridiculously expensive loans (11.5% not from an independent institution but as part of the PPF and SECURED- only thing worse would be if it was Lombard Odier putting the money up) remember the last HOT and exclusivity where (as people quite rightly point out we were reduced to 23% from 47% before the "deal" collapsed because out of the 24 expressions of interest the preferred backer checked by Rothschilds had no money)
We still have 47% but we have no cash; we have a better strategy now as how to achieve cash via production; I am yet to be convinced that we can get to first LNG without punitively expensive loans or further serious dilution or being taken over at an SP only a few pence above where we stand now.
I hope I am wrong, but for all my negativity over 4 years the MC and SP has not yet proved me wrong- perhaps this time I will be
Ps there is no confusion with the LNG. You are saying exactly what I was saying in that it was the only market available for the gas due to not having the pipeline infrastructure in place at present.
Eric lets hope that after Marcus Antonius wonderful dalliance with Cleopatra- (aka Marco and every share he has been involved in-keeping his real backers happy) an Octavian appears and having rid the scourge of every AIM share aka Marco JP, JJ,Dennan, MaCauleyMinty,Kainz,Bird,Mitchener,Doc,Pie eater etc et al Mr Lyon becomes Augustus and leads Sound to a glorious Empire............You never know even Orwell and Tolkein pointed to a better future and a happy ending
ericnat17: if we don't raise the money for the LNG project there won't BE any drill bit.
trellis and sharetrader123: your confusion about the reason for the LNG is most odd. (sharetrader, for someone "balls deep" in this share you can't have done much research). The LNG was determined to be the quickest route for getting gas to market that SOU could reasonably hope to raise the funds for. Sure, we'd all like a big fat pipeline but then you'd be griping that SOU has to raise a couple of hundred mil instead of the hopefully more doable amount you mentioned.
I am happy with “a period of success”. Let face it if we get any success at the drill bit we will all be happy.
I think we have already had Cassius, Brutus and Marcus. AKA JP, BM and JJ.
AKA the three stooges.
AKA the 3 not so wise men
AKA the 4 horsemen of the apocalypse. ( Brian counts twice due to being a dead weight)
Eric- having crossed the Rubicon Julius Caesar had a period of success before being murdered by his closest supporters- I sincerely hope we wont commit the money and do the work only for the partner equivalents of Cassius and Brutus ( Let alone MARCUS Antonius) to stab us and reap the rewards
Trellis you are old enough and wise enough to know its human nature! If they don't have answers to your questions they will look to discredit you.
The headline of my post does not make sense now that someone has removed Tablelegs initial "yawn trellis" post. I do not report posts and still believe anyone has a right to post whatever they wish on here as long as it is not abusive to anyone except me( I can handle it) having posts removed is counter productive and merely gives an excuse for the poster to complain and continue to ignore facts.
Sharetrader123- sorry I did not reply to your informative post re LNG and your experience within the industry. I cannot disagree with your latest post and I am sure that all all shareholders hope the LNG option is a stepping stone to further exploration some way down the line. We still need at least 50% more funding to get to 1st gas , but am sure many investors will be clinging to Repsol/Shell agreement as they have been for at least 7 years because the licences are adjacent.
SP again not reflecting the confidence but of course according to the disciples the SP is irrelevant......... until it goes up a couple of pennies and they come on here in their droves to say corner turned and all is rosy in the garden......... then disappear or just throw insults when it drops back by a similar amount.
I repeat I have more confidence in Mr Lyon and Mr Seghiri than I ever had in the previous BoD ( I have been consistent in challenging the BoD since the SP was 58pish and everyone including my most consistent critics were entering sweeps on LE price and what they were going to buy- tableleg was even the enforcer asked to send people to the naughty corner if anyone was remotely negative at 58p- there will be many who don't want those times brought back up but my posts are there in plain view)and am prepared to give them time; I will not stop questioning though, nor should any other PI (especially with Mr Fumagalli still non exec and Sarah Dees still in charge of communications-plus ca change) despite encouraging soundbites- soundbites do not produce gas or profits, action does - so a silver star for Mr Lyon and Mr Seghiri so far, but a long way from the Gold star every PI is hoping for, short term holder nearly in profit or LTH hoping for a miracle.
just going to open an Amarone della valpolicella to have with my veal saltimbocca- sorry I am trying to get people on my side with wine and food posts- I must remember that is unacceptable and that investors get taken in by it rather than by facts about the company
Have a good evening all
The cold hard facts remain we have 47% of an awful lot of gas.
But we do seem to have difficulty in gaining confidence from the market that we can move to profitable production.
But When we cross the rubicon........
As usual responses based on my supposed negativity but very rarely a rebuttal based on facts( Eric and Sharetrader excepted)- of course the drinking gets mentioned, and even a new monicker suggesting I am not Spartacus(which I have never claimed)........ and of course wannabes warping my judgement.
Yes I do own shares and yes SAG is still going and still has over 350 members. We do not attack the BoD for the sake of it ( the raison d'etre was to establish firm but fair dialogue with the BoD and we have no reason to move from that path) but will still question actions if we feel they are not in Shareholder interests; we have not approached the BoD recently because we accept they are making steps in the right direction; funding still remains a major issue and they will have to come out with an RNS soon to explain how we are going to keep the lights on,pay for LNG preparation prior to proposed HOT deal, pay interest on Greenberry Bond, and pay for the scheduled surveys relevant and binding on our licences prior to first gas at end 2021. If Mr Lyon or Mr Seghiri can adequately explain that they will have our support; if it is by reneging on no dilution promises or by another extortionately priced loan (secured or unsecured) then we will question them.
Tableleg if you want some credibility in ****ging me off you take every point I have made today (and last 3 days)and shoot them down with facts and figures backed up by RNS and deals signed; if not I suggest you read your own post and Fox whatever; attacking me on my drinking or being miserable or wannabes is water off a ducks back, reflects a lack of reasoned argument and(whilst it will be hugely popular amongst the disciples old and new) does not help 1 shareholder in the long term; at least SAG is trying to