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FWIW Graham seems to be an honest and open character, unlike Parson`s who was like that Car salesman you can`t get rid of when you`ve just popped into the showroom for a quick browse. I wish like many I had got out and hadn`t been carried away with all his hype but that`s history now. Graham has an uphill struggle and he has inherited a fine old mess but he now seems to be getting on top of it and appears to have SH interests at heart, so let`s hope he can get us back to a reasonable level and we can all move on without too much bitterness. GLA
Tincan I appreciate Graham needs time, given the problems he inherited. That is, the company put all its eggs in the exploration basket, drilled three non-commercial wells, and then wasted a year chasing a partner who failed to raise the investment capital they promised. To resurrect anything from that would be impressive. Graham's performance hasn't been spotless, though. He raised funds on the back of a heads-of-term agreement with Afriquia Gaz and implied that FID would be taken by the end of 2020. Contrary to what STD123 keeps repeating, it's not tenable to use Covid as an excuse for why this didn't happen. The pandemic was in full swing and SOU staff were already working from home by the time of the HOT announcement. The foot-dragging by both Parsons and Graham has ongoing implications for equity dilution. I have other concerns about Graham such as I don't think he has been as transparent as he could have been about the details of the tax bill situation.
On the other hand, Graham did come through with his promise from earlier in the year to get a third party company valuation. Unfortunately it's not pretty. Even if Graham pulls off the feat of sorting the tax bill and completing Phase 1 it's not worth anything in terms of positive returns to shareholders. It's really all about Phase 2 which is why his recent comments about not needing a partner to keep the ship moving forward were concerning. The exit of Schlumberger makes the task of raising funds for Phase 2 all the more difficult. Maybe it'll all work out and SOU will be able to drill again. I have no crystal ball. Even taking an optimistic view I'm pretty sure it won't be less than seven years after the rig mobilisation for TE-8, which is a helluva long time to have waited.
Tincan there are a few posters that seem to unfairly put the boot into Graham. To date he hasn't really done anything wrong but appears to have done much right which is impressive considering the position he has inherited even though there is still plenty for him to overcome he appears to be getting to grips with things even though the timescale is impacted by covid and other distractions such as the historic tax bill. There is such a legacy of bitterness left over from the antics of the previous board that some are totally blinded by hatred and regret that will forever haunt them but at least there is a chance that the company can at least rescue something that many had previously given up on. We can't expect Graham to **** miracles overnight but he has proven capable enough thus far for many to appreciate he is steering the company in the right direction which will eventually transfer to a rising shareprice in the near future.
Ps, maybe give Graham a little space ? In the recent vid he made some interesting statements and I personally don’t think he’s a bullxxxxxr !! I hope he can bring some hope for all long term holders …. Obviously not a pound I know , but something that’s more palatable than this sp gla
STD123: "Over 10% up so happy days. No need for negativity this weekend."
8% by my reckoning. Was down 6% yesterday. STD123 doesn't post on down days, though. The share price is essentially unchanged since Graham (in whom we trust) took over early last year.
Over 10% up so happy days. No need for negativity this weekend.
Thanks utility. Nothing wrong warning posters that there is a reason that their positivity is being snuffed out unfairly based on the bitterness of someone who has already sold most of their holding.
Sharetrader 123 you are approaching one year on this board and ps200306 you are approaching two years. Lots of your posts have been informative as you both obviously have extensive knowledge of share trading. However, my admiration stops there because never have i come across two more childish individuals in my life. You have now carried out this tit for tat foe months with posts that would put War and Peace to shame. It really is childish. Surely one of you is a big enough person to stop responding to the other. Anonymity protects you and now filtering is going to protect me. Grow a pair both of you