Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Doesn’t seem much confidence in our leader currently. If JP does read the board it’s time to prove the doubters wrong! Some sort of update or tweet should do it !!
If, as I suspect, there will be no offers that the BOD can recommend, then of course The Failure has to go.He would have failed in his 'raison d'etre' of maximising shareholder value. It would be pointless, and quiet frankly, obscene, for the present BOD to continue with the fiascos we all witnessed over the much lauded '3 well drill campaign. Yes it will take more time to get a new CEO and ED in office, but, with SCHL committed, there is no reason why it, after consultation with OGIF, ONHYM and The Chair of SOU, look at a re-entering well(s), with an agenda to prove commerciality. There should be enough in the kitty to re-drill one well! Since we now are all firm believers in 'always expect the unexpected', then The Failure might surprise me. But that is highly doubtful. I have a mail from him, which will prove his ineptitude in the event of a no-sale, and I will share with you after the event if there is any interest.
Maldini, I think JP believes he has got duck eggs all lined up and is just waiting for them to hatch...
I hope that the marketing process is not based upon the following:
https://www.youtube.com/watch?v=Nv7qh_XL_yM
It he cannot sell the present asset for its true value there is little point in increasing the asset value only to be unable to sell at its true value. If he fails to monetise the assets at this juncture he should go elsewhere to rebuild his reputation. Not on the back of Sound shareholders. Exciting times.
Crude?
Interesting spelling of 'Sound Energy'. You have it as 'Sound Energie'.
Maybe that spider bite is taking effect?
Exploration- given that 11 is a “well defined high” and the tagi pinches out onto this - could that be considered a high and have positive properties?
Negative tone from crude todY; a sign of what is coming?
Partridge, you are of course implying that our once lauded CEO has backed himself into a corner by stating he is a deal-maker. But if the price he is offered is not reccommendable should he then resign or be 'ousted' by the Board? Or should he finish what he started & continue with Sound Energie's drill plan - maybe raising more CAPEX cash? What would I do in his position, taking into account ECCO & CORRO: I would stay & try to rebuild my reputation - but definitely not quit! Whether he will be able to be the master of his/our destiny is yet to be played out...............
Exploration, yet gas was there at TE10 & in commercial volumes...if not commercial to us!
Jez, I will not be turning into Spiderman any time soon but how about 'Soundman '....with super-powered waggy tail! Superhero powers include immunity to so called 'De-Rampers' & the ability to be totally oblivious to AIM warning sounds! AIM is becoming like 'kryptonite ' to me...depriving me of my powers.............
No boardroom coup. That will cost the company dearly. Do you think he will walk away if he fails to monetise the assets? That is his only purpose now.
Crude
I agree - can’t beat drilling to see what’s there.
TE-1, TE-2 and TE-3 - all close to TE-5 - recorded gas shows in the same sequence as TE-5 and may be capable of producing gas. Same for SBK-1.
But wells drilled away from basement highs, including TE-8, 9 and 10 proved the reservoir is non-productive although there were gas shows. In TE-10 we didn’t get the whole story but it seems some gas reached the surface when the well was reverse circulated and a bubble of gas came up the Annulus. Not even enough for a BBQ.
Another interesting point is his reference to the 'Nomination Committe'. They are our board of governors & can make recommendations regarding our CEO & his future in a post- marketing world. He of course has to decide his own future but he will well remember how he ousted previous encumbant, 'Merry Ordeal'. I just hope it isn't a case of 'live by the sword, die by the sword ': I would not support another boardroom coup!
Woodrow, talking of 'Mariine style number one hair cuts, I'm off on Thursday to see 'The Final Cut' of Coppola's masterpiece 'Apocalypse Now'! That should be a real treat! Tomorrow I see the latest Tarantino epic 'Once Upon a Time in Hollywood', widely reported to be his Magnus Opus....with such a terrific cast & review I can't wait to see it! To cap it off 'Jaws' is showing for a one-off at my local cinema....compelling as I only ever saw it on TV! It sill remind me of the shark I swam with off Tortola in January..........
Exploration, that may be so but by comparison to other fields & basins there have been so few wells drilled - even taking Morocco as a whole. Science can tell you so much but the drill bit is the ultimate arbitrator of that science!
Lets hope the haircut is not a number 1.
Trellis, thanks for the concern, but I’m fairly certain that I didn’t set any expectation on any size of egg, nor tried to anticipate anybody else’s expectations either. But an egg will land eventually and then we can all see what size it was, from which bird it came and whether the yoke was on us all along or not. Be sure to pick an appropriate wine to go with the quail eggs.
Exploation, lets hope the people we are talking to are not dunces as well. LOL. They may not use fag packets when doing their research.
Crude
It should come as no surprise that Morocco’s geological history has been studied and reported by many specialists in the past. The petroleum geology of the Tagi reservoir interval is fairly well understood and described by many authors such as Professor Hafid from Kenitra University and Rabbah Bouchta (who was geologist for Onarep, Lone Star, Maghreb and OGIF). More recently Professor Jonathan Redfern from Manchester University has written extensively about the Tagi including detailed outcrop studies in the Argana Valley, south of Tendrara. Also, Onhym has numerous well qualified experts.
Also, a copy of Fastnet’s original CPR covers the risks involved with exploring the Tagi.
The bottom line is that the best Tagi reservoirs are found near basement highs such as SBK and TE-5. The well logs and core analysis back this up.
Elsewhere in Tendrara the Tagi was deposited in ‘playa lakes’ as a siltstone driven by intermittent rivers and distributary channels during rainy periods. The trouble is that groundwater plays a part by introducing halite and dolomite into the pores in this shallow ephemeral lake. This was reported in Sound RNS. In other words the Tagi reservoir in these areas is ‘****e’ even before it becomes a rock. But where the Tagi ‘sticks up’ above the lake surface - like around SBK and TE-5 it’s porosity is preserved - the old well logs show this.
If anyone deserves the Dunce’s cap it’s BM, and a bigger one for JP too!
I think one very salient aspect of his reply is at the end when he states " Every shareholder will have their own entry point depending on when they bought - we will assess alternatives ultimately against net asset value". What does "we will assess alternatives" mean in this context? Alternative offers or alternative options? If the former then this seems to mean that shareholder entry points will not be a consideration as NAV is ultimately the driving force in this deal. That's fair enough but does it suggest that some will ultimately lose out or face severe haircuts............
*up on
As long as the egg doesn’t end of on our face.......
Maybe Maldini but James normally is very considered in his replies. Time will tell.
Well said Maldini. I think that is perhaps how a lot of us are feeling.
Very perceptive Woodrow... or just fanciful thinking on both our parts?
I’m staying put Owli. I can’t answer for people who choose to sell now. It’s a personal decision for every individual but my confidence in the facts already locked-in outweigh the sizeable uncertainly created by the day to day share price and some people’s intentional attempts to further destabilise Pis. I’ll know whether I’m right or wrong only when SOU finally lays an egg.
Maldini1/Crude, Also from Crude's email "Our role here is to maximise value for the shareholders" - and people are selling in the 7's ??????
Someone is wrong, either it's us for holding on (I assume you both are holding on) or it's the sellers.......