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We don't just have James' word Kasjnation, we also have our own reasoned thought.
This is a vital strategic asset for Morocco, a country with very easy access to finance. We have already shown our links to finance in country and frankly I can't think of an asset that would raise finance easier than the Horst.
Agreed Tableleg, there is vlaue in the TE-5 horst but we only have James' word that financing through debt is available to Sound, there has not been any formal notifiaction of the debt or the associated terms, if available and necessary to bring the TE-5 horst to production.
I do get over excited. And I am a little bit stupid. And I do struggle with simple arithmatic. And your generosity is legendary. Could you tell me what the current cash position of the company is? If somebody asked me that question in June I would have referred to the Q2 update. That is not possible now. Why is that? It is the information the company does not want you to know that is important. The company informed everyone what the stimulated gas flow at Te10 was. They did not say what the unstimulated gas flow was. Why is that? I admire your unquestioning loyalty. But I do not think you are stupid because of it. Perhaps uninformed like many of us.
‘Cos I think that Q3 is a concise version of earlier presentations designed for use as an overview for prospective buyers. I posted as such in a previous post some days back. You may also note that the heading on page two now says “Largest Onshore Operator in Morocco” thereby placing SOU’s strategic importance into context for anyone interested. Previously the same slide was headed “A mid cap Moroccan Gas Co”
I'm not close to this but if a new advisor has recently been appointed to explore.options around an LE that can sometimes be costly and while much of the cost will be contingent on success theyd unlikely work for free with a company in Sounds position. JiMO
Hopefully there is interest out there and all goes well for the LTH community here. GLA
Separate the assets from the cash position. I think the Te5 horst is a valuable asset. What is the cash position? Why has it been removed from the Q3 update?
You’re right of course Soundingoff... politeness just got the better of me.
'Well that’s certainly one person’s doomsday reading of the current situation..... and it’s as valid as any other in the absence of any new info. '
But I'm afraid it isn't as valid as any other. If I say 5+5 is 2, is that valid? No.
Indeed. partridge has actually done the calculations previously, so he knows what he's posting is ball****s. Rather sad.
Well that’s certainly one person’s doomsday reading of the current situation..... and it’s as valid as any other in the absence of any new info. It might well turn out to be quite accurate in its assessment, who knows, but then again it could equally be a mile off.... and I hope for anyone invested that it’s the latter. If you’re currently stuck with this investment and feel unable to sell out, then you might just as well hope for the best rather than predicting the worst. It could just make the wait a bit more bearable.
Absolute tosh partridge. Were you called fellrunner in a previous life? The cash position isn't so poor that a raise was necessary to keep it going for 6 months. The company isn't on its belly but isn't on its uppers either. Just for balance we have a find which when taken to production will give Morocco 60 percent of its gas to power needs. Exciting times indeed as you say !
You're saying that $14.4 million wouldn't have lasted six months?
The Q3 update contained all the news you need from Sound for the next six months. The absence of any reference to " cash and cash equivalents" sends a definitive message. Not a message to frighten potential bidders for the Eastern Morocco portfolio. The cash position is so poor that a $3 million raise was necessary to ensure Sound is a going concern for the next 6 months. Mr JJ was coy in the recent interview with Malcy when asked about the cash position. He referred to the last market update, $14.4 million on the 14th May. But in truth the last market update of any consequence was the RNS for the cash raise. A lack of funds and the need for job cuts. A signal to any bidder. The company is on its belly. Whether it turns over and goes belly up, is up for grabs. Do you trust the management not to be positioning themselves financially, for the end, with the cash that is left? Thomas Cook is a good example of shareholders being the least of concerns of management when a company is in trouble. Exciting times.
There will be ( if it doesn’t go down the plug hole ) winners and losers here and we will have to wait and see, some will make good money and some will lose a lot of money and many will just get their money back.
I have now got 500k and hoping like many others that it will pay off.
You might need the same time to learn how to be nice (2 yourself first then to others)
slopping out for a few years perhaps!
Gasbag
I hope so LONGWAIT, but the longer this drags on the more our funds will whittle away and the more people will lose faith. Hopefully someone will come in with an offer sooner rather than later and we can get some sort of return on our investment
I agree, Jack.
Of course, the company is not going to be sold for 1000p per share, but it is worth more than the 5 - 10p per share some posters have suggested.
I wonder what mr Cufflinks Parsons next project will be ?
LONG I think it more the case that peoples expectations are going to be way short of those that a few years ago were believed to be obtainable.