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"They have 3 sites M5, TE4 and SBK 1
They have put these together as campaign and will farm out. As I understood it, if done correctly this will not incur any costs to Sound. They have various options to tempt big players into the fold."
....... Thanks for this ericnat17. I hadn't seen this until now.
Yes, I do and I met Brian here in the UK and in Morocco. Thoroughly decent guy.
Your narrative suggests that you were not at the sharp end of exploration and have no concept of risk. You can fling any exotic, far-out locations into your post but the conclusion from me is still the same. He wasn't forced or swept into anything. Every discussion I had with him, he was quick to highlight the risks as did the numerous RNS releases.
The exploration coverage in Morocco has been sporadic at best over 30 years. As you will know, you need a definitive and extension drill in ground approach to get a real understanding. With SBK... the hard work may already have been done but there is absolutely no guarantee.
As I said, Brian, in my view, was in no way to blame. He interpreted the data with our partners, located the optimum location but the risk of failure unsurprisingly won
In this instance, I actually do and have met him on several occasions and yes wildcatting is not called wildcatting for nothing and having been on several drilling campaigns over 25 years ,do you have this experience ??,from remote places like Greenland to Brazil to Kabinda I would say that I have quite a substantial amount of experience of the so-called industry-standard you stated
He was forced or swept along to comply with the rhetoric as I was informed by a very old colleague of his during the Chester event who by the way I have said on several occasions advised I sell everything as he said they will never find anything of value in Morocco as they have been trying for 30 years.
The Chester event which maybe 4 years previous was a very sobering experience that I shall never forget as the sp was 80 p then I think
"It was from Mr Mitchener who as all the LTH,s know has not exactly hit the bullseye on any target and imho is partly responsible for the fathoms of water above some people's heads here "but" and its a big"
You state the above ( i,e question his overall abilities) but believe his commentary on SBK?
I don't believe Brian did anything wrong. He put his best foot forward when mitigating risk and reward. He is a highly educated and experienced guy.
Exploration is high risk business and just because a location shares the same seismic characteristics of successful plays, it doesn't guarantee that carbons will be found in commercial quantities or otherwise. His rate of failure is industry standard.
Good feed back indeed
During one of the may emails I sent to the previous BoD members a few years ago ,one reply sticks n my mind .
It was from Mr Mitchener who as all the LTH,s know has not exactly hit the bullseye on any target and imho is partly responsible for the fathoms of water above some people's heads here "but" and its a big but .
He did say on one reply that despite the lack of success on the drills this time all would be shown on the SBK drill if its ever drilled .
Sound Energy is a leaky vessel that's for sure as there have been some dubious buying/selling in the past just before results whether negative or positive,it would be impossible to prevent so just watch the sp before the SBK drill as Mr Ericnat says there has been further analysis on the seismic that would of resulted in renewed confidence so if the buying starts then its game on as they know what's down there
They have had more than enough time to figure it out and Argent is still here which to me means he wants to prove something as he was extremely positive to me during a lunch meet once a few years ago
The M5 massive structure is very encouraging
Great updates Eric.
Many thanks
I’m glad you said it like that Eric as you say it’s very difficult with personal conversation & better not said, hopefully the next meeting more investors will turn up.
Thanks for the great info, Eric. Can't wait to get drilling again!
They have 3 sites M5, TE4 and SBK 1
They have put these together as campaign and will farm out. As I understood it, if done correctly this will not incur any costs to Sound. They have various options to tempt big players into the fold.
SBK and TE4 has undone a lot of analysis and seem to be appraisal wells, pretty sure they will flow. They will be drilled in a different location to current wells.
M5 is now thought to be a gas play (was considered an oil play at one time). This structure is massive compared to the TE5 Horst.
They maintain that the source rocks are in place and they just need to find the sweet spots. They are still very confident in the mutli TCF potential of the eastern Morocco..
Sidi Mok - they appear to plan to farm down for free carry on seismic. And they have customers for gas.
They know they have license commitments prior to year end in both locations. And they did not appear to give any concerns about that time line. Take of that what you will….
So much information and some given in one to one chats that I am not comfortable putting on BB. As some of the chats where open to interpretation, so I will not post conjecture.
Anyway, I am more positive after the meeting.
Eric/Mebo - can you share anything regarding the exploration?
Morning Eric,,,,, yes I did & to be honest I’m happier with the new approach as it seems better managed.
The way dare I say Parsons went about it was wildcatting & I now understand that he was under pressure to sell from investors so that screwed everything up.
Getting phase 1 up & running is vital & speaking to GL he said if we do this in stages & more measured this will come good (or something like that), I know it’s annoying for some that we aren’t enjoying our golden tickets (that’s where it went wrong) but I’m happy with the new board & also happy that John Argent is still onboard.
Graham explained the reasoning behind the 3 well drill which after all this time I think will come good.
Looking forward too the next meeting hopefully in a few months.
Hi mebo
Sorry did not get a chance to meet up IRL. Did you get a chance to speak one to one with the Sound team? I found it enlightening, especially some of the extra understanding we have concerning exploration.
A bit more
A formal farm down process is now in play with advisors.
We got a a good update on the Phase 1 process. All going as plan and all large purchase orders are now in place.
6200 sq meter storage tank for LNG has been ordered
Think you’ve summed it up well Eric & I wish I’d had a pen & paper there was a lot to take in.
I like the living within our means type approach & no rushing into things so I’m happy to wait.
Thanks Eric for the updates, all looking positive. GLA
Appreciate the feedback, thanks Eric. Onwards!
Great stuff Eric, very reassuring, thanks again.
Second Badile payment due to sound , again nothing to worry about.
Overall good meeting and we appear to be out of the woods and on very firm foundations.
Sent from my iPhone
The Timelines for 1st gas from LNG - back end of 2023. They know they have license commitments due this year.
Bit more detail.
They do not seem worried about tax. It is going to be a relatively long time before concluded. And it appears that they can deal with it even in worse case scenario.
They are very pleased with the Morocco Bank deal. “Best they have seen in 20 years of experience.
They have ideas about potentially selling gas outside of the x2 GSA.
Phase 1 and 2 are going to create a lot of cash flow for many many years.
They don’t understand why the SP has dropped following the latest RNSs, they see only positives.
They have plans for Sidi, not too much detail but it is forming.
Thanks Eric, any mention of approximate time lines going forward.
Just got out. All very positive. Looks like we have sensible and sustainable development plans with a 3 well exploration strategy. Plenty of detail, from various Sound staff. Nice meeting some of the shareholders from previous meetings.
Any feedback would be appreciated ericnat17.
I am here. Currently having presentations.
I'm guessing the AGM is the legal part and then it's meet the team over tea and biscuits for a chat. Has anybody off here gone?
What’s the difference between the A G M at 12.00 and stakeholders meeting at 1.00 pm