Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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And there’s every prospect that an appraisal well or two could prove up TE10. We simply run out of time and planned expense. I mentioned yesterday that it’s not beyond reason that a prospective buyer may want to revisit TE10 to understand the potential for getting a commercial flow from it before committing to a purchase.
Hi Crude,
Interesting use of words by James.
"Leaving part way through a deal"
Does this mean that there is a deal being worked on as we speak?
Ziggy, I believe we opened up an underground water source when we fracked for te10, very unlucky but a step out well could prove to be commercial. GLA
Exploration, you state "There are a couple of sweet spots near SBK and TE-5 - and that’s it". I just cannot find that credible but you state it as though it were 'fact'! As a matter of fact, we investors do not know this as fact at all! If it were fact there may well be queues at local piers & tall buildings to toss ourselves off! That's too much of a leap for me at the moment but thanks for your complete traversal & rebuttal of your previously optimistic thoughts ...I'm totally imbued with confidence now!
Jezz, before you say - yes the leg hurts like hell but the tail is still wagging away, despite Exploration just shooting down our whole license exploration prospects!
Jez, just tuning in but to be honest I haven't been looking in all that much because of the sciatic pain I have been enduring lately, compounded by an allergic reaction to a spider (I think) bite which temporarily left me looking like the 'Elephant Man'!
Anyway, the following is a reply from JP on the 14th August to some queries I had. When I asked him about our current NAV he referred me to the independent report on the website -
https://www.soundenergyplc.com/media/1594/exciting-times-ahead.pdf - stating they don't provide company guidance (NAV) but can refer to external work. It's anyone's guess though as to our wider NAV (exploration) valuation:
"Evening Kirk. You may recall we last year announced that I confirmed to the Board that I would not leave for a period of 12 to 18 months. Today’s announcement (the part relating to me at least) was required to update on that as the 18 months had passed. We confirmed today that I would see the marketing process through (which is kind of obvious in the sense that leaving part way through a deal would be very strange for everyone). We haven’t guided on life post the marketing process consciously but we will ofc update in due course (partly it will I guess depend on what comes out of the marketing process). The balance will of course be between what the Nominations Committee believe is best for the Company, what I want to do as an employee and what shareholders (who ultimately vote on Directors) want.
For now we are entirely focused on the marketing process. Our role here is to maximise value for the shareholders which means getting the best deal we can (balancing price, risk and structure). Every shareholder will have their own entry point depending on when they bought - we will assess alternatives ultimately against net asset value".
James
Crude, what is that "Net Asset Value"...time for some more pills!
Exploration appears wise on every bb he frequents. I recall bumping into him on the Cluff Natural board a while back. His wise words seemed to fall upon deaf ears over there as nearly all of them lost their money.
Exploration- Maybe you should be working for Schlumberger given you appear know more than them?
I'm curious, do you have any links to Graham (GRH) and 250SWB?
Exploration - hence my comment pertaining to a company that has "more time" and "deeper pockets."
It's difficult to arrive at a definitive conclusion of what gas lurks beneath until more drilling and analysis is conducted. With an area the size of Belgium, there has to be some more "sweet spots" somewhere. For example, Brian and his Team have already identified at least 5 new potential drill sites around the Te-5 Horst area. I would be surprised if there weren't some more in Anouel too (excuse my spelling).
JTF
Actually, we didn’t find any new gas at all - and I doubt anyone else will.
All we proved is that previous operators’ and local experts assessments of the Tagi reservoir were correct. Tagi is non-reservoir except in two places.
There are a couple of sweet spots near SBK and TE-5 - and that’s it.
Palaeozoic? Penetrated in several wells, but poor reservoir. Almost impossible to map using seismic.
We're an exploration company at the end of the day. Our strategy was to never go into production. It was to prove-up as much gas / oil as we could find and then to sell the assets / company to the highest bidders(s). A fairly simple, easy-to-understand strategy on the face of it, but unfortunately for us, we didn't manage to discover as much gas as we were hoping. Don't get me wrong, what we have is still IMHO valuable to the right type of buyer (one with deep pockets, multiple rigs and time on their hands), so all we can do is pray and hope that we will witness a decent enough conclusion for "all stakeholders."
I am not too sure. Te9 was a gamble, so was Te10. That's why they had a COS. If you think appraised assets like the Te5 horst are the way forward you may need to think again. The share price is currently a quarter of what might be the value of Te5. SKB-1,appraised, might also be discounted to the same extent. The be all and end all of an exploration company is discovery. That is what Mr Parsons aimed for. SKB-1 is still there for the cherry pickers. But the sale value of the company assets wouldn't be much advanced with SKB-1 under its belt. Exciting times.
Crudehope?
Crude has fallen silent these past couple of weeks. I'd be interested to hear his take on all of this and what he thinks our chances are of a decent LE.
Kirk? I know and appreciate you have a gammy leg at the moment, but you still feeling positive about our chances? Is the tail still wagging?
Jizzy
partridge It could have offered a lot more upside than drilling TE9.