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Spags.
That was pretty much THE most pointless boring post I have read this year in fact I would be really hard pressed to think of a more useless time spent reading something as pointless and less usefull as the words you put together
Hey ho though Spags you got your name on the wall , a bit like graffiti really but some graffiti is really talented and thats where the comparison ends
Occasionally pop into sound board remembering the old days ...parsons dreams 90p a share and beyond looked green as grass soundly Soundboy........was there to lead us all into the great place ....whoops indeed ........oh dear me
Daveyboy71 no need to apologise at all! We are only having a discussion so that we can both better understand the position of the company.
We (Sound) NEED financing or a clear path over the bond in order satisfy/secure funding. We (Sound) are currently in a position of principle. Only when we can show that we can repay / renegotiate the bond will the principle become binding. At the moment it is unfortunately all talk. No one is going to provide any form of buyer assurance or LNG supplies without the future security of company being secure. Don't forget italfluids will in turn have back end partners and suppliers they need to sign agreements with.
OGIF were given the (27%) share issue by us, Sound Energy and it's P.I heavy investor base. We issued 272,000,000 new shares to them on the 18th September 2017.
ONHYM - In order to carry out oil exploration and exploitation activities in Morocco, any operator must enter into a petroleum agreement with the ONHYM, and provide the ONHYM with no more than a 25% interest in the exploration permit and, as the case may be, the exploitation concession. The ONHYM benefits from a specific legal regime that
entitles it to hold titles and permits without being bound by the legislative and regulatory constraints on the number
and nature of these titles and permits and the maximum surface area of exploration permits.. By CMS - LAW/Tax
..... So respectfully, mate ONHYM nor OGIF have put f*ck all in and have nothing to lose IF, and that is an IF, this goes south. Will then point to mismanagement / risk of the sector for it to all rinse and repeat again.
Are you not able to put the alleged real reason as to why he left here, Davey? I think we are all tired by the stories over past the years. All in your opinion of course.
Cheers for the response.
I don't know anything more than what I write on here or what is I'm the public domain.
davidatsound71@gmail.com
Any chance of a private message/email Daveyboy?
And I know the reason why JP left, can't stand the man but have been informed by a fellow investor what cracked off so can't divulge unfortunately.
Pduk, I'm sorry but your assessment of the company is incorrect, we do have means to get the gas out of the ground and to market, te6 and 7 are ready to go as production wells, ital fluids negotiating terms of full turnkey LNG services and a buyer lined up. I'm not saying this is 100% guaranteed but it's not a dead duck. Onym have 25% regardless, ogif are tied in as a shareholder so if we go bust they don't regain the asset if another company takes over.
... Yes, "The gas purchaser and italfluids would of completed due diligence" but as you know, that is only in principle and not binding. That is where the real commitment is.
You can't trade on that asset if it is in the ground with no current way of extracting it, Daveyboy71.
Surely you can't believe that James Parsons did a runner because he cared about what we said or thought about him or indeed the experienced BoD ran out of ideas. He has happily set up shop elsewhere.
In addition, OGIF and ONHYM will always play a part in the license regardless of the company name above the door due to the legal, in-state mechanisms of Morocco.
Schlumberger also did very well. At the time they were given a healthy slice of a billion+ business and its future potential by providing services at cost. Then and now that share/risk is negligible, again, regardless of the name above the door, as they will no doubt be involved due their past experience in the acreage.
I want to be positive but the past has taught me otherwise. Don't think for a second ONHYM, OGIF, SCHLUM or the bond holders give a damn about us CURRENT P.Is. Our usefulness to fund/leverage/Hype the business expired a long time ago.
No assets?? We own 47.5% of 2.5 billion dollars worth of gas. The gas purchaser and italfluids would of completed due diligence prior to entering talks so let's have a bit of optimism. JP ran due to no plan B and a angry mob of investors after him.
On the basis of risk alone, daveyboy71, no one is going to provide finance to a company for development when it has a 28million debt burden due in a few months and no means to pay it. No different to you making a mortgage application but have zero income, a huge debt pile with no assets. If the bond can be sorted reasonably, sure, there is a chance. But I always go back to the same question, if it could be done then why did the previous BoD a runner from such a huge potential?
Didn't CIP return shares to their clients?? I see chariot have managed to secure finance to proceed with their 1 TCF offshore field development so I can't see any major issues in sound developing 0.65 TCF onshore.
Had a look on Marco’s site and it says the bonds looked for returns 6/8 percent. Worth having a look at the site gla