The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Graham being telling porkies about unable to sign deals due to Covid.
Others not having the same problem.
http://www.onhym.com/actualites/550-12-juin-2020-signature-d-un-contrat-de-reconnaissance-entre-l-onhym-et-la-societe-conocophillips-morocco-ventures-ltd.html
Ericnat this article is from early June and stricter covid lockdown rules have been introduced since then and even stricter ones this week due to some spikes locally. So I’m sure the board are struggling to set up face to face meetings but things are beyond their control at present and this is no reflection of inactivity on their part.
You don't need to quarantine or social distance on video conference, Sharetrader123.
Eric is absolutely right. Same Porkies different BoD. I'm assuming everyone remembers the old guards story of drilling delays due to a missing part? Or indeed that there was going to be 3 drills in the campaign.
Hi Sharetrader.
You are missing the point the meeting in the article was undertaken remotely and agreements were signed.
The question is why can t Graham do that. He keeps blaming COVID, but other companies are managing OK
think you're missing the point Sharet...
The majority of posters on here lately (and for quite a while) are not interested in the future of sound.
all they care about is moaning about the old bod and telling everyone the new bod are the same.
why anyone would waste their precious life being so negative is beyond me.
The funny thing is they will become even more vociferous as the Sound sp improves over the next few weeks and months.
I won’t be answering any of them, included their self-elected ‘leader’ but I will be laughing quietly (not ‘lol’ as I’m not a teenage girl) at their more and more desperate posts.
Have a great weekend all genuine posters.
I’m not missing the point at all. If you watched the last Q&A then reference was made to these facts. The board stated the difficulties at present and stated that although they were having video meetings that it was no substitute for face to face meetings that were and still are difficult at present. We could just ignore this and post an article over a month old trying to discredit Sound for the sake of it.
Sorry all, but been here longer than most.
Going to post what i like. if you do not like it filter me.
Keeptofacts I totally agree.We are in a period of non activity at present and this is generating plenty of negativity which will only get worse whilst we are in this dormant period and no doubt as it intensifies the board will be demonised even more as frustrations become greater. Once we get near to first gas and the SP recovers the board will no doubt be elevated from pantomime villains to heroes. It may take a good few months to see this change but I’m confident it will come.
KTF There’s sales tactics then there’s deliberately misleading. The amount of money people invested is irrelevant it doesn’t matter if it was hundreds or thousands, we were conned & there needs to be accountability to stop it happening again. Rinse & repeat.
it's an interesting question.
I DO believe parsons et al. (and I include crude in this whose mortgage payment sale looks far too timely in hindsight. I wonder if he was tipped off to get out by his mates?) over sold the prospects.
BUT surely anyone investing (gambling) on aim knows the two fundamental truths, you can't fully trust the bod and there WILL be a share placing at some point.
people have banded about stories of people selling houses to buy sound shares. ffs if there was a financial equivalent of the Darwin award they'd be a shoe in.
Crude had his nose so far up Parsons hoop, when he went for a dental check up he had to book an appointment with a proctologist...
I'm unsure why anyone would be soo uncharitable as to stifle peoples opposing views on a free BB. Positive or negative, it doesn't make a shred of difference. A great deal of people have (stupidly) invested heavily in James Parsons words. Now that he has done a runner, this board maybe is the only outlet they have to vent. Just because you was soo wise or invested an insignificant amount in comparison to be still soo positive, doesn't mean you can lord it over others. Man-up or filter!
This is to you Sharetrader123, if things are soo rosey here, why are we diluting 31.9% of the shares in issue all the way up to March 2021 - the time when the bond (20million) is required to be paid? As per Trellis comments, how does the 6million gross service the 50million, stated by Lyon, that is required to get to first gas? What about the interest payments? Sou PI are continuously being told that the SOU acreage is the best thing since sliced bread. However, the drill bit says otherwise and the talk is cheap from the various 'interested' parties over the past 2 years.
Lets us be clear, what Lyon has set out to do is a big, big ask and from a position of financial weakness. The victims/losers will be the PI. Not Schlum. Not OGIF nor Morocco as the asset will revert back to them as well as the data/analysis which the PI paid for.
I believe Crude to be genuine as he was invested in Sound long before JP arrived but I imagine he’s somewhat embarrassed by how this has turned out. The Ghislane Maxwell of Sound.
ironic you should say 'man up' to me.
At least I wasn't uncharitable enough to aim those words where they might more appropriately be directed!
Have a lovely weekend.
Pduk I’m sorry if my rosy outlook irritates you but I think getting to first gas is far more likely than not. I’m not suggesting that it will be a smooth path and I think that further dilution may take place by means of partnerships in order to get there. Although any dilution is a worry it is my belief that the pie is still big enough to withstand dilution and still raise the share price to double figures. Once we reach the safety of first gas then it will be easier to raise the funds in order to further exploit the potential of the assets and pipeline which will open up further markets due to linking to the euro grid. This will obviously take longer to achieve but getting to first gas is the priority and will give the stability and platform to develop further.
Please continue to be, Rosey. In fact maybe I/we should start referring to you as Rosie? :-)
You've still failed to address , as Trellis has outlined, how SOU will repay and service the 20million bond March 2021? First Gas is not expected until December 2021. The 3 raises outlined will take the company to March 2021 (when the aforementioned 20milion needs to be raised). What then? Thus far no one has done SOU any favours or given them an easy ride.
Your talk of double figures is extraordinary especially when the broker note states 7-8pence. SOU has never met any of these evaluations. I don't believe we even have an external CPR of resources? Can someone remind me? You again conveniently forget the 36%.
I appreciate you're a 'sharetrader(123)' and looking for a quick in and out but many here are wise to the hype/stories. Take the weekend to mull it over.
Pduk I must correct you as I’m not looking for a quick in or out at all and can see me holding for the foreseeable. The comment about the single figure broker estimate is way out. If sound are positioned for first gas then the SP would rocket into double figures with ease. You have just seen it go from below 1p to 4.2 p on the slightest whiff of positivity so what do you think will happen when we get to a more concrete position and safety net of first gas?
I’m not in a position to challenge any figures as although we know the debt with the bond and other known costs what we do not know is what’s the full potential of the asset. A lot of borrowing / funding is often based on the potential which is hard to put a figure on right now but will become clearer as the asset develops. There may be much merit in what you say but there’s are a lot of unknowns to be certain of accuracy. Enjoy the weekend!
Let’s be clear Sound are too small to make the most out of the massive acreage.
They need to sell the asset, settle the debt and return the balance to shareholders.
If we do not sell, get ready for a long drawn out death by a thousand cuts. There is no way we can do the potential of the license justice. Deep pockets are required. Not 2.7 million raise costing causing 20% dilution.
Morocco are in a hurry to get the gas before they complete their pivot to renewables. It will take sound 10 years to drill 10 wells if we rely on the LNG revenue. Check it yourself. This geology requires a large number of wildcats followed by 3D seismic when they hit.
Pduk, broker notes are based on the original deal where sound only had 23% of the asset, we still own 47.5% so 15/20p is achievable, don't forget JJ comments of 27p a share based on the original amount in circulation.
I hope you're well, daveyboy71. You can guarantee, as demonstrated by the previous failed JV, that that percentage will dwindle to the 23% (or less) on the quest to first gas. SOU are in a weak financial position (20million bond, the interest and no income) to negotiate and IF we are to believe in the acreage (even though the past BoD did a runner from it and us) then a third party will want a significant slice of it. After all this is business and not charity.
To get into the double digits SOU will need a new discovery and belief to drive it there. Thus far the drill bit has proven the 'experts' wrong and as Eric has pointed out you will need deep, deep pockets to turn that around.
Hi Trellis.
It was only 2 days ago you were on wannabe 6,
Another blowout or too much wine and your maths suffered?
Bulgariaben,
Not on Twitter can you tell us what this says please?
I am fearful as most (not all) as to the future of Sound Energy Ltd, Trellis35. However, I don't agree that Lyon stated that dilution would not happen. That would need to be announced via RNS. Can you kindly provide support of this claim?
In addition, who is this Italian family that we should all be aware of?
Woodrow, bulgariaben is just shilling for followers/subscribers. New poster who has only posted this link, along with other one-post wonders on other boards (e.g. wilmawilliams on SOLO) doing the same. The link is to a private twitter feed you have to sign up to. Ignore.