Member Info for Appiamma

They wrote a song about the Sound SP

https://www.youtube.com/watch?v=IKe2OfXLxuc - too much of an open goal sorry

SO - yes we have known of the issue of poor poro/perm for some time, I have pointed it out several times since we've been in Morocco. Whether or not people chose to ignore that information is their problem, but there were no surprises coming out of the deep dive for me at least - they even quoted the Missour Basin paper I posted on here for folk to read. However, the company has waited til now to be truly open about the risks of this campaign post TE-8; preferring to embellish facts with Algerian analogies, cheap soundbites and hype - something I have been most critical of.

I found the candour of the geologists presenting most refreshing and now maybe people can really understand the level of risk here. It was always the reservoir quality that would provide the big unknown, and not withstanding all the analysis done to try and de-risk these drills it remains as much of an unknown now as it did pre-seismic. Also the information on diagenesis, sedimentation, geological upheaval, fluvial fans etc are discussions I had with Luca/Brian pre seismic and commented on several times here. Therefore while I'm certain our understanding has improved its not really new information.The better detail on individual structures I'm sure is very useful.

Finally the senior team couldn't help themselves ramping a bit with Brian's comments at the end where he states it's really the Paleozoic we should get excited about - tbh I found that a little concerning. Why should we get more excited about something,that by their own admission they know next to nothing about locally - post TE-8 is was it the play opener - though we only scratched the surface of its rugose upper strata. Surely we have world class multi TCF prospects in the TAGI? they said so didn't they? When I first met Brian in Morocco he was was much more circumspect and level headed - a nice foil to Luca's obvious excitement and enthusiasm. I get the impression he's been seduced by the corporate darkside now.

In the end nothing has changed - we won't know until we know - for those with an appetite for serious exploration risk with massive potential upside the game's still afoot and you have a clear view - Faites vos jeux

As long as it's not Hendricks LTK! Yes hopefully we will have more info by the 16th, else it will be a bit awkward as PW will be unable to discuss what everyone wants to talk about. Looking forward to meeting up mate.

Hi zanmantate, this is the event and the eventbrite link - free to attend

London South East Oil & Gas Investor Evening with Malcy Graham-Wood and three CEO’s from Echo Energy, Savannah Petroleum and SDX Energy
London South East - lse.co.uk
Tuesday 16th October 2018 from 6:00pm Location:
Brewers Hall, Aldermanbury Square
(Off London Wall), London , EC2V 7HR

https://bit.ly/2OcRwH1

Late reply but morning/afternoon Crude - poets day I assume. Cannae - just to clarify - the only connection I have had with the O&G industry is via the stock exchange. However I do believe ddboy has had the applicable experience with the business end of a drill-string for his comments here to be worth taking note of. ATB

As far as I'm aware we are using the same Saipem National 110 UE (1500 HP) rig we have always used in Morocco. If everything is on a fully prepared site and pad then according to the crew rig-up should be under a week.

I have doubted the motives of several apparently well informed posters on here over years and Exploration is no exception - if you have done enough research though their agenda shouldn't worry you.

That said despite the calculation error, he raises an interesting concept, one that I thought a bit odd at the time of publication. Describing the potential of a prospect or basin through estimated Total Generated Hydrocarbons data, within oil/gas exploration companies, is not usual at all. In fact a very experienced O&G geologist told me he'd never heard of it in all his years in industry. It's meaningless really as in the end the amount of actual producible hydrocarbons will vary tremendously for may reasons. I know they have incorporated other data to generate the final numbers, but it is far from an exact science and should be treated with caution, particularly as our TAGI poro/perm so far has been very poor. However, the TGH numbers are big and Sound have always like to throw around big numbers; personally I find it all rather disingenuous and irksome - much like their continual Algerian analogy.

Also as he states there is no substitute for actual drilling - quite a few it seems would prefer we didn't - I'm starting to feel the same. However if we are to put the estimates, projections and hyperbole beyond doubt we have to - well someone has to. Even the most ardent Sound supporters I've spoken to recently are finding it all a little tiresome now. This apparent reluctance to just 'get on with it' is starting to concern me. If I'd known after Te-8 it would be 18 months to make any tangible progress on this license or any other for that matter, I am pretty sure I would not have bothered waiting. And before someone says seismic study, we appear to be drilling the same spots suggested on the the Te-7 trip. Hopefully though with a greatly increased confidence not suggested by this very apprehensive approach. Back to posting retirement now - GLA

It needed shareholder approval but hopefully a formality - the AGM is today and they'll make an announcement later I expect.

I agree but probably the release of that article forced their hand

Really shouldn't be a surprise to anybody that a placing would be needed. Crude was lambasted months ago when he stated that there would be a raise before we drilled - and he and I discussed the flurry of fairly superficial RNSs a few weeks back being indicative of them wanting to raise the SP to facilitate a placing. Sometime folks just don't want to see what is in plain view - even this weekend there was a comment from a poster stating that the drill program being fully funded when cash burn has been clearly pointing to the contrary.

I don't have an issue with the raise per se; but maybe if we hadn't procrastinated so much and with a modicum of foresight it wouldn't have been necessary at these levels.

Successful? Looks like only 3.6m of the 20m shares available via PB were taken - not a big vote of confidence there. Let's hope he learns from his naivety and mistakes over this last year or so, because we are paying heavily for them at the moment.

Fact is they have mismanaged themselves into this position. Misguided corner cutting to save a few quid has led to constant failures and wasted money. If the oil price hadn't risen they would be against the wall by now. They needed to raise because they need the rig, without that they are done. If only they'd realised that sooner. There is huge potential here but I'm sorry the sock salesman just has no idea; an idealist not a pragmatist; I've spoken to him a few times and he seems to have no idea about O&G. After this raise he will have, in 16 months, more than doubled the issued shares, nearly halved the SP, failed to achieve any progress in production and failed to complete one significant workover. I bet the rumour was correct, they wanted more but the City was not prepared to give, I heard they were struggling and I thought it ambitious, but let's face it, with Zens track record so far is it any wonder they need to give a huge discount.

Apparently the rumour in the City is they could be trying to raise up to £5m. Unverified as yet but you'd guess if they are it's not going to be easy. https://twitter.com/bharringtonw11/status/1008610169503219713

Intheno - I noticed nearly all my post history had disappeared about a week ago. To be honest I just put it down to the incredibly mediocre way this site is run and their chocolate servers - why people fork out their hard earned for this crap i never know. I can guarantee my posts were not as informative as yours, so little lost in my case but their disappearance is still annoying if not entirely surprising.

Agreed AJ makes valid points about the company's operations, even if they do labour them somewhat. But this is the first bit of positive news for a while. It demonstrates a genuine commitment and a belief in the project; something that appeared missing while they clearly tried to cut corners with equipment that only they seemed to think was capable of doing the job. As in most cases of doing things on the cheap it turns out to be a false economy. I was on the verge of taking the hit and exiting as they still seemed to be under-cooking it with the last rig choice, but now I'll shall stick around and probably add some more, as I believe that despite the delay, the obvious challenges and remaining risk here, the COS has improved greatly with this news.

Anybody who has followed Sound's involvement with Sidi Moktar from its first mention 30 months ago has a right to be a little cautious I believe. From a couple of month plug and play with a bit of exploration, to convoluted, and at times downright bamboozling nigh mysterious, deals and farmout, reassessment, renegotiation, inexplicable concessions given to a dead-in-the-water company, to the sudden possibility of multi TCFs which apparently they didn't know about in the beginning and ending some superficial work with vague results followed by....not a lot. I could go on. Excuse me if I don't get excited just yet. Nevertheless as StMary states at least something is happening - at this time I'm not sure I'd go as far to say it's significant, but if there are deals to be made lets hope we get it right this time. GLA

My issue is with actually confirming what was stated in the RNS: 'MoU to manage Circa 5 Million Hectares of Natural Forestry Under Forestry Management Agreements in Alberta, Canada' ' PowerWood Canada holds forestry contracts and FMAs with the Province of Alberta' These are hugely significant and material statements but I have yet to see confirmation that this is the case. If I do I will let you know. https://www.agric.gov.ab.ca/app21/forestrypage?cat1=Forest%20Management&cat2=Forest%20Management%20Agreements&cat3=FMA%20Holders

Yes Toby, what initially appeared to be an amazing and unexpected piece of news, under scrutiny looks very thin indeed. I have been unable to verify the claims made about PowerWood Canada holding FMAs in Alberta - and 5 million hectares is a lot of forest so you'd think they'd be a well known player. I have emailed Alberta Forestry and Agriculture for clarification. They appear to have taken up biomass energy proposal initially put forward in 2012 by a company called Mustus Energy Ltd which doesn't seem to have got off the ground yet. The parent company PowerWood Ltd is headquartered in Southend. Probably a perfectly good explanation. Ultimately Newfoundland and Labrador may be the prize here and I still believe the technology is game changing, but this seems over-egged to me and has sewn seeds of doubt in my mind and therefore the justification for my investment. GLA

I brought up the issue of the rig not being man enough to complete these workovers at the investor event at the end of last year and AC insisted it was. Still hopeful of a good outcome at these Zardab wells but slowly losing patience here.

This CLN overhang seems to be holding the SP back now as they sell in to any rise. The seller/s started converting the them in March a year after issue and seems happy with their 20-25%. 1.275m converted so far @ 3.3p. 37.5m new shares. If they continue there are still over 10m left so some 310m shares. The good news is that so far they have been doing it in relatively small chunks, the stock has been readily absorbed by the market and the SP has held up pretty well considering. That said some good news on any of the of the ongoing projects would be very welcome at this time.