Member Info for AussieRidge

If the "agreement" goes through and Sound Energy is a minority partner how will we be able to trust and audit what goes on? Will the JV be registered in the UK under British law or in Morocco?

Fred Lacuha (General Counsel)

The JV Is intended to be UK registered. Once the transactions is signed the Company will explain to shareholders how the structure protects Sound's interests

@JOHN :)

Will shareholders be told the identity of the purchaser before voting on the deal?

Mohammed Seghiri (Interim CEO)

Yes, absolutely

How many companies are have had acknowledged communication with Sound Energy in relation to being a Farm Out Partner for Sidi Mokhtar in the last 4 weeks.

John Argent (Exploration Manager)

We continue to engage with a variety of companies with regards to the farm-down of Sidi Moktar and will provide an update once an agreement is reached. We are maintaining this as a competitive process it would be inappropriate, and not in our interests, to disclosure further information at this time on any on-going discussions.

Once first gas is achieved how would sound be paid. Is it on an annual basis etc?

Garry Dempster (VP Finance & Commercial)

Pursuant to Sound Energy’s remaining interest in the Production Concession, production revenues would be distributed among the participants in proportion to their remaining interests. Normally within the oil and gas industry, production revenues are distributed on a monthly basis.

Do we have a plan for further exploration in Eastern Morocco?

John Argent (Exploration Manager)

Yes very much so. We have multiple near term drill ready prospects including SBK, TE11 and M5. We believe this is what is required to unlock the basin potential. We are therefore very focused on drilling these and other exploration wells. These opportunities were outlined by Brian Mitchener at the last AGM.

https://yoursoundenergy.com/app/qa-chat

Sidi Moktar - 1) How long would seismics take to complete 2) at what cost to sound 3) How quickly could we start if we wanted to?

John Argent (Exploration Manager)

The time to complete onshore seismic acquisition depends on the size and to a varying extent the design parameters and terrain to be covered. As a general rule of thumb onshore surveying with vibroseis in relatively benign terrain should acquire data at a productivity rate of 6-12 line kilometres a day. For example in Tendrara and Anoual we achieved an average productivity of 10 line kilometres per working day across the life of the survey. Excluding mobilisation and demobilisation a 1000 line kilometre acquisition should be completed in approx. 5 months.

Are the major shareholders in Sound Energy happy with the "agreement" and the share price?

Sound Energy (Administrator):
Apologies, we cannot comment on third party opinion.

Thanks for this question and I can reassure you that whilst the Company has focussed on the sales process for the Eastern Moroccan Portfolio we still maintain activity on our Sidi Moktar permits in the west We also continue to engage with potential farm-out candidates and we will provide an update once an agreement is reached. We are maintaining this as a competitive process it would not be appropriate to disclosure further information at this time on on-going discussions. We have been awarded the environmental permit following completion of the Environment Impact Assessment and Community Consultations. Whilst this region of Morocco has experience of oil and gas exploration and production operations in the past, the last seismic survey completed in the region (operated by Longreach Oil & Gas Ltd contracting Prospectiuni S.A. from August 2012 to February 2013 comprising 520 line kilometres), we are mindful that there is a higher population density and agricultural acitivity than across our Eastern Morocco portfolio. The community engagement has necessarily been an extensive exercise undertaken over a 10-month period with an experienced local specialist consultancy. In parallel, we have also completed a market enquiry engaging with leading service providers for service availability. We have received positive responses from multiple providers. As we are maintaining this as a competitive process it would not be appropriate, nor in our interests, to disclosure further information at this time on on-going commercial discussions.

What is the sounds current employee head count (including contractors and zero hours contracts)?

Garry Dempster (VP Finance & Commercial):
As announced, we are resizing staff in line with our current operation and in preparation of the ongoing discussion to transact with our potential purchaser. The exact numbers will be shared in the 2019 annual report.

To me, so far all I hear is inferred dilution.

I think he means sell JP to the highest bidder in an auction.

"On the exploration side, I was also asked to deliver the drilling operations TE-9 and TE-10 on schedule, within budget and safely. Even if the outcome was not what was expected in term of commerciality, the joint team Schlumberger-SoundEnergy in Morocco I led delivered a great job."

But it was a failure...

It seems to have stopped anyway...

It's like watching paint dry...

That error can occur when the SSL certificate hasn't been renewed, usually due to not being put on auto-renew by the site admin. It's nothing sinister, just a lack of housekeeping.

KTF makes a good point though - I also didn't invest just to receive 15 years of dividends. Had that been my intention I'd have invested elsewhere. I've been very supportive and defensive of the team until recently, but the tide seems to have changed and I seek some reassurance about this deal that I now seem to be locked into.

Ok if you're invested I respect your right to comment.
But I don't think it's helpful to call others muppets, idiots and other such nasties.

Did you come here just to gloat? Are you even invested here?
What's your motive?