Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Davey, to quote you: "Have no illusion, this is being run for the benefit of Morocco, and what gives them the best returns not us unfortunately".
I personally am under no illusions that the Moroccans want to control their own resources. I dont know for certain if Moroccan money is involved but I suspect their influence in this deal. But as far as I am concerned that is a good thing. Who has most to gain from success in Tendrara? Morocco & all interested parties in the Tendrara project! Let's not be naive about this (not you personally)...I would bet there are bigger forces at play that will makes sure the prospective gas resourse are brought to market & delivered to Moroccan companies that need the energy. This hydrocarbon basin is far too important to fail or languish in the hands of an international major...imo.
Tombi, you're hilarious...but good suggestion...can't have HQ running out of decent tea bags! What will visitors think - we are running a tin pot operation?...........coffee standards have been maintained though..................................
Dave, I wouldn't assume we are free carried for both production & exploration until we relinquish that 9%...which roughly amounts to $20 million cash & $20 million carry. A sizeable amount of exploration cash given our cost or CAPEX would be reduced by over two thirds current exposure. This deal allows for production income whilst giving us exposure to multiple wells & plenty of future upside!
Eric, yes SBK would be my bet for their next well. They have re-rated its prospects from 80Bcf to around 600Bcf...but the so-called Veyron structure will be right up there as it would be the 1st to test the paleo. I didn't get the impression TE10 would be considered. Tableleg, they never got to the bottom of why there was so much water ingress & I don't think they would want to re-visit that structure location : could be a question to ask but who or whom exactly will be making these decisions remains to be confirmed.
Dave, no I haven't posted any yet but I will. We obviously won't get any more meat on the bones of this deal but there are plenty of other things one can ask - I just hope it doesn't turn into some courtroom drama where you have witnesses for the prosecution & cross-examination of the alleged defendants - but one can't help thinking that is exactly what will happen. What we need though is a clear new direction being outlined to us to reassure beleaguered shareholders that this proposed deal can work & it won't be another decade to wait for tangable results!
Ducati, I agree...how on earth is a private investor going to hear that sort of information...total carp! When I was at HQ Fred the Lawyer was present at all times. Regarding Shell/Repsol, they did say a well is currently being planned but there was something of a dispute with ONHYM re whether to carry out seismic ...& their licenses are not in the so-called 'sweet spot'! So there is interest in East Morocco. I suspect the Moroccans want more control over the project so don't be surprised if Mohamed Seghiri is made full-time CEO...their interests are more aligned with shareholders than a Major's might be: the likes of Shell often sit on licenses & do very little whilst Mohamed will really get things moving! I think Mohamed is probably just what our Company needs right now...someone with experience & important in-country connections who can rapidly put all the peices together to get this project & the SP moving in the right direction!
Job, I quite agree. There has been no crime committed here. No rules have been broken & the most damming thing you can say about the management is they were over-enthusiastic & possibly a little naive - but I am convinced there was no malicious intent to deceive. At the same time though we may have been guilty of greed - a common emotion on the AIM! Whatever deal put to investors was bound to upset some - you can't please everyone as we all have different circumstances. JP was trying to ensure all have a chance to recoup their losses & maybe make a profit. If he had flogged us for 20p (for example) he may well have been flayed by folk who paid 50p or above...it's a no win situation for management!
For someone who goes under the name 'nocomment' & has purportedly been an investor since the Orbell days....you are sure making up for lost time! Yet another 'investor' coming out of the woodwork. Excuse my scepticism but we have had quite a few first post wonders recently & if you are a genuine holder since the 'Merry Ordeal' days please accept my apologies.
Woodrow, I share the same concerns regarding transparency that most here have. This is why we need to scrutinise the deal when/if it signed & if all is not 'Sir Garnet' we may need to act in unison to block it. But until we get those details how can we react? Up until before this secretive 'LE' process we were known for our excellent shareholder communication - this really must continue as morphing into an opaque situation where investors are basically kept in the dark would be such a retrograde step - one which I would find difficult to support.
St Mary, yes the team I was in were called the 'Phoenix Knights' & we did beat the Eggheads & walked away with £7K. It was filmed in Glasgow about 6 years ago & I loved the experience. I also filmed 'A Place in the Sun' back in 2003 & it must have been repeated all over Sky channels a hundred times or more. I don't hide who I am as I am more than happy to be transparent & have met many shareholders in the past. As you are aware I am not the anonymous keyboard warrior some others might think................
Testpack, you & I agree on nothing & quite frankly you have disturbing stalker tendencies...but you did make me laugh with your latest proverb: "At least with a 2nd hand car salesman, you end up with a car, with The Failure, you only get taken for the ride". I love humour - even yours!
BTW, many thanks to St Mary for his earlier post.
Blackjake, I am going to be here for the foreseeable so if you don't like it, filter me! As for numerous suggestions of where the sp was headed - quite the opposite. I seldom, if at all, make specific sp predictions! BTW, I have never "encouraged investors to buy" & stating that is quite frankly defamatory!
Dark Cider, "dying days"...bit dramatic! If this deal is signed & voted through it ultimately guarantees a fully funded campaign to first gas & revenue plus the chance to finally realise the upside potential of East Morocco through further exploration. I believe it is funded in such a way as to avoid any further share dilution. I also believe this is JP's way of eliminating the downside whilst guaranteeing an upside. He fervently believes Tendrara is a big hydrocarbon provincle. One of the main problems is it will take some time to get to production & to unlock the basin but as each milestone is reached & the project is slowly derisked our value should increase.
Mahatma, thanks for making me laugh...lol! But in all seriousness if Mohamed is to be the next CEO (that will be determined by the 'Nomminations Committee') I intend to make myself known, although we have already met. He seems like a good man & has obviously got in-country connections, not least with our major shareholders, OGIF. Tendrara is a project that Morocco needs to succeed so what better than to have a Moroccon as our CEO. I am sure he will do his utmost to see the project succeed & that ultimately has to align with shareholders aspirations. Personally, I would have prefered a clean sale but maybe that was not feasible. Anyway, I look forward to seeing the detail of the proposed deal.
Blackjake, I haven't done any damage to anyone...what on earth are you on about! This is AIM - 'caveat emptor'! This is also a chat forum & nothing else...nothing posted here constitutes financial advise & you should know that!
I spent an enjoyable evening in Morocco chatting with Mohamed Seghiri & found him very pleasant & very switched on. He has experience, as follows:
Mohammed Seghiri
Managing Director, Morocco
Over 18 years’ experience in
leading complex European and
African projects across different
sectors, including Gas Storage,
Oil&Gas Exploration and Power
Production. Joined Sound
Energy from OGIF where he
was Managing Partner.
I would say he is just the man for the job on a permanent basis & I would be very pleased if he was nominated, especially if this deal goes though.
FFS John, it is a matter of record that I sold a load of shares at 89p & paid off my mortgage - so the answer to your question is yes, I made money...that is our whole raison d'etre here on the wild west AIM!