Member Info for crudehope

Zig, Mohamed is acting CEO & James is no longer on the Board! This is effective right now. The 'Nominations Committee' will confirm Mohamed as permanent CEO in due course. The Arabs have a short but sweet saying: "It is written"...I believe the fate of Tendrara is/was written a while back & Mohamed Seghiri is the Prophet to take us out of the wilderness...but who knows!

Pontcanna, James is not "at the helm". He wont be taking part in the FSC - that will be down to new CEO Mohamed Seghiri & Brian M. James won't answer any questions because he is no longer on the Board but he may be abroad.

Ian, thanks for the heads up re 'Deepwater Horizon'...I have watched that movie theee times so would appreciate watching this documentary...make a change from watching the most amazing Sky series, Brittania!

Gregory, you think I played a blinder - yet here I am holding all my shares - contrary to what Jones alleges, which is totally misguided. My interests are just as aligned as every shareholder invested in Sound.

BTW, good advise StMary...anyone not interested in what I have to say can filter away..............please do!

Lyndon, I don't know but it has been suggested here that it is not. I am very busy at the moment because I am getting things sorted for my annual pilgrimage to Dartmoor & the FSC is low on my priorities...I even have an appointment with a Private specialist at the same time in my local Hospital so will have to catch up later. Although there are zillions of things to do before one can finally get away I still want to make time to see the films 'The King', 'Ford Versus Ferrari' & 'The Good Liar'...if I can see all three this week & still remain sane when I finally drive off to Devon it will be a result! BTW, I think the FSC is a good thing but I would not be surprised if JP is not involved - he is no longer CEO - Mohamed Seghiri is!

Lyndon, if there are still problems with the FSC app I would suggest testpack emailing Sara. But I now want to read an explanation of the merits- or not - of testpack's suggestions. I will post this as a question but not on my behalf, as I consider it half- assed, dimm witted & not anything I want to be associated with!

Testpack, I fully expect you to ask James, or whoever, at the FSC, why they did not retain 47.5% & go down your route of financing first production & multiple exploration wells. I am almost tempted fo ask on your behalf! The amount of CAPEX needed to raise without releasing equity is staggering...but I now need to hear it from the horses mouth...so you can be reassured. But be assured, I will laugh when the answer is given...like a Cadburys Smash robot!

Trellis, I understand the RNS in terms of the finance/equity swap...what needs clarifying is who will be 'operator'; who are the private equity investors & what is specifically covered by the whole deal - inclusive of the contencious 9%? What are the envisaged timelines re production & exploration drills & who sits on the 'Nomminations Comittee' that will ultimately decide who our next CEO is? No doubt there are so many more questions......

Think about it - what do you think the alternative is Lyndon? A very low-ball offer - versus the powerful forces behind the scenes that want to control Moroccan hydrocarbon interests? The 'Horst' alone could represent 60% annual Moroccan gas production. I feel there are far bigger forces at work that are not necessarily unaligned to our interests. Tendrara was always way too big a project for an AIM minnow trying to support a 47.5% equity position. The new equity deal fairly represents what a very small-cap company could have hoped to have ultimately achieved in the first place. Maybe it was too good to be true & maybe we were a litle too ambitious & possibly a little too naieve - but this deal brings the stark reality of junior AIM explorers into sharp focus & realism. I get it...but I also get that others don't get it........................

Testpack, if you truly believe I am a paid company ramper you are not only misguided - you are conspiracy fantasist with stalker tendencies! Ever since I invested in Sound a decade ago I have tried to be as involved as I possibly could. Initially, this meant contacting previous incumbent CEO, Gerry Orbell...but since that October 2012 coup, I decided to strike up a relationship with the new CEO, James Parsons. I feel after all these years I have got to know him & I can attest that much that has been written about him recently is either untrue or not representative of the man I know & what he has tried to achieve with Sound Energy. I truly believe he tried his very best to build a successful company & put his heart & soul into it! There is no other 'side' to what he attempted to do, with shareholder interest uppermost in his heart. He spent 8 years trying to build a company - & when Italian bureaucracy seemed to be strangling those ambitions he was fortunate enough to be able to jettison that strategy in favour of something much more promising - East Morocco. But as O&G investors know from bitter experience, the odds of success are stacked against success. Yet after the success of the Horst production concession, three unuseful wells followed: a sale of the assets was, as promised, undertaken & we are now about to be asked to scrutinise & then vote on the result of that sale process. But James has stood down because of the violent threats meted out to his family & I can fully understand that. Besides, he always guided he would hand over leadership post the 'LE' process. Many folk here are nursing big losses/paper losses but there was no malice of intent to deceive & I feel the company are trying all they can redress our bad luck & give investors a chance to ultimately recoup some/all of their losses. This deal should see Sound Energy fully funded with no chance of future dilution but with excellent partners & a new CEO who is perfectly aligned & by nature of his Moroccan birth - a perfect stakeholder! I look forward to scrutinising the details of the deal when it is published.

Fair comment Appi ole buddy...but it is what it is & those remaining have to look to the future, because the past is past! If I can make the EGM maybe we could meet up afterwards, amigo?

Pont, I dont know but I imagine Mohamed will be fronting with JP...what better platform to introduce the new CEO! Hail Caesar!

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!

Well done Bob, great song...love the sentiment! How's the weather looking tomorrow for tarmacking...at least you've always got that to fall back on!

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!