Member Info for crudehope

Pontcanna & DaveySanchez...I never once had that feeling of being bullshitted. I simply sold some shares when my mortgage term came due. I have since replaced those shares all the way down. Surely we are all here to make profit?

My relationship with company staffers is well documented or observed, but it never afforded me any advantages. Even so, I made it my mission to get involved with the Company and staff. That is my way of investing...actively engaged. I made the effort. I travelled to Morocco; attended events when I could, talked to fellow investors and joined internet groups. Subsequently, I feel connected to our Company and am probably feeling the buzz of the imminent LE more acutely than most...because I made the effort. Along the way I was excited, depressed, stressed, depressed again, elated, let down, anxious, excited and bored..........then excited, let down, depressed, excited and often disillusioned...but in all those years I never wavered in my conviction that when James Parsons took control of the Company, I/we would prosper. It seemed obvious to me at the time & I always winse when people knock our CEO...to me, he is and always was a......... CLASS ACT!

Slipped my mind...investor since 2009...10th anniversary looming, come September: I hope I will not be celebrating 11 years.......or more!

Pontcanna, at no point did I feel that way. Don't forget that I have been a Sound investor/blogger & even company contributor (remember my investor talk at the Shard in 2015). I am 'Sound' to the core of my body & soul. You may not realise that but others do...and I am fortunate to count those people as friends. I have always said I am here until the end...I won't back out now. I will be wearing my name badge (from Oil Barrel) and monika...Crudehope. I hope we can all have a civilised conversation; a laugh & a drink!

Cheers, Crude.

Pontcanna, like me, Ponkey has been INVESTED here for over 10 years...but surely that doesn't preclude us from buying, selling and re-purchasing Sound stock. It is called trading your investment for a bigger position...or some such phrase...

Pontcanna, I sold some at 89p & paid off my mortgage...that is called good trading. I bought more to replace my shares as the price decreased...that is also called good trading. You can say I got lucky all day but don't infer that I had any preferential information informing me...it was just lucky trading...lucky old me! But I tip my hat to my old buddy Ponkey. He has traded the bejesus out of Sound & built himself a great position over the last 10 years...that's how to do it & that is all I have tried to do. Mind you, Ponks is great at trading Sound but as for punting the rest of AIM................

Johnny, Jez...I hope this isn't going to turn into a brawl. I used to love boxing & was ABA trained so I feel very slightly (tenuously) qualified to referee. We just need red & blue corners & James Parson's Rules..............

Crude......'Let's get ready to ruuuuuuuummmmmble'!

Hey Deepi, thanks for posting. That was an absolutely surreal outburst from LTH Doc Holiday re Brokerman Dan. How times change: I remember attending a Sound AGM several years ago & in those days the few attendees used to repair to the Pub with James, Jo, Fred & other Sound staffers. On one occasion Brokerman & Doc were both in attendance. I like Doc & we used to keep in casual phone contact. Brokerman seemed a sharp, but decent guy & strictly tea total. I remember Appiamma & I stretching JP's PI, Stefanio's hosting skills to the limit...she was a star. But she has been ably replaced by Sarah Dees, who thankfully does a similarly excellent job at investor relations.

What happened between Doc & Brokerman is a mystery to me but something must have upset dear old doc...he always seemed like a decent cove...albeit very talkative...but he would be the first to admit that!

Jack, I don't even know if it could be a thing. But I am pretty sure they would need a vote to capitalise the 'Newcompany' from Sound Energy sale cash. If they did transfer Sidi not many here would want to, on the one hand, have free shares issued, only to be diluted for the need of OPEX & CAPEX. I love the original idea of 'Wash, Rinse & Repeat' but I feel the first two attempts with Corro & Echo (if they were attempts) to accomplish that strategy were compromised and not genuinely in the spirit of what might have been originally intended. But a new company that is literally spun out of the old; gestated...whatever, with an exciting asset and investor profit capital could be in the spirit of 'wash, rinse & repeat'! But who knows if that is even possible.....................

Crude.....mowing the lawn...is that weird or what, in February!

The 'New Company' has the Sidi Moktar asset transferred into it with some working capital from the LE. The capital could be something we vote on at the EGM and free shares could be offered in a fully funded company with an asset that needs a siesmic survey and several wells. Punters that hold for the LE get to vote not only on a Sound Energy sale price but the asset and capital transfer to the 'New Company'. Then Luca's baby could be added to the 'consolidation'? Or maybe Luca's baby was still born and...anyway... the chat over several pints could be a 'our survey said' moment and if Schlumberger do end up buying us it could all be done and dusted very quickly. Didn't James talk in terms of extrapolating natural flow figures using TE6 as the control figure. Maybe the 'Big Guns' are just a gimmick and natural flow, if successful, can lead to a deal and the pissup in the pub could be the feeler for what investors want. We talk, they listen and no NOMAD problems arise as a result..........

Crude.....are we all thinking the same or will I end up with test pack in a padded cell?

Jack, looks like the 'Sanity Police' have sanitised the board...I wish they would cart old tedtpack off in a straight jacket...I think he's about ready for one! He'll be basket weaving next. He's like that character on the 'Fast Show' but instead of having a meltdown when black is mentioned he does so thinking about me....time to go home Johnny...didn't they used to say on FS!

Reg, as more of the science is interpreted so the figures may be revised - up or down.. That is the nature of field development and exploration. You can't just nail down prospective resourse figures so easily...especially without appraisal drilling.

Testpack, begs the question...why are you still here? You surely have a reasonably low average so why stick around if you don't like the management? Why not take a profit or cut your losses. I cant remember a single possitive post from you about Sound, they are mostly derogitively directed at me: given that may be the case surely the pleasure for you (if there ever was any) has gone. You clearly have no confidence in our CEO so why not go?

Very amusing Shed...I'll alert the 'Fashion Police' immediately!!

Just to add that I don't see how you can say that all James is supposed to have bragged about hasn't materialised or that they have not understood the seismic. Surely you realise what a complex industry O&G E&P is. Timelines slip for a multitude of reasons; seismic is being interpreted by two different companies but fast-tracked & cash is always an issue with small independents. Try juggling those few issues whilst trying to actually sell the company to private shareholders & institutions; liaising with world-class partners Schlumberger; keeping ONHYM informed whilst not letting too much scientific information leak to competitors. I could go on but you get the picture......

Marrakeshreg, what hasn't escaped my notice or that of most LTH is that since James Parsons assumed command from previous incumbent Gerry Orbell, things have become much better. The sheer tsunami-like wave of new share issues has been abated to such an extent that King Canute would be smiling in his grave. James released us from our Indonesian obligations with a cash payment for the sale of our assets and future contingency payments upon success.
He then consolidated our share base & even bought production revenue from two small Italian assets...after which he swooped on the discarded East Morrocan licenses, raised cash through warrants & loans & brought in two cornerstone investors & a working partner - Schlumberger. He has since extricated us from Italy with the possibility of future payments & a share allocation to shareholders from the profits - plus drilled several wells in Morocco that may go on to prove up a world-class hydrocarbon system in Morocco. He Has assembled a very professional team that can combine with partners Schlumberger; raised money through Continental partners & increased our equity stake in the Greater Tendrara License by incorporating OGIF & bringing in-country expertise, advise & finance to Sound Energy. But apart from that.................................................................

So no, I don't think Mr Parsons has put a foot wrong in his building of this Company. On the contrary, he has been its saviour!

Hi PNE, your point about how much a prospective TCF could be worth to our sale price is a good one & funny enough I was mulling it over this morning. In this reply to questions I asked James back in 2017 he doesn't actually quote the figure you & I are interested in right now...the value of a prospective inventory TCF. I assume £1.00. The reply states the volumetric could be 10% or another figure. So if the seismic inventory implied 30 TCF we could assume 3 TCF (more or less) but at what value I don't know, as yet. But I will be raising this with JJ or James (but not Brian as he said recently he didn't believe there was any value to a prospect inventory...but I took that to mean in the case of no discoveries or science to back it up). Anyway, that rely in full:

"Good morning Kirk,
I am just beginning the process of responding to questions and yours is top of the list" !

"We haven’t provided any updated guidance on a value per Tcf – that was a conscious decision for a variety of reasons – mainly that we do not yet know the gas sales price, which is the most important variable. As we approach FID we will put a number in the public domain.

Regarding the proved up volumes and how a purchaser might value the business…. I think the way to think about this is that we should get a high percentage (maybe 90%) of the P1 volumes and then a low percentage of the unproved volumes. The key variable which the seismic helps reduce is the risking of the unproved volumes. So right now, based on public information, we might get say 90% of our proved 0.5Tcf and a small percent, say 2% of our 31Tcf potential. Post seismic perhaps that 2% increases to say 10% or another number as we will be able to demonstrate with a prospect inventory how our 31Tcf is built up. More drilling and re-entries will increase in the proved volumes but actually most of the value uplift will come from the seismic".

"Hope that helps explain our thinking Kirk".

Cheers,
James

One of the key phrases is "most of the value uplift will come from the seismic" & that the amount will be "10% or another figure". Incidentally, at one of the recent awards ceremonies in London I was talking to one of our Italian Leonardos & he reckoned 10% was very conservative...so 'another figure' may be higher, not lower. Another confusing thing might be what figure could you take when there is a low, mid & high range of prospective inventory. Even a discovery such as TE10 has a volume uncertainty that can only be resolved by drilling an appraisal well - something James is on record as saying someone else will drill that - 'we are in the exploration business'. So, although we understand the value of a net, recoverable TCF to us the value of our prospective inventory is still something of an enigma.

Crude

SW, not a cats chance in hell...imo!

Shed, that's a billion dollar question right there...but most of the value uplift will come from the seismic. How much do we actually know about that...pretty much didly squat! We don't have any CPR guidance because that was conveniently squared away as an unnecessary and irrelevant expennse... so all we have is that now dreary diagram on each and every quarterly presentation...it hardly ever changes.So I would suggest we investors know very little about the wider license area...even now, just before our supposed LE. That is what intrigues me...the mystery of Tendrara,the license that could turn out to be the next world class hydrocarbon province! But right now..........we have very little detail to go on. No independent review of the Greater Tendrara area...but maybe that was Jame's plan all along......................

Eric, we've been cosy with Schlum for the whole Moroccan journey and as far as I am concerned they will have first bite at the cherry. James probably always thought of Shlum as a sort of backstop...a 'bird in the hand'! But that doesn't mean competition is stifled....it just may mean that Schlum have 'first mover advantage' or 'Special Trading Status' when it comes to bid. They would be looked on very favourably, imo and would be reccommended (to us) when the offer was tabled.

Thanks for posting that Partridge. As it turned out they did raise more cash and in the scheme of things it was insignificant re shareholder dilution. If they needed to raise more (for an appraisal, for instance) not many 'sound' minds here would.complain if they thought it would add value. It

J55eca, our dynamic and very active CEO, James Parsons, has publicly stated more than once that we will be sold after our current three well program. Maybe a tacit, nod and wiink followed by a secret handshake has already occurred. Maybe that handshake was with Paal Kigsgard.......maybe I am dreaming and soon wake up!

Crude