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PNE, Brian may well have said that at a recent FSC - but in an earlier FSC (maybe the first one if memory serves - 28/04/17) James answered a question of mine that had been bugging me for a while. Brian's recent reply that you alluded to seems to contradict earlier advise. Maybe in the light of Brian's reply this can be cleared up at the forthcoming Conference Call? The answer from James is reprinted in full below:

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 percentages 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, Crude

Soundinvestor, I wasn't rolled out like Elton's piano & I absolutely reject that remark. I don't deny selling shares at 89p but you cannot deny that I was anything but transparent; I announced at the time right here on LSE! As for my SIPP, I have never made a single drawdown & currently am still employed by the NHS. If I am lucky enough to retire on the back of a hopefully successful conclusion to a Sound Energy sale then I may be in a position to make my first SIPP drawdown...until then my, and other peoples retirements, are on hold!

Prudent, I wholeheartedly agree that James is the best man for the end game...he has proved himself to be the arch negotiator, (if not a touch of the Machiavellian - ever so slightly...but that is not such a bad thing) ever since that boardroom coup back in 2012. James cannot affect the outcomes of the three wells but his negotiating skills can affect the eventual LE price & I trust him in these final months to do his fiduciary duty to shareholders to obtain the best price possible.

Prudent, good series of posts & answers on that thread. It was an emphatic statement from our CEO that we would be sold after the three well program, no matter what. He has previously said that PIs would be the last to know about any sale & that the current share price would have no correlation to an actual sale price. I concur with you that a sort of back-stop (how current is that phrase) price has been tentatively agreed, through Rothchilds & that these wells are not make or break...they either add value or they don't! There is much value for an IOC to be gained from our science & the sheer size of the license propectivitiy. James has already sold this Company...it is just a case of what price he can get.

greendragon, are you telling me you understood about the connotations of 'fastracking'? I admit that most investors (including me) were hung up on the '12-18 months' gig but the mechanics of 'fastrack' seismic may just have passed us by....................................

Exploration, the whole 'seepage' thing is a classic 'chicken or egg'. There is evidence of gas seepage but does that mean there is an abundance of gas & it is finding any crack in the salt to seep out - or does it mean that, by definition, it has all seeped out! Admittedly pretty layman but fundamental in terms of...did the gas migrate to the reservoir rock & is it still there - or has it seeped away through the faults, fissures & uncomformaties!

dave, I read that & thought so what...what's another year or two to increase our chances of success. But then we get back to the enigma of time; who has it & who hasn't? It seems time is not on anyone's side in this partnership. I know the Company have failed to meet guideline times when advising shareholders but I suspect many investors would sooner forget about the 12-18 months & would happily double that time frame to help insure a good result . JP has never previously been concerned with time slippage so why bother now at this most critical stage..............

dave, going by what James says about our three well program he seems very definite when he says we will be sold, regardless of results, after the three wells. Makes you wonder if there isn't some sort of 'backstop' price pre-arranged in a quiet room. Maybe the controversial 'Plan B' revolves around a low-ball, unofficial offer, that guarantees a price for the Company in the event of failure. Or maybe 'Plan B' would be to go to production. James has previously stated that we 'do not have to sell'...or that we will never be forced into a fireside sale! That option would be catastrophic & one I am sure the Company would never have to consider.

Shpunken, it's that 'fastrack' word that gets me. Obviously I don't know anything about the intricacies of seismic interpretation but it just feels like we are rushing it. Whether, as you say, there may be other agencies leaning on us to get on with it is unknown to us, but...you have to figure ONHYM as a major influence in what we do. They have their own time constraints regarding the transfer of ownership of the Maghreb pipeline & may want to see a Major involved as soon as Possible. But rushing these wells is surely counterproductive to OHNYMY's aims. I must admit I am confused on this point & would like some clarification as to what 'Fast track' actually is & why we can't seem to 'slow track' for the benefit of all involved..........

Looking back on the last FSC & a question from Teirsal55 that asked 'how did we get it so wrong on TE9'?
The answer from Brian was:
"The seismic is not allowing us to easily predict the presence of tight vs porous TAGI facies and
requires far more analysis. Until the analysis is complete the risk on the TAGI fairway increases, but
the volume potential (which includes the Paleozoic) remains unchanged as the 7-20-34 Tcf unrisked
numbers represent the volumes generated and available to be trapped in the subsurface". I asked a related question about whether we could devote more time to seismic interpretation & maybe suspend operations whilst this was happening but the answer implied that stopping drilling operations would cost money (in wages & lost time etc) & would not be commensurate with the three well scale of financing...or something like that...in any case that is what I understood from the answer. There is so much at stake now with the remaining two wells that I would rather they take as much time as they need to interpret the science...it would be such a shame to rush it at this critical stage just for the sake of satisfying investor's timeline concerns!

Fell, and yet your grammar leaves a lot to be desired - I take it you flunked English? Still, maybe you concentrated on Geology & Business Studies instead. For someone who proclaims to have shares in this company you really do your best at all times to knock it. Ask tough questions by all means but the way you carry on with your constant knocking on LSE, I do often wonder if you actually want us to fail. Maybe the shares you have are always borrowed & on the short side.............

I haven't seen the webcam yet but there are wild dogs out there - I saw them at TE9!

Gaspunter, I think you should avoid all investment forums as they seem to be an unnecessary distraction for you. Just ignore it all & trust to your research...that way you only have yourself to answer to if it all goes wrong. I wish you all the best for your future investment choices.

Cheers, Crude

Are you for real? What purpose do you think? It's a freakin investor chat board - ergo people chat about their investment! What other purpose would you assign...discussions on neurosurgery or rocket science?

Gaspunter, what on earth are you on about? You probably haven't been here very long but guess what...NEWSFLASH - bulletin boards generate chatter!

Mr B, no, I'm still here & will be until the very last gasp of Sound breath.....................

Fellrunner, If I thought for one second that JP set his Trading Plan up because of his early & privileged understanding of the seismic results I would have sold long ago. We know that his TP was arranged more than 6 months ago, well before all the results were in. Other Board members such as JJ have plenty of skin in the game........

Dave, whatever the'C' word is...I will try and avoid it..................

Jack, I'm glad the Board has calmed down...for now. I'm cruising on the 16th December and don't return until 22nd January so I really do hope we don't hit the rocks...Sound Energy that is!

Trellis, I'm glad it wasn't me that lost that ticket. I rarely buy them but had a brainwave to buy tickets for the duration of my cruise in the hope I might get a winning email on board! It's my personal 'Plan B', although I admit it isn't much of a plan...just hope JP has a better one!!!

Thanks trellis - I guess you won't be opening that Montrachet! The way things are going it might be a can of Perla (Polish beer) on the park bench!

Whilst buying a shed load of lottery tickets just now to cover the period of my cruise I couldn't help but smile that there remains an unclaimed Euro Lottery ticket of £76, 369,806...anyone in the Boston/Skegness Parliamentary Constituency should check/re-check their tickets or look for discarded ones...it could be the genuine 'Golden Ticket'...........lol!!

Crude...Iv'e still got my Sound Golden Tickets but they haven't paid out in ages now!!