Member Info for cruncher1

Quite a few REITs have/are being taken over, but the rise in AEWU's share price is likely due to strong annual results & then being tipped by Investors Chronicle.

The current share price is just under NAV so a take over is unlikely IMHO, but who knows?

Personally I like the yield so don't want it taken over.

Does anyone know if the dividend declared today is a Property Income Distribution?

Assuming it goes ahead I regard the actual offer as being £0.4772 because we'd be getting the April dividend anyway &, given that due diligence would likely take several months there is pointedly no mention of the early July dividend (x/d would have been early June), so the latter would likely be foregone too.

Unimpressed.

£11.1m cash as at 30 June & expect marketing process to conclude by end of 2019.

News blackout continues.

Exploration, according to the RNS, it’s the eastern fields (Tendrara etc) up for sale, not Sidi

So what happens with Sidi?

O/T. Trellis, agree entirely about Malbec. May I suggest the Chilean La Moneda - it’s about £5 a bottle from Asda & is most enjoyable.

Jag, I wondered about that too, but they were consecutive sentences by JJ, so it wasn’t clear. Probably have to look at Wood Mackenzie research note on Sound to find out as it will also be making assumptions about extent of TE-10 discovery in the event of testing success

MikeGP, GSA becomes critical at FID time

Missed out point 3 on LE pricing: 3. Stuff not drilled. Buyer will look at seismic & put a risk on it. Could be contingent related i.e. if you drill there & it’s a success, you pay us more

JP “no comment” on Sound New Company. Recent GSA RNS was for compliance purposes. GSA is taking longer than expected but they still expect it to be in the $7 to $9 dollar range. Timeline of GSA is “out of our control” but it isn’t at the critical stage yet (it will be critical at FID stage). If GSA doesn’t happen could sell to Europe/trader or local industry, but preference is for GSA with One. LE pricing for buyer based on: 1. proven resources 2. Half drilled (e.g. TE-10 where if test successful someone - not Sound - will have to do an appraisal well. Will find out results of TE-10 test in 3 weeks. JP “LE won’t be in 12 - 18 months” - inference was sooner. Sidi - discussions ongoing but ‘cos of TE-10 it isn’t ultra-important. JJ - Wood Mackenzie day TE-5 alone is worth 25p share price. Success at TE-10: £1.10 Will TE-11 be drilled? JP: plan for TE-9/10/11 was to drill “up to 3 wells” & won’t decide on TE-11 drill until after TE-10 results. FWIW my take on this is that if TE-10 is successful there won’t be a TE-11 - but I could be wrong.

A few out-takes from the event: The equipment needed to test TE-10 will all be on-site next week & the testing will commence then. There will be an unstimulated test on the lower section & a stimulated test on the upper zone with latter confined to a 30 meter interval to combine the thin bedded pay. BM: “schlum & the engineers believe it will flow because of the (NVT ?) result. TE-11 Defined the target in January. As it sits outside the target impact sector they applied for an EIA in January & hope to get it in April. Will then take another month to prepare the site. If TE-10 is successful it will have a big impact on the basin model & seismic has helped. The Sound team have identified 6 prospective sites (each of 300 - 600 bcf typically) & will probably have another 6 identified sites by next month. The pipeline for TE-5 will make other discoveries in the area more easily economic. Part 2 to follow.

In YouTube: Dominic Frisby brexit

Ducati, I think they must have done, ‘cos when I tried booking in the evening when the first email arrived, it said sold out.

Have just had an email inviting attendance & have been able to register

“Footasylum removes ‘stab vest’ jackets from store” https://www.bbc.co.uk/news/uk-england-nottinghamshire-47308465

Clearly not racing fans as that’s Cheltenham festival week

LE = liquidity event (i.e.company sale)

Based on the FSC mini-photo - is Jason Canning a doppelgänger for Dale Winton?

Based on the vitriol on this board today I have real sympathy for the targets of it. OK, we’ve all lost out financially, but as we know it’s O&G & it’s risky. Yes, I’m desperately disappointed by TE-9. I also dread to think what sort of content some of the Sound management got in emails etc this week. That may well explain BM’s responses during the FSC which, in fairness, should somewhere have iterated his disappointment about the TE-9 results. I’ve no doubt that team Sound are hurting badly & desperately want drilling success. In adversity now is the time to support them.