I'm just catching up on the board posts and seen mention of a meet up in London. Is this an official Sound sponsored/suggested event or an informal gathering of the SOU stalwarts? Either way what are the plans, date and time, I'm working in London at present so it might well work out.
Ogrod, I’m not giving advice so don’t want or expect anyone to “listen” to me. I suspect a lot of people would have taken 40p in November, I’d take it now to be honest. This isn’t a bad RNS, I’m not saying that. I think it leaves us with a lot of questions which once again have been kicked down the road. That is the nature of the business I guess but a bit of clarity on what they said in the last RNS re. flow rates, stimulation etc. would have been expected.
A lot of words to say not very much. Presumably the unstimulated flow test didn’t work or they would have said so. Why not update on that, good or bad? Just leaves us to speculate for another six weeks. Why not explain why they need the big guns from the USA? Echo springs to mind here but at least it wasn’t bad news. Nobody said it was going to be easy on the nerves!
I know the numbers, we all know the numbers. I haven't given up all hope. I feel like I've been guilty of over optimistic expectations and I'm preparing to take a more cautious approach in the current climate. I'm not going to knock SOU either. I bought my first shares at about 14p and then tried to catch a falling knife after the £1 days, hence an average of 39p. A sale in the range of 70p would be a decent return, £1 excellent. I also understand the difference between the companies i mentioned and SOU but it hasn't escaped my attention that bad news is greeted with annihilation (Echo, Sound on TE9) and success barely registers. Also the sale of Faroe and Ophir (I think although not sure what happened there) give me pause. If TE10 is 4TCF I agree that we are back in the game but I'm not getting those kind of vibes from the company for some reason. Perhaps I missed something?
...and gas in general. My opinions only:
This price rise is nothing to do with leaks IMO, that's just a lazy assumption from people who have nothing better to do than pick the bones out of every penny move in one direction or the other. This is a technical correction. Just as there has been no reason for the drop from 30p this rise has just as little justification. The SP will start dropping again tomorrow or Monday if there is no positive news and will dive if the news is so so. Sell now if you're nervous about the well results.
I've been in SOU for a few years (4 maybe) not as long as some here. I've been very optimistic, especially the last couple of years. Now I'm just hoping to get out with a bit of a profit (my average is about 39p). I was firmly hoping for the £1.50 to £2 per share range. I don't think we've got much of anything yet in discoveries and to think that we are getting bought for something more than double our current SP is crazy. If we give the benefit of the doubt to the results of TE10 (which I doubt will be fantastic) we might get to 35 to 40p. so if we get anywhere close to 70p in a sale I'd be thrilled. If we could get any more I'd be over the moon. i want out now for a reasonable profit for the time I've had my money tied up in this rather underwhelming company.
And before anyone asks yes I have changed my tune. I'm looking at all the other outfits that are actually producing like President and Amerisur, even Pantheon and see them absolutely stagnant. Why should we think we are any different?
MikeGP, funny you should say that, when I heard about JP’s clever idea for TE11 I thought, yes why not le t someone else drill it or at least pay for it, very clever. Good update, nothing earth shattering but it will keep us off the Valium for a few weeks. DJ
Agreed. The main importance of this “find” is not commercialism. The data they gain, the location of the well etc is what they are selling. If it’s commercial it’s a game changer for sure.
A lot of negativity today, this is fantastic news,or it should be to all of pessimists who had already ruled it a duster. I saw that JP was not “pleased to announce” rather just “announces” the news.
A much more conservative approach and who can blame him after all of the personal abuse that he and the Sound team took after TE7.
To James and the whole team, congratulations. Good luck with the rest of the drill.
Happy New Year to the Sound team and all of those on this board that have kept the faith.
All this talk of potential value of existing assets forced me to open up my Excel portfolio file and click update. I haven't even looked since Monday because I didn't want to see how much I'd lost, i wouldn't even do the sums in my head! Crazy I know but we all deal with things in different ways I guess.
One thing is for sure we all took the same hammering! I'm luckier than a lot I know because my average is 39p. I was in early, sold some high and started buying back in around 70p all the way down to last week at about 32p.
I appreciated what the team told us yesterday, I'm sorry to hear that they have had to put up with abuse, they work hard and deserve better. Those on this board, perhaps none of you, that have been disrespectful, naff off.
My intention is to stay put, 40p looks possible and I'd take that in a heartbeat right now. JP's continued confidence and my gut tells me that we will be OK. Those that have long memories may remember that I never bought into anything other £2 to £3 (not £5 plus as others did). I reckoned that because if it ever got to that level I'd never risk losing my gains waiting for it to get higher. Should have stopped at a pound really, other parts of my portfolio were doing better then as well. I took the high risk approach and temporarily hopefully, I got burned.
Good luck to all, if you are losing sleep and full of doubt it's time to sell. The next well has less chance of success than TE9 and TE11 will have the same chance of failure as TE9. No point mincing words, accept it or don't and move on.
Well that's all folks. I'll probably look in again after the next piece of hard news, until then I can't take the hand wringing and speculation.
Of course its a great shame that TE-9 didn't come in but we always knew the COS was 30% or so and it was the first of three wells. If it came in we'd be quids in but now we have to wait for TE-10 and/or 11. There's some pretty radical posts today calling for heads to roll even. I've lost a ton of money and you can call me a fool but I'm sticking with the plan. I know what the risks are....two more dusters...but the upside is still there so I'm staying put. I wish I had more to invest today because the drop over the past two weeks is overdone in my opinion.
Jez, whether you are a holder or not perhaps the best thing for now would be to just STFU. That way nobody will insult you any more and you can go back to pulling the legs off spiders or whatever you do to pass the time
To all the genuine shareholders I join you in our initial disappointment but it's far from over. It's times like this that remind me of the scene from Monty Python's Holy Grail where King Arthur fights the Black Knight who, with both his arms cut off declares:
"It's just a flesh wound"
He ends up with no legs either so hope that is not an accurate analogy to SOU!
To Jez and his ilk.....what is wrong with you dude? I've lost half my money on Sound in the past two weeks but am I vindictive and full of hate...well yes I am actually.....but I don't spill it all over everyone else who is in the same position. Try being a human being for once.
To Jez the Fez and his/her ilk I say
I’m working from home today, home being the pub and my iPad and phone. An appropriate quotation occurred to me after almost two pints of Dark Star, Hophead (Crude will know what I’m talking about). If this has been posted before forgive me.
Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.
I've read more conspiracy theories in the past few days than weeks worth of Donald Trump rallies! To be expected of course, we're all nervous, it's what we've waited for but by the cringe is it painful, all this waiting.
Just popped in to wish everyone good luck. I know a lot of you know each other and have really shared the experience and from what I can see the regular posters are a good bunch. It's taken some brass cojones to stay in here the last few months. I can honestly say I never thought of selling and certainly wouldn't right now and I'm sure the LTH's are the same. Anyway just wanted to stick in my two pennies worth.
Truly good luck to all when that RNS drops!