Member Info for Ediacaran

"I'm still satisfied that if SOU can navigate the short term debt hurdles without giving away the farm"

Did they confirm they are funded until first revenue on LNG?

I agree Soobirs, normally I'm just seeing green boxes. I need to listen back but it sounds like the hold up for drilling is getting approval signed off from authorities. Hopefully we get some feedback on which drills they are going for after the Meeting they have next Monday. I also caught Grahams comment how they are no longer in a closed period now, not sure if that was aimed to us or those next to him. Could we see some director buys soon?

“identified areas of significant prospective potential for natural hydrogen and helium occurrence sufficient to warrant further study”

I guess the first question is are these areas within Sounds licence areas. Hopefully find out more today.

PS I would argue that hurdle isn’t as difficult as those faced over the last few years but does rightly need addressing.

Consumed by rancorous

The bonus is fair in relation to the size of a deal but not in relation to share price/market cap. I'm neutral until some questions have been answered at the AGM. Is there more bonuses on first gas & is more money to be raised beforehand?

I wouldn’t bet against you but I equally wouldn’t be shocked to see more bonuses paid for first gas from the LNG plant. It really is quite remarkable after all the problems Graham has faced & resolved, shareholder sentiment has never been lower. (Excluding Adam & the other guy).

It will be interesting to see how the voting plays out at the AGM. Any bonuses should be tied to share price to align with investors in my view.

News soon as well from what Getech have been working on as mentioned in one of the recent interviews. PS you mentioned relinquishing the Sidi licence & I can see why would you say that as at the moment it feels like a liability rather than an asset but surely there is some interest out there . Does anyone know why the 2016 deal with Culebra fell through?

" Also they are trying to delist from the LSE ( by end of this year) and register in Moroccan stock market."

John that was asked at the Q&A and dismissed.

"We've also given away much needed cash for the conversion of the Italfluid contract from lease to EPC. That will increase SOU's share of Phase 1 revenue to compensate, but it doesn't help if there's a funding gap between now and then."

This is the concern I raised. I'm not so sure it's a great deal if we end up with another death spiral convertible loan like last time. All it's done is pile the pressure straight back on. We know for sure $1.4m is needed to pay Italfluid once the plant is complete & have no idea how much is left to be paid of the staged payments. Meanwhile bonuses are getting dished out with the share price at near all time low.

PS I can see your point of view but it’s bad optics & damages sentiment. Is there another bonus for first revenue?? I just hope additional funds are not required between now and 2026.

£268k is salary, the rest is bonus's for completion of the deal but when you know they had to take a high interest loan to make it through & wording suggests more money is needed before phase 1 revenue, it’s not a good look.

After reading that I'm disappointed Graham only bought £20k of shares after earning £691k for the year.

Should be 4p now. Impossible to predict in 2-3 years though still looking for a partner on Sidi is a safe bet 😂

Who's sold their 38 shares?

Mathematically balanced risk/reward I guess.

The biggest needle mover will be M5 drill. I’ve not worked out what success would look like in relation to share price but many multiples from here. We just need a date!

John was that £10k buy yours? Cheeky

Assuming it's 20% there's still a payment of £1m to be paid on completion & we don't know how much of the $18m has been paid. Roughly the deal works out it will be saving Sound £5700 a day or £2m a year. I'm not knocking the revision but it strips away all the cash now. I've been running through ideas how to really get the share price going & if there is enough cash to pay for the 3rd well to have a 3 drill program.