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Assuming we had genuine interest from prospective buyers before drilling TE9 , possibly the Chinese , how much value has been lost ( not in the SP) in that failure? If they were a multi-national surely they would factor in drill failures, it's the nature of the business ,they must surely see a value in the whole of Tendrara . I think the board have received so much vitriol, especially on here , they may have decided to cut and run . Tell us tomorrow the offer on the table and suspend the shares Thursday morning. Then use the CC to explain their thoughts of the offer.
From comments on here most people would be glad to break even, I am massively under water at the current level but I still believe JP is doing his best to get the best deal he can. If an announcement of an offer is made tomorrow then presumably drilling will be suspended.
We all make investment choices that we believe are the right ones at the time, no point in blaming anyone else, at the moment we just need to hang in there and hope the board deliver an acceptable outcome.
I have spoken to JP this week and still believe he is doing his best on behalf of all of us.
These are just my opinions, as none us know the true facts, but maybe all will be revealed very soon !!
GLA
Ed
Well said Prudent, the best post I have read for a long time on here. The SP is sickening but we must continue to believe this still has 2 chances to recover. The BOD must be feeling the strain but I’m sure the duck legs are paddling faster than ever under water. In fact I’m so far under water I can see them !!! GLA Ed
Fsh84, it was I figure I used a few weeks ago when speculating the reason for the delay in drilling, I thought we might have had an offer in the region £3 pre-drill but said at the time I thought JP would not sell for that and was hanging on for something north of £6. Just my opinion at the time and the same today just my opinion, for what it's worth. I was just really trying to emphasis the fact there is so much going on in the background we don't know about, that is just one possible theory, no inside info I'm afraid. When this is all over( hopefully sucessful) it would be good to get some insight as to how things have unfolded over the last 6 months.
Ed
Could be JP has succumbed to pressure from his own board, disgruntled PIs and the poor Sp and decided to announce that we did recieve an offer pre-drill but he believes it is not acceptable but because of strength of feeling by PIs he is making it open knowledge with a recommendation to reject it. There is so much going on in the background as small investors we are the last to know, I still personally believe JP is working to get the very best price and as said a few weeks ago that price is north of £6. It doesn't look possible with the share price where it is at the moment but he believes it I'm sure, we have come this far we just need to be patient a little longer. Let's see what tomorrow brings.
GLA
Ed
MK I think your last paragraph is probably very near the truth. I have thought for some time now that the recent apparent lull in proceedings is because the BOD have been flat out trying to do a deal based on Siesmic results alone, the buyer( probably Chinese ) didn't quite see James' s valuation, my guess, without drilling he was holding out for £6 a share, the prospective buyers only saw it at £3-£4 on seismic alone. Hence the delay in starting to drill, if TE9 is sucessful then I'm sure James has told them that £6 won't cut it, but if it is the Chinese they won't mind, they can afford to outbid anyone , they just want the gas confirmed. Roll on TE9 results and LE will follow shortly after. This is all obviously IMHO but the BOD have not been twiddling theirs thumbs for 3 months and I'm sure they know the likely buyers.
GLA
Ed
Jack, shed, n4ap, just my opinion , l enjoy reading all views and not attempting to ramp, just feel sometimes people are quick to attack when really there is probably masses of stuff going on in the background. We can rest assured that anything we need to know will be released via RNS. Like most people on here I want a speedy conclusion but also want a result worth waiting nearly eight years for. Before anyone jumps on that last comment, I haven't been waiting eight years for a mega result but have been invested here for that long.
So I'm not against negative and alternative views , I want to hear them, its what gives this board a balance, I was just commenting that sometimes there is an unnecessary negativity.
Ed
I can't believe how quickly this board can become so negative, we had 5 RNS within a week and everyone was full of praise for the BOD and JP and now they are pilloried for delays and slippage. I attended the Norwich get together mainly for reassurance of the Company's direction and determination and left still convinced that we have the right team and the right strategy.
We need to stay patient and believe there is far more going on in the background than we know or need to know at this stage. I do not believe the company are delaying deliberately there is a much bigger picture, why would they not want to drill immediately? An offer based on Siesmic being considered, with add ons for success, an offer based on successful 1st drill with details decided before hand ? Who knows what lies ahead except the Board and our partners, but there has to be some serious discussions going on. I now believe if we do drill it is because the offer on Siesmic alone did not reach James's target figure.
I'm sure the Chinese might be involved and that with or without drilling this journey will be finalised by the first quarter of 2019.
All imho but we need to stay calm and let James and co earn their wages.
GLA Ed
£3 would be ok after all the turbulence of the last few months but still believe James. has his sights set higher. I think our patience will be rewarded between £5-£8 with a surprise intervention from the Chinese. Everything falling nicely into place . GLA Ed
Mancave, I'm not a geologist so I asked Brian to tell me was he happy with what he could see on the Siesmic and both he and JP said " this is Brian's very happy face". That was good enough for me. As I said yesterday if TE9 is a success then things will start to get interesting very rapidly. Watch out for the Chinese !! Ed
Totally agree moroc, we are not going to be deflected off course now. That determination in itself should give PI's confidence, following my trip to the Norwich event and listening to BM , he is a man on a mission, and has put his reputation on the line. He stated that nothing less than a cos of 30% would be good enough, that's why he is studying every last piece of Siesmic to get the decision right. If TE9 is successful then the fun and games with prospective buyers will begin in earnest, I don't think Shell will make the first move they will happily sit on the sidelines and let us drill TE10, more likely an approach from the Chinese, happy to dive in and beat off the opposition. The big question will be , how much,After TE9 and lots of similar seismic, will it be enough. ? While Explorations idea of a micro- brewery sounds good, we have to much going on which could all accelerate very rapidly, if all the drills fail then maybe it's a last resort. I agree with you moroc something very significant is soon to be announced surrounding Luca/Sidi, every question about Luca has been batted away for months but at the same time both JP and JJ have praised him very highly,for what ? Soon to be revealed ! GLA Ed
Would just like to thank Lewis and others for their feedback from last night. I attended with my partner , acting as driver and another pair of eyes and ears. She's not easily taken in and constantly questions my sanity where Sound are concerned. However we both came away convinced the board are doing everything they can to deliver on their promises. It is annoying for us Pi's to constantly be told by the dross that live on this board that promises have not been made , targets are constantly put back, drilling delayed and JP selling his stake ready for our demise !! Well last night l believe they addressed most of the questions raised by people with their own agenda and genuine PI's . With regards to the analysis of the Siesmic data Brian is in charge and is adamant that we will not drill until he is happy that the location has a more than 30 % cos , nothing less will do. James did say he would have gone will the decision by now but it was Brian's call and obviously with the importance of TE9 he wants to be absolutely certain we have the right location. The preferred sight C within the A structure has a possible 2.5 TCF and also has the lowest risk of failure. TE10 could have up to 7tcf but is slightly higher risk. The beauty of location C is that it also very similar to several other locations within the A structure . So prove up TE9 and bingo there is up to 5 other drill sites with the same Siesmic . Therefore , Brian is totally focused on getting TE9 right and we should be grateful we have such an expert on our team, and not someone who could quite easily succumb to pressure and rush the drill. Exact drill location will be decided by the end of the month then discussions and directions given to Schlumberger. I guess what I'm trying to get across is that my belief in the team and the company has not changed in fact I do still believe we will all be rewarded for our patience, annoying as it is. For those who can't make these presentations then I suggest you check into the FSC and put your questions across. I asked several question and the board answered them all. With regards to the GSA, again this is a massive deal to Sound and negotiations are ongoing , good , we want the best deal we can get, if it takes a little longer so what? I know someone already mentioned it but JJ stated we are in a unique position for a small company as we have the Big boys all around us looking in at what we are doing, rather than us watching the big boys and trying to pick up their scraps. Be patient , stay focused and ignore the trolls. I am here until the LE. Angie was happy, so at least got a lift home !
Finally just escaped from the cellar of Sprowston Manor, having been intravenously fed on beer and white wine while listening to tape recordings of Alan Partridge. No phone signal in Norwich I'm afraid so no feed back !! I'm sure there will be some very good feedback from this evening, I personally had all my questions answered satisfactorily and will give a more detailed summary tomorrow. Suffice to say I am going nowhere until LE. Ed