Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
He’s got himself a nice new chairmanship at Regency and a few others, he was probably the only one to have had the Golden Tickets that he kept on promising us. Anyway it is nice to see he made a fortune at our expense!!!!!!
Here is a response from him on Proactive Dec 2019. For what it’s worth
Any reflections on your eight-year tenure at Sound energy?
Opening up the Eastern Moroccan province has been a rollercoaster ride and very exciting. I think those of us involved will look back in a few years once the development project is up and running, hopefully the Palaeozoic is drilled, and more discoveries are brought on stream and feel very proud, particularly from an industrial perspective, of the work the company did to open up this new province. Not many people get the chance to do that in a small cap in this industry!
I think fundamentally we took the right long-term strategic bet on European gas prices and indeed navigated the transition away from Italy towards Morocco at exactly the right time. We introduced the right partners, demonstrated we could unlock the TAGI with our early wells, funded and delivered the seismic and then funded and delivered the drilling. For sure, we didn’t get everything right and take with us some learnings. The latest exploration well results definitely disappointed but fundamentally I am a believer in the Eastern Morocco basin and firmly expect Sound to unlock it with further wells. Basin opening work in my opinion is about maintaining your “eyes on the prize”, keeping drilling even after failed wells and not getting distracted by the short-term noise / sentiment.
Thanks Woode, very interesting indeed. Nice to see Schlumberger doing the fracking. Unless I have this wrong all of this massive work was done for 3bcm. Good times ahead I don’t think Schlumberger would be going to all that effort and massive expense unless they were reasonably confident of success.
Well JTF it has been a bit of a dog year, Come February it will be the year of the Pig, Perhaps the SP will be as fat as a pig or we may be in for a tasty LE event! What ever comes I wish you all a healthy and prosperous New Year.