Member Info for ericnat17

I can remeber working through the numbers, I find it hard to accept we have this so wrong.

worth approx 1.6 billion pounds to sound.

For me I always thought that the £1.50 per tcf was independent of the 47.5%. I.e. if we proved up P50 reserves of 1tcf and we had a GSA of $8, then the amount of gas that could be eventually be extracted would be worth approx 1.6 billion pounds. So to make it easy for the shareholder to understand they said £1.50 per share (1.1 billion shares in issue). Now I am starting to doubt that also.

Either way the cash generated from the sales will be needed to my for Capex and Opex, which is initially very significant, even with the BOT mechanism. This is IMHO and is potentially why the company is very careful not to tell us what someone is willing to pay.

When the come up with NAV I would hope that the ongoing coast of the BOT is included. Let’s say it does, we will not sell the asset for a NAV. Any buyer wants a big margin and a discount for tying up significant amounts of cash until it starts paying.

Hi Fell
The ongoing costs are NOT included. They will need to pay the drill cost and the BOT ongoing cost out of profits of the Gas sales. I am very surprised that people do not understand that. Capes and Opex is not worked into the GSA or the £1.5 per TCF calculation. I have had direct contact with JP on this. Please do it yourself.

Will give you an a value of the gas that is delivered to the buyer only.

The operator will need to
Drill wells successfully and pay for the BOT. The BOT is 45 million a year.

Any potential buyer will want an big margin especially in today’s bear market.

So once you have figured out what will be net to Sound at the point of sale of the Gas then please apply the above ongoing cost, margins and COS ratios. It appears from the SP a lot of the value was placed on success at the dril bit, I am afraid it history repeating, Badile.

The BOT is costing 45 million a year from the first year, so if Sound stay to production they will need to find some way to finance .

If they sell then any buyer will want a big margin and also they will understand that they will be running for a long time with no profit. Even at today’s 200 million market cap that is an awful lot of money to tie up.

I think people are now thinking about a TE10 failure as the company seem very focused on going ahead without reflection.

So now BM will be saying that it is a 75 % chance of failure. If it comes in people will jus buy back in. But if it fails it will be leaked again and they won’t get a chance to sell, so they are playing the numbers game and getting out now.

My guess is the bump was people closing shorts

Maybe Laura is Plan B......hows CORO doing...oh best not look.

ECHO maybe the best out of the 4.

If JJ and BM bought some I think the SP would recover.

I have made a few small buy backs over the last few weeks. But I would like to see them buy some.

20v34
328k v 590k
2.8 million sells

Exactly Wh0s

They can not have it both ways.

Before TE9
Was is there a delay in drilling JP —-we are analysing the seismic. BM the S/N ratio is great

AfterTE9
Why was there a failure BM —- we did not have enough time to analyse the Seismic. And the S/N ratio is poor.

Totally unprofessional, I think for me unforgivable and unforgettable.

Sea of red
10 times more sells than buys the vast majority being Auto trades
L2 getting worse by the minute.

It would seem that the market has started to digest the FSC

I think toe fundamentals behind the TAGI have fundamentally changed after TE9 and TE8. I cannot see how this shift will not effect the TE5 horst. We know from the DD that the P&P can change dramatically over a few hundred meters.

Is the confidence of the TE5 being drawn from the 3D seismic, I wonder?

13v28
Grim

This was one of the standout statements from BM during the FSC.

“what has changed, based only on the fast track data and Te9 result is that the TAGI fairway is riskier and will take more wells to unlock the potential.”

So the TE9 has fundamentally changed the outlook of Tendrara. And therefore the value of the LE.

Oh and by the way, I asked BM recently about the detailed reason about shooting those extra 2 lines. He said the they had to because of the high noise in the area. So now they have found high noise is a problem all over. I am not sure if they can remove the noise . The seismic might be pretty much useless. I am guessing they did not want to say that on the FSC, so they said the S/N ration was poor and don’t worry because we have just “fast tracked” the interpretation, but to try to fix it we will try to remove the noise.

Well they could not remove the noise before, I guess they won’t be able to again. But by the time they need to tell us that, Tendrara will be sold off.

Silk

I think you need to read it again it is nothing about the science being too complex, it is two contradictory statements. And these statements are of the upmost importance as they are the reason being given for the failure of TE9. And consequently the halving of our market cap.

Very very important, yet one it would seem is a complete fabrication, poor show.

Yep any personal attacks on the BOD out of order.

Professional questions are more than acceptable. But they dodged them as well.

Not enough time for the seismic, BS
The seismic was not interpreted incorrectly, the seismic quality led us to the wrong conclusions, BS.
JJ and BM don’t buy shares because they have so many free ones, BS.
TE10 is not affected by TE9, but COS has dropped from 30% to 25% to...., BS
We are still analysing TE9, but we will not move TE10, BS
And so on and so on.

Don’t forget the BOD told you today that the complete failure of TE9 was predicted by the DD, so the fault is all yours. Just look through the FSC today and look for the warnings you have been given, there plenty and they will be pointing them out to you after TE10.

I am not buying anymore until JJ and BM do, or until TE10 fails. Which ever is sooner.

Come on what for. He has taken the shares as part of his salary.

Please have a look back at one of the his early appearances on SRIG videos, he had zero idea of the daily average shares traded and basic company facts. He had been “working” for Sound for awhile.

This is the worst case of shares for the boys that I have seen. At 10p a share he is in for the best part of half a million pounds plus his salary, no wonder he looks so fukking smug in every interview. This is his last job before retirement and he knows in in the 5p scenario he is “aligned” with the shareholders, do me a favour.

Once we have the GSA, this is the only the end of the beginning of gaining a true NAV.

For a true NAV we must get the feed.

The next step is the confirmation that Engas will get financial backing from the banks, easier said than done.

After that we need a FID.

I imagine that a buyer will no want at least a 50 percent margin on the NAV, due to the porosity issue.

Now you can see why JP is very cautious about saying we are underpinned at this price.

He did not have a problem saying the shares where worth £10.. I think most would now take 40p