Member Info for ericnat17

I am not sure how much you can read into the research note. If you read the LNG section it does not make sense.....

I think we will get a similar extension on Sidi.

Looks like there are plenty of benefits of having Mo in charge.

Has anyone had a crack at working out how much the deal is worth in cold hard cash into the sound coffers?

Hi Trellis

Hope you are keeping well.

01 July 2020

1 July 2020

Sound Energy plc

("Sound Energy" or the "Company")

Appointment of Independent Non-Executive Director

Update re Tendrara Gas Sales Agreement MOU

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce the appointment of David Blewden as Independent Non-Executive Director of the Company with effect from 1 July 2020.

David has assumed the role of chair of the Company's Audit Committee and has also been appointed to the Sound Energy Remuneration & Nominations Committee.

David Blewden is currently the CFO of Sunny Hill Energy Ltd (formerly Petroceltic International), a UK private E&P company, and has been in that position since October 2016. He is also currently a Non-Executive Director of Gulf Marine Services plc (LSE:GMS), and from 2015 to January 2020 was a Non-Executive Director of New Age (African Global Energy) Limited, a private E&P company. From 2010 to 2016, David was the CFO of Sterling Resources Ltd, a TSX-V listed Canadian E&P company and prior to that he held CFO positions at several start-up and private E&P companies, and worked at Yukos Oil Company from 2002 to 2006 where he was Head of Corporate Finance. Prior to Yukos he worked at several investment banks, including UBS and Citigroup, and started his career as a Petroleum Engineer at Shell.

In addition to his appointment to the Sound Energy Board, David Michael Blewden, aged 60, holds or has held the following directorships or partnerships in the past five years.


Current Previous (last 5 years)
Gulf Marine Services plc New Age (African Global Energy)
Limited
--------------------------------
Philipshill Consulting Limited Midia Resources SRL
--------------------------------

Tendrara Pipeline Development - Gas Sales Agreement MOU

The Company announced on 1 April 2020 that it had, in principle, agreed a further amendment to the gas sales agreement ("GSA") memorandum of understanding ("MOU") with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE") in order to extend the period for negotiations of a final GSA in relation to the pipeline led phase 2 development of the Tendrara Production Concession to 30 June 2020 (the "Amendment") but that, as at the date of that announcement and due to COVID-19 related travel restrictions, it had not been possible for the parties to enter into the Amendment.

Due to continuing COVID-19 restrictions, the parties have not been able to execute the Amendment. However, and notwithstanding the period for negotiations set out in the MOU having expired, the Company confirms that GSA negotiations between the parties have continued, and continue, in good faith throughout this period of disruption.

Graham Lyon, Sound Energy Chairman, commented:

"We are delighted to welcome David to Sound Energy. His exte

Getting emails from BM email account at sound.

His account has been hacked.

Bullsheite

Anyone got access to this, please?

https://www.africaintelligence.com/aem/exploration--production/2020/03/03/tendrara-sale-freeze-sound-energy-s-bad-call,108396369-art

Published today

Destroying shareholder value is in my DNA

For LTH there is little point is selling at these prices. But a word of caution for anyone, bringing turner pope in at this junction when the cash is running low, looks very like a raise of funds via an issue of equity is very much on the cards.

The question is how much and at what price.

There * their

Turner pope undertook the 1.5 million placing in dec 19.

Is this there reward for that mess

Sorry Christ

Nobody wanted this. It is starting to look like the pipeline is not feasible with the current level of discovery. Therefore we need to find more gas before we build the pipeline. But we have no money to drill. Therefore we need to raise or farm out.

The deal was the best opportunity to get back some of losses. But now that looks dead......

Jack

It is just more BS. We need to stop, take stock and make a final decision.

My worry is now this will drift down. We will need to raise funds in Q2, can you imagine the dilution.

Hi exploration,

So you are basically agreeing with me it

The LNG looks likely to be a “no go” based on the need fact they may need to build a gas fired mini power station. Even If they sell to existing power infrastructure there needs to be extensive work undertaken to offload the LNG.

It almost looks like the best option would be to road transport the gas to the GME line and and build the infrastructure there.

We just need to bite the bullet take FID to build the pipeline and go for the BOOT model.

to buy the LNG. I have been looking at the costs associated with cleaning, producing, storing, transporting and offloading LNG. And considering the distance involved to potential buyers it looks like they need to be selling at above the rate we are planning to get in the GSA.

Why didn’t we get an update of the EIA meeting.

The finance due diligence was not completed and also the sale a purchase agreement. So even if the due diligence had been completed the deal would still be dead as they could not agree the deal. Read the RNS again that’s what it says.

Let’s get one of the other offers that we’re made back on the table ASAP.

The RNS as usual produces more questions than answers.

the elephant in the room is why go for Micro LNG when we have a Ready to go BOOT that covers the CPF, pipeline and service.

If the pipeline was a reality why not take that off the shelf solution and go with that.

There has been no mention of the EIA for the CPF even though the meeting to authorise was weeks ago.

If we can not get authorisation for a CPF we will not get authorisation for a MIcro LNG.

The Investor even will be a Fire side chat

processing and liquification of the gas produced at the field with the resulting LNG being transported to industrial customer sites in Morocco.

This was released yesterday

Investments in the field of gas exploration have totaled 30 billion dirhams (MMDH) since the promulgation of the hydrocarbons law in 2000, said on Tuesday in Rabat the Minister of Energy, Mines and L environment, Aziz Rebbah.

According to data provided by Rebbah who answered an oral question on “prospecting for natural gas” presented by the socialist group to the House of Councilors, a total of 26 MMDH of investments were engaged in research and prospecting, so that the Tendrara deposit alone required investments of three MMDH.

"Despite the huge investments, prospecting operations may not lead to the discovery of natural gas reserves", he noted, stressing in this context that the discoveries of reserves remain "limited".

The Minister pointed out that there are companies which have invested up to 3 MMDH before ending the exploration work due to the lack of gas or the search for opportunities in other countries, since they prefer to invest in deposits with greater potential.

Morocco has three natural gas sites, namely the Gharb, Meskala to Essaouira and Tendrara sites around Figuig, Rebbah recalled, while specifying that for the Tendrara deposit, a preliminary agreement was signed for an investment of 3.5 MMDH providing for the launch of operations in 2020.

This deposit should ultimately, according to the agreement obtained, ensure in the event of the drilling of new wells between 30% and 40%, even 50% of the Kingdom's electricity needs. He also recalled in this regard that the State is entitled to 25% of gas revenue through the National Office for Hydrocarbons and Mines (ONHYM).

Ozzie

there were X2 3.5 million buys yesterday