Member Info for ericnat17

" Never has the disconnect between company value and share price been so great"

Well that bit was correct, it just turns out that share price a that point was far to high...…..

Oh Bob you little tinker...

JP has not lost out financially but his reputation is taking a bit of hit. In hindsight carry on in Italy once we hit in Morocco was a mistake, he was lead my his heart on that one.

We all got greedy but after TE7 and TE8 we should have consolidated with a re-entry or another appraisal well. it is all easy when you have the information but it could have been handled so much better.

GekkoSnr you are going to make me cry again....

Hi Crude

I think we have a long way to go before it becomes a done deal...
GSA
FID
Due Diligence
Buyers Finance

Just to name a few of the bigger stages. My Fear is that this deal even though not great, is not yet delivered. I hope we do have a Plan C in place, that RNS needs to be ready to go.

Maybe we will see the Moroccan Government coming in an snapping us up instead of this deal.
You would think that it would be a no brainer to acquire the rights for such a low figure. It would be peanuts for a state player if they wanted to buy our share in Eastern Morocco for 17p a share.

I would really like to know if JP has had these conversations.

We can blame each other, we can blame JP, we can blame the geology but ultimately you have look in the mirror.

Saying that I blame BM...…………...He knew that we needed further initial work calibrating the seismic and he did not stand his ground, He also was the instrumental in the well locations and designs. (ok that is a bit of tongue in cheek)

whoops I was responding to TEspack3

Hi Trellis

Your 2 points are valid, I have not commented on the 14% because I agree it seems like that it is a poor deal for Sound. I can only think that this carrot was required to get the deal done.

Your second point in reference to the JV, I have asked an the "intention" is to get a binding agreement for funds to be released to Sound. Now a way around this is to have the JV listed and Sound share holders to be given shares in the new JV, very similar to the Coro deal. That would be a perfect option for me. As a JV shareholder you could decide to But sell or hold the JV shares.

My Assumption is that Sound have been keeping an eye on Sidi and ensuring that we do not lose the license due to lack of work commitments. the 55% on the completion of the deal will be enough to cover the cost of the seismic. the only issue is that leaves us with the debt and no divi for us shareholders.

the time lines are now starting to look a bit tight, with all of the prerequisites required before the deal is signed we should make sure we do not drop the ball.

Come JP lets have the name of the Company (BTW have asked and we are not getting it)
Come on JP lets have CC or FSC to Explain the deal (BTW have asked and we are not getting it)

My Guess is a farm in... with new partner paying for the seismic. circa £15 million??

That might be some welcome news. If they have not got a farm in lined up, I guess we know where are first payment is going......

thanks
completed and processed, so we better get a move on.

I imagine we would get an extension?

Hi Exploration

I can not seem to find when the agreement for sidi became effective?

Anyone remember what we have to do at sidi to maintain the license? is it Seismic?

Hi Maldini

You are correct and we will have approx 2-3 years to wait for any dividend returns from gas sales. but when they start they should keep coming, unless we decide we want to go drilling at Sidi. If we do then the revenues won be distributed in my opinion.

So basically a bit of wait but for any one willing to wait it should be worth it.

This is all only possible if we can tie down the GSA and then the FID. I think the FID may take longer than we think.

Hi Part

I can not disagree with any of that. I have tried to get the details from JP but it appears the nuts and bolts of the deal are not yet ready. You are correct it does appear that Sound will remain as a listed company. What we do with the Gas sales revenue will be part of the plan. Sidi moktar or another country maybe?

" I don’t see the merit in a separate listing for the JV (from the perspective in protecting Sound’s interests)"

of course it is intention, they have not signed the deal yet.

From the discussion I have had this is a show stopper, so no distribution no deal.

nice big spread stopping the day traders. Looks like the usual signal for a short squeeze.

now that would be fun.....

should have said this is from JP this morning

"The intention is the JV has a binding agreement with Sound to distribute cash from production "