The worrying reality27 Sep 2019 17:30
A post from the ADVFN board from 7 June 2019. Another unhappy shareholder/poster ( This is one of his/her politer posts )
Think we all get the gist and might concur with the way things are playing out at the moment:-
B33661 - 07 Jun 2019 - 09:11:18 - 15069 of 15191 SOUND ENERGY PLC ???Focussed on the Mediterranean Area - SOU
The yawning problem with SOU from the get-go, from when JP joined the company as CFO then really CEO, is that it has been as close to a cult as you can get. The amount of trust one has to place in a single individual is huge here. The reality is, the evidence suggests this is a very dangerous and poor investment and a terribly run company, and if people had removed their blinkers years ago, much less pain would be being felt here.
For example, why did Mary Hood leave in such odd circumstances? Why did Luca really leave? And most worrying recently, why did the NED David (former BP guy) leave a month ago, supposedly just a few months from a multi-bagging TE10 and LE? I'll tell you why, they all saw through JP's shyte and the sham that is this company, and didn't want to be around when the shyte hits the fan here and it goes bust.
Another exmaple - the Sidi well test 2 years ago. Nothing came of it. We were spun the fact there was no mgt bandwidth to deal with Sidi at the time, but that was utter horseshyte. Reality is, they spun the results of that test way too positively and the actual recoverable reserves in that target were very very low - fact (from JP himself).
There are 10s of examples as the blind-faith PI base interpreting company statements down the very 'optimistic' end of the spectrum, but the reality is that time and time again the opposite has been proven to be the truth. The share price is at 4yr low now, near 9p. What a great job JP.
And so it continues to this day. Everyone keeping their fingers crossed and hoping, against all logic and track record, that this company led by this utter sham of a car salesman with his tight band of Bullshyters around him, will deliver any value here.
These are the facts. We have a licence that requires further seismic in the next 18 months or we lose it - Sidi. We have no money to carry out that seismic and seemingly no market interest re a farmout (JP's been trying to FO for years, apparently!). We have an Eastern Moroccan licence, and now (against what we were told months ago, many times) insufficient money to complete the 3 well exploration programme, and NO MONEY to take this to production. Does that strike anyone as a strong bargaining position? Even if I wanted the licence I'd simply wait 18 months for SOU to go bust and then take it for free / a small fee from ONHYM.
SAD FACT IS, JP HAS UTTERLY F'KD THIS UP, AND THE SP IS LIKELY GOING TO ZERO. I HONESTLY CAN'T BELIEVE THE MCAP IS STILL OVER £100M. NOT FOR LONG.