RE: Brian Mitchener25 Sep 2018 20:04
Well I haven't learnt anything from people's comments today, following-on from the DD event. What is apparent to me is that the chance of success is still very much up in the air. I don't know why they bother to hold these events because it does nothing positive for the share price and at times I wonder if it's done on purpose.
Brian Mitchener is the King of Dusters. He has had no history of success whilst at SOU in my opinion and I'm certain we will all witness at least one more duster under his watch. It doesn't surprise me that he hasn't invested any money in SOU shares because he knows the COS is slim. He was too heavily involved with the choice of drill location at TE-8 and they should have gone with Luca's suggestion, but he was unfortunately overruled by Mitchener I suspect who purported to know better. Look where that got us.....and then there was Badile. Absolute shocker.
No, I'll only be topping-up (sub 25p) here on the next mess up and I suspect TE-9 won't be devoid of mishaps. You know my opinion, which is that they should have sold the company by now with the completed seismics. Instead they have elected to stick their rusty drill bit into the porous sand and for that they will pay the price I'm afraid to say.
The reason why Sidi is not being mentioned is because that is their back-up plan in case all hell breaks out in Eastern Morocco. I wouldn't be surprised either if Sidi has something to do with the eventual LE and C4 Energy who may buy a stake in it.....or worse still......part of the LE will involve free shares in C4E who will go on to drill Sidi towadrs the end of next year after at least one fund raise. I can't even see the LE being done properly. I now see it as a share buy back followed by some low ball offer + free shares in C4E, which is not really what people want. Oh of course, JP et al will have their pockets lined no matter what. Any joint venture with that MF Italian bloke is best avoided IMO. Walking into yet another nightmare situation.
My faith in SOU is dwindling very fast, which is obvious. I'm keeping a very close eye on things but don't expect fireworks. At best, it's a mad, frantic poke around in the sand.