Member Info for JezTheFez

"Conceptually if there was no offer or we received offers and didn’t elect to propose any then we would have to raise funds and continue drilling and developing ourselves with our partner Schlumberger I suppose."

The above just about sums-up why I have said what I have said these past couple of weeks. It points exactly to what I fear and that is that we won't receive a credible offer and thus will be forced to "go long" and raise cash. Can you now all see why I have u-turned as of late and hold little hope of a successful LE with this current BOD in place? And to end his comment with, "I suppose" is very wishy-washy indeed. I suppose you shouldn't be paid a single penny more for your useless leadership skills and lack of foresight and strategy. I suppose you should have listed to Chuckle Energy and our dire warnings before wasting PI's money. I suppose you don't really care about our welfare.

Jizzy

There are private investors, II's, BOD, partners with differing share price averages. You're never going to please absolutely everyone UNLESS you deliver a deal around the £1 level.

I think you're probably right, Jacklevi but spare a thought for those with higher averages e.g. above 50p who have thousands of pounds invested here and who may lose out should the vote be passed. It will be put to vote and it may not be passed depending on what price is presented. Parsons will only be too aware of this potential caveat and so with this in mind, I only hope he manages to get us a deal that will satisfy the majority, if not all stakeholders.

And should that be the case, it will probably turn out to be like another Referendum. You'll have the "Remainers" who are likely to vote "no" to a deal that sees the presented price per share lower than their share price average, although some investors will take the loss and get back any money they can from their investment. And then there will be the "Souxit'eers" who will vote "yes" to a deal that sees them at least get their money back, but hopefully with some profit. In fact, this theoretical scenario is probably true no matter what the price presented to us will be, assuming we will get at least one offer for our assets / company. There also remains the possibility that we won't have a deal presented to us and the BOD will simply advise that no credible deal has come our way and that we are now continuing with our plans to do x,y,z...…

This is just about to get toasty. The fun and games will begin as soon as we get some news and a bit more clarity with regards to what the situation is.

JTF

Did somebody mention "Bollinger?"

On the subject of which, I haven't visited Waitrose as of yet to peruse their rose wine. I have looked online though.

I can be positive if you'd like me to. My spouting of "at least £1 per share come LE" is still a possibility if a bidding war ensues. My issue is that I don't believe we will receive a credible....hence credible....offer for our assets at this stage in time. I am therefore attempting to be realistic. I also believe that this "pause" in play, has been purposeful to allow them enough time to formulate their plan to "go long" and head towards "First Gas" in 2021. It just means that any LE will now be put on ice for a couple-or-so years. Who knows? Our company value may even start to climb back again in time and assuming we find more gas. I'll make it very clear now that I don't want to stomach much more of this. It's like a soap opera that has no ending. I'm bored, frustrated and feeling poor. Only compounded by the stark reality that The Chuckle Wagon will emphatically fail its MOT tomorrow at VW and cost me yet more money that will eat into my spam budget.

Seaton - so they need to best get their skates on and find a farm-in partner who will part fund the work needed over at SM. Either that or expect a hefty fund raise / equity raise to cover the seismic. Would they not revoke the licence and transfer the debt over to one of their other companies? I'm not an expert on transferring debt from one part of a company to another but I believe SM is under the heading of Sound Energy South and our other assets are under different company titles.

The other poignant question, which we all know won't receive an answer for is at what share price Parsons would be content to present to us in order to vote on? Given the likely scenario that a "no deal Souxit" would probably cause the share price to head southwards, would his expectations fall in-line with this perception? What would he deem to be a good deal? 25p? 40p? 50? 75p? 80p? £1? £1.25? £1.65 etc? You take your pick! It's turning out to be a Lucky Dip. I suspect they have access to the share register, so he'll in theory be able to work on a deal that will satisfy the majority of stakeholders, both PI's and II's of course. And as Jacklevi has mentioned, the MG will also need to be satisfied, OGIF / ONYHM and the II's who will have their own wish lists.

I am in the camp that doesn't believe they will receive a credible deal for our Eastern Moroccan assets / company, which will probably mean that we will be forced to "go long", raise more money, take out that finance package with Enigas to develop the Te5 Horst and head towards "First Gas" in 2021. I'm not even sure if they will bother drilling Te-11 given its COS when compared to drilling an appraisal well in the Horst, remembering that at least 5 new drill locations have been identified by the team. Any value in our company IMHO comes from the Te5 Horst. That is why, the other day, I commented that the whole strategy of the company will now shift towards developing The Horst, finalising the GSA and getting the Heads Of Agreement Document signed and in-turn making plans to get the pipeline constructed, which is obviously crucial in terms of transporting the gas to market (both domestic and European). As for SM, they will continue to work on finding a farm-in partner, but due to a shortage of available funds, will perhaps keep it on a bit of a backburner. Convenient when you think that our outstanding debt is tied into SM.

I think Parsons was banking on them finding gas and as he has said, his job was to keep us mug punters interested and sticky to the share. In the most part, he achieved that. I believe that he generally thought that they would find gas and his hyping was to a degree, commensurate with his belief that they would derive some notable success with Badile, Te-8, Te-9 and Te-10. Unfortunately, as well all now know, this didn't happen and now we are left between a rock and a hard place. Parsons has the unenviable task of finding a buyer and only time will tell as to whether or not one will be found.

However, this said, my gut instinct still tells me that they will "go long" and raise more money on the back of "going long." God only knows what will happen to the share price in the situation of a "no deal Souxit." I suspect that the share price would stoop to dystopian levels like those we have only ever imagined in our worst nightmares. 2p....2.5p would be my guess.

Scarf - I think we PI's have been persecuted by this radio silence. I actually find it terribly rude how there has literally been communication shut down for over three months and I suspect this silence will continue dragging on and on throughout the 'embers. It shows little contempt for us who have put our hard earned money into this in order to better our lifestyles. It's typical human nature though: they are all doing great because their bank accounts are well and truly laced as we are left to fight over the scraps and sinew. I'd like to see how Parsons would react if he were in our position. I suspect he'd be demanding serious answers. Some of us have 6 figure sums invested here and yet we are getting treated like naughty schoolchildren - made to stand in the corner in silence and be expected to wait there until receiving our next instruction from the headmaster / headmistress. The irony of this is that from time-to-time they have dropped their guards and sent replies to a few PI's (ignoring the emails that make them feel uncomfortable) and come out with comments such as, "there has been more than 10 companies interested in us" and alluding to the fact that there will be a decision before end of October. It would have been much better if they had pre-recorded an update statement without breaking any AIM rules or divulging and sensitive information and let us dial-in and listen to it. In much the same fashion as Parsons has previously done, just giving us some sort of reassurance that the marketing process is ongoing, that our patience is very much appreciated and an acknowledgement from the top that this "pause" must be frustrating from us and that they are working towards a deal that will hopefully satisfy us etc. At least then they can't be accused of acting inhumanely and actually may win back the trust, respect and support from us PI's. The easy option is to remain silent with absolutely zero communication, which I believe is wrong and doesn't take our welfare into consideration one single iota. I know there are many out there who are equally frustrated with how we're being treated. Let's see what Parsons can deliver. I don't hold much faith in him, but stranger things have happened when at sea, so only time will tell as to how this all concludes.

We can talk all we like, but it's over to Parsons to show us if he's true to his word and is a "deal maker". I don't think he'll get us a deal and I have lost all trust in him quite frankly. There's still a few rogue disciples on this bb who are basing their predictions on how he once made you feel as you whooped and cheered him from the stalls. Those days are long gone and are over I'm afraid to say. This is just another one of those AIM horror stories that you won't want to tell your kids and grand kids about. Once upon a time....Daddy lost all of his money on an oil and gas exploration company. This man with big ears told Daddy that one day he'd be rich and leave a financial legacy for me and you, but then he ran off and Daddy never did get his money back or make a profit. That's why you never got to see Mickey Mouse at Euro Disney...….

Pear Tree Partridge...

1st September couldn't come any sooner I think. I think your kind will be in rapid decline in a few days time.

JTF

A well balanced post, Prudent. We all know that the FID (Financial Decision) is due at the end of this year. It remains to be seen if we manage to get a credible offer for our eastern assets / whole company, or whether we are forced to go long as a result of receiving no credible offer. The question that we need to ask ourselves is, how credible is credible? I suppose that depends on what your average share price is. However, I take the view that "all stakeholders" ideally need to be satisfied and I very much hope Parsons is working on a deal that does just this. Hence why I believe that a credible offer should ideally be at least £1. That way, we all get to move on with our money back and then some.

The Chuckle Wagon has its MOT this Thursday and the very thought terrifies me. The suspension needs an overhaul and it will need new track rod ends. It's going to cost me more than the car is worth, so I'm not looking forward to the results. That's what happens when you cart a load of bottled farts around for too long, waiting for a Liquidity Event that may never materialise. Ho hum....let's see what this week brings.

Sorry, I meant "wandering eyes" and not "wondering eyes". Haha!
Longwait, hope to meet you at some point soon at Trellis's bash. Before he heads off to sunnier climes and leaves us all to freeze. The fez is staying on for now and I think...hope....that my sense of humour remains intact in the interim.

Toilet paper? Surely we're all being forced to use our hands at the moment?!

Lawrence Of Arabia....

Thanks for your Churchillian speech, but I wouldn't place any trust in this BOD to deliver what you want them to. You only have to look at their past failings to see what perhaps lies ahead. If you haven't worked it out by now, this "pause" has enabled them to make plans to "go long". They have had to buy more time to get a finance package worked out and signed with Enigas for the Te5 Horst development, they have needed all this extra time to work towards a Heads Of Agreement Document / Gas Sales Agreement to be fleshed-out and eventually signed, which I suspect it will be some time over the next few months and they have also had to consider their own futures, especially JP who I suspect can't wait to leave via the back door with a handsome severance payment.

The Liquidity Event, I'm afraid to say, has been the lure to keep mug punters keen and sticky to this share and unfortunately, we have all been fooled and have consequently parted with our hard earned thousands of pounds. There won't be a Liquidity Event any time soon and I am anticipating we will be fobbed-off with a cheap RNS simply stating that there has been no suitable offer that has come our way for our Eastern Moroccan assets and that we will now be making plans to continue with some more drilling. Whether that will be Te-11, or more drilling in and around the Te-5 Horst is yet to be finalised. I suspect the latter, because of the intrinsic risk that drilling another exploration well has when compared to e.g. a re-entry or appraisal well. In short, I believe the whole company strategy now is to go long and develop the Te-5 Horst. In other words head towards "First Gas" in 2021. That could well mean at least two more years of this continued misery with at least one or two equity raises and a death spiral loan / finance package with Enigas.

Worse still, a change of leadership with JJ Traynor at the helm with his wondering eyes. Never trust a man whose eyes wonder when you ask him a challenging question. It usually means he's concealing something. Here is a man who apparently can't wait to release the RNS that will make our lives all pink and fluffy again. I'll believe it when I see it, mate!

I remain unconvinced, unimpressed and don't trust our BOD any more. Don't give them any credence right now because they don't deserve it. Brian "1 Molecule" Mitchener and his Exploration Team have been unable to find us commercial gas, which has been miserable. I have farted more gas then SOU has found since last night after eating a king prawn curry and chips. That about sums-up our current position.

JTF

Longwait - probably around 60 fritters. We're talking major spam fritterage, but theoretically we'll be able to afford it when Parsons delivers an amazing LE for us all.

Thanks God for that then. No more bickering. He's doing my fez wearing head in.

Just checked out their drinks list and looks quite impressive. Some decent ****tails, plus a not too bad wine list. CNDP for just shy of £30 for the bottle. Not bad for London prices. Trellis will be happy.

Anybody up for a night out and a laugh when all of this is over?

Check out Le Fez Club.

https://www.lefez.co.uk/putney/