Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
noodle60 - Yes, we are only considering selling a percentage of the Tendrara licence.
An interesting comment from MS at the last FSC 20/11/19
Mohammed Seghiri (Interim CEO)
A position on Sidi Moktar will be taken in due course and announced, likely when we sign the Eastern Morocco transaction I can reassure you that whilst the Company has focussed on the sales process for the Eastern Moroccan Portfolio we still maintain activity on our Sidi Moktar permits in the west. We also continue to engage with potential farm-out candidates and we will provide an update once an agreement is reached. We are maintaining this as a competitive process it would not be appropriate, nor in our interests, to disclosure further information at this time on on-going discussions. We spent long time engaging with local communities to get EIA approved.. We are doing a competitive market enquiry to select a contractor for the 2D Seismic acquisition to be delivered..
Interesting comment - 'likely when we sign the Eastern Morocco transaction'
Talks to James Menzies CEO of CORO.
First 16 mins discusses Tambak 1 & 2 .
https://www.youtube.com/watch?v=puGSyO_CNNA
https://www.lse.co.uk/rns/NUOG/board-and-debt-restructure-placing-sale-of-jv-and-gm-7yi5hytsqqpfzh6.html
KTF - HTH :)
Thank-you Jamie & Stewart
Jamie Wilbur - I’ve had an email from Brian as JP was away. This is the response:
We have spoken with more than 10 companies, and of course these companies have a deadline well before October 31st.
There has been a lot support for our technical evaluation, which provides companies the opportunity to conduct a speedy evaluation. As to whether this translates into any bids, we will see.
Wasp - I don't believe that we have been notified of a definite sale.
From the annual report Dec 2018 :-
https://www.soundenergyplc.com/media/1608/sound-energy-annual-report-2018-web-ready.pdf
'Work continues with Coro Energy plc on the restoration of the Badile land, to which
the Company retains its economic rights to receive the proceeds of a future sale.'
It was incorporated into the end of year accounts :-
'As part of the Italy divestment agreement, the Company is entitled to receive the proceeds, upon the sale, of Badile land. The Company has therefore recognised £1.6 million (2017: nil) being the carrying value of Badile land at the time of disposal.'
Hi, Sounder. Yes, all good, just being patient :)
Here are the last year's presentations - earliest first :-
https://www.soundenergyplc.com/media/1564/investorpresentation-q3-2018.pdf
https://www.soundenergyplc.com/media/1571/se-ip-q3-sep10.pdf
https://www.soundenergyplc.com/media/1580/se-ip-q4-oct18-v3-1.pdf
https://www.soundenergyplc.com/media/1577/sound-energy-q4-2018-investor-presentation.pdf
https://www.soundenergyplc.com/media/1590/se-ip-q4-dec18-v2.pdf
https://www.soundenergyplc.com/media/1600/se-ip-q119-v4e.pdf
https://www.soundenergyplc.com/media/1602/se-ip-q119-v5c.pdf
https://www.soundenergyplc.com/media/1603/se-ip-q119-v6c.pdf
https://www.soundenergyplc.com/media/1604/investor-presentation-q2-2019.pdf
https://www.soundenergyplc.com/media/1610/se-ip-q2-19-may-v1b.pdf
https://www.soundenergyplc.com/media/1618/se-ip-q3-1-july-v4c.pdf
'Not entirely sure his facts are right tho !'
Ha, try this one - 'Sidi Moktar. The work commitment on Sidi Moktar of 500 km of seismic by mid-2000 is outstanding'
Mid 2000 - should have been done 19 years ago !!!
Try again, barman, it is not outstanding. The seismic must be concluded by December 2020................
Ha, that was also my initial thought :)
However, https://www.walesonline.co.uk/news/wales-news/wales-sitting-gas-reserves-worth-1826834
'Wales sitting on gas reserves worth up to £70bn, say experts'.
A shale gas field comparable to some of the largest in the world could be trapped beneath the coal fields of South Wales, a report has found.
An Australian exploration firm which holds several licences to exploit the gas reserves trapped in the shale rocks deep beneath the UK believes the reserves in Wales are far larger than previously thought.
Eden Energy’s studies suggest that the quantity of gas would be equivalent to the amount needed to meet the UK’s gas use for four years.
In its report, RPS found exploration licences in South Wales could hold 34 trillion cubic feet of gas, of which 12.8 trillion cubic feet is classified as recoverable.
The figure is more than twice the size of the previous estimates for shale gas anywhere in the United Kingdom. In 2009 the UK used a total of 3.6 trillion cubic feet of gas.
So, you think 'Sound has not found enough gas to justify building the infrastructure needed'
I would suggest you read the 7/6/18 RNS :-
Sound Energy, the Moroccan focused upstream gas company, is delighted to announce signature of heads of terms with a consortium comprising Enagas, Elecnor and Fomento (the "Consortium") for the front end engineering and design ("FEED") and conditional construction and financing of all the infrastructure required, including a 20 inch pipeline and facilities, to commercialise the Company's existing gas discovery in Eastern Morocco.
Following a competitive process and negotiation, the Consortium has been awarded the FEED and exclusivity to finalise the funding, construction and operation for both a 20 inch pipeline and the central processing facility under a 'build-own-operate-transfer' ("BOOT") structure.
If production by 2021 was a prerequisite, it would have been included within the petroleum agreement, which was signed only last October. Yes, it will carry over to a prospective purchaser & it will be on this that an offer is made.
Yes, Jack, I'm sure they would like production by 2021. However, it was only last October that we received Moroccan ministerial approval of the new 8 year Greater Tendrara Petroleum Agreement. They can not just 'call time' on SOU. The prerequisites to the approval were the work commitments :
Initial period of 4 years: 2 exploration wells with the minimum Triassic objective. The approaching TE-9 and TE-10 wells will fulfil this commitment.
Optional first complementary period of 2 years: 1 exploration well with the minimum Triassic objective.
second complementary period of 2 years: 1 exploration well with the minimum Triassic objective.
Optional second complementary period of 2 years: 1 exploration well with the minimum Triassic objective.
We have rights up till 2026.
LONGWAIT - How can it possibly be based on something concrete ? It is obviously an impression gained from meeting and talking to the man. I still have faith in him to negotiate a deal that will satisfy most shareholders.
It's interesting that he is happy with the GSA deal $s but is holding out for 'more upside & less downside'.
partridge - 'The new owners can only own 75% max. of the new company.'
I think that you're getting yourself confused. No company can own more than 75% of the 'licence area'. ONHYM will always retain 25% & have a free carry on their share of the costs until production.
prudent - that word 'confident' came up when I talked to all 3, JP, BM & JJ, individually. I also left the AGM feeling very 'confident' :)
JP has a sale price figure in mind & I'm damn sure it's a lot higher than 30p.
Remember that the team that has produced our 'sale brochure' used to be the acquisition team at BG. They know what prospective purchasers are looking for & how to present it for optimal effect.
So, David Clarkson has informed the Company of his intention to step down from the Board as a non-executive director of the Company.
Can anyone explain why, at the AGM, item 4 is voting to appoint David Clarkson as a director ????