Member Info for LONGWAIT

Would anyone like to hazard a guest as to what JOG is now worth?

Has anyone else here ever read Billy Bunter's Postal Order?

My recollection is that it never arrived.

I can hardly think of an oil company I've invested in, about which I haven't read comments that the management are crooks and the shares are worthless.

It's almost beyond belief that people are posting total lies about companies.

According to you, the Moroccans are pretending to want a gas supply from TE-5 and Rothschild is pretending to be marketing it?

You mean, DE, that compared with 17 dusters, SOU's run of bad luck is not such a long run after all?

If so, I agree with you.

It is actually normal for a drill to fail to find commercial oil or gas, but many posters reacted to each failure as if it were a disaster.

Esattamente, signor Maldini!

You could say that Schlumberger is the elephant in the room, invisible to our regular 'lost all hope'rs.

I did previously suggest that Schlumberger's involvement suggested that SOU wasn't the only party that believed there was gas to be found, but was shot down with a 'Schlumberger just did it for money' retort.

The fact is that the internet is the main vehicle for the promotion of conspiracy theories and this one is one of the wackiest I've seen: 'all the SOU directors pretended that they thought there was gas in Tendrara; Schlumberger went along with the pretence for money; JP is pretending to be trying to sell Tendrara so that he can drag things out and collect more salary (while he takes a salary cut); Rothschild think Tendrara is worthless but are pretending otherwise for money.'

So why don't Schlumberger sell?

The following thought occurs to me: if all the posters who are convinced that SOU's share of Tendrara is worth no more than ££100m are right, then why haven't Schlumberger joined in the sale and tried to get the £58m supposed maximum for their share?

After all, according to the posters, there isn't anything in Tendrara worth drilling, so why don't Schlumberger get rid of their share while they have the chance?

I've never said I held too long and missed the boat, GP.

Then oil majors shouldn't exist, GP!

You mean that a bidder could afford to be more generous with paper than with cash?

I was combining two posters' comments that 10p was the most SOU would be offered and that they would have to take what they were offered.

I agree we you that 30-50p looks likely, but I don't see why it would depend on SOU having an alternative plan.

In your last paragraph, you seem to be saying the deal could be part cash and part farm out.
That's an interesting idea, but SOU seem to have decided on a sale.

You don't mention the new seismic data, expected shortly.

Or are you dismissing them in advance?

'I am surprised that this so far has had no effect upon the SP.'

Welcome to AIM, which has a perverse logic of its own.

It provides fantastic opportunities to buy undervalued assets, but most people lack the patience or belief to hold on until the market or a bidder accords them their true values.

I was thinking of what we might get, not JP, Woodrow.

' so many are staring at the SP and rendering themselves completely incapable of objective thought.'
I actually read a comment today that no-one would be prepared to pay more than 10p per share for the whole of Tendrara and then another post saying that if that's all that's offered, SOU would have to take it.

My disagreement with Trellis is that he was saying that selling Tendrara is the only option.

'knowing that the seller has had to revise their expectations, still has to sell and knows you may be the last resort.'

That's an assumption with which I disagree, Trellis.

Why, DE, would someone tell Rothschild they are willing to pay 10p per share for something worth 27p per share (TE-5) and expect to get the rest of Tendrara for nothing?

That goes without saying, Genghis.