Member Info for LONGWAIT

Mooncheese was misunderstood, JTF.

A case of putting the decimal point in the wrong place.

He didn't mean £65 per share.

He meant 65p per share.

As I said before, Nickel, when the share price was about 43p, while many were obsessing over the implications of one bad drill result, the cash from Lancaster could within a few years be worth the equivalent of the entire market capitalisation.

Many people seem to hold views such as,
'The share price is 8p because that is all it's worth,'
'If anyone were interested in buying our assets, they would have made a bid by now,'
'If the shares were a bargain, directors would have been buying them.'

Over on HUR, a few days ago the share price slumped by a third, one poster announced he had just sold the lot, complete gloom.
Today, the price soared.

Some people here are not being realistic.

Can we finally put to rest any notion that AIM valuations of oil companies' shares are a true reflection of those companies' prospects?

Only days ago, one long-suffering shareholder actually gave up, convinced that HUR was a hopeless case.

If he had been put in a deep freeze and not allowed to sell any HUR shares for a few years, he could have awoken considerably wealthier.

Your penultimate paragraph seems to imply that he had Rothschild lined up before he knew the result of TE-10.

Not sure whether it's due to lack of sleep, but I can't actually see the pun.

Let's say you're right and TE-11 was postponed because of existing negotiations.

Why then appoint Rothschild to market the assets?

The money hasn't arrived and whom do some posters blame? - TOR !

If TOR had been the 'sender,' I could understand it.

And then when he says he won't agree to a further extension, he gets criticised too!

I don't know what is going on, but I do know that if APEC intended to pull out of the deal, there would be no point in doing it this way.

Well, that was an interesting exchange of views on whether Shell might be interested if what's on offer.

I don't know the answer; I'm waiting to find out via an RNS.

The strange thing, though, is that we get posts such as, 'Shell wouldn't be interested,' and 'No-one will pay a multiple of the current share price,' and 'No-one will believe the seismic data,'

It's one thing to have doubts, but how can one KNOW these negative statements to be true?

I think you may mean that their estimates were confirmed by independent assessment.

The question is: are those assessments accurate?

And, more importantly, will a prospective buyer consider them to be accurate?

'Longwait, Sound's mid case estimates have been pretty accurate so far, if anything maybe a little on the low side.'

Could you please elaborate?

You could well be right, Tableleg, but look at it from the management's point of view: every time a drill fails, they are accused of being crooks and taking the company closer to bankruptcy with assets and prospects that don't exist.

So, they decided to try to sell those assets and prospects and hopefully give shareholders back their investments.

Just in case anyone feels like accusing me of being a ramper, I've posted highly-critical comments about JP and his Gherkin days, so I don't need any lectures about how he over-hyped SOU's prospects.

Many posters are accusing the management of being crooks.

I've seen this, although to a lesser extent, at HUR, when it fell from 67.5p to 24p, PVR, which fell from pounds to less than 5p, JOG when it fell from pounds to 75p, and a few other companies.

It seems to be normal behavior on LSE.

Some posters retort, when asked to post more measured comments, that they are entitled to feel bitter.

Posting such comments is about as constructive as a Palestinian 'Day of Rage.'

The thing that HUR, PVR, JOG and SOU have in common is that while posters have been accusing their respective managements of being crooks, the companies' assets have remained in the ground.

Good summary, Mike.

I was looking at the links to the presentations and the high case for Eastern and Southern Morocco is given as 45 TCF (34 + 11).

I know no-one actually believes we have that much, but unless the seismic data are completely wrong AND TE-5 was just a needle in a haystack, there must be something there and someone may be interested in finding it.

I wonder who they are.

Total institutional investors were 8.7 percent in the fourth quarter of 2018 and 12.3 percent in the second quarter of 2019.

The May CPR gives over 1 TCF of gas to the Anchois discovery and its satellites which should deliver ‘strong returns and significant cash flow’. With 75% of the asset Chariot are in a strong position and will partner up on the deal and data rooms are open and the level of interest is pleasing. Indeed, unlike farming-out a well or even a drilling campaign this exposure to the fast-growing Moroccan domestic market gives a much wider potential audience of partners which could extend to utilities and other power and infrastructure providers.

Opportunities remain in the rest of Chariot’s portfolio and their other Moroccan licences, Brazil and Namibia all carry interest from industry and should not be forgotten about. Chariot has a very healthy cash position, $19.8m at the year end and with no debt and with minimal commitments of under $1m and low G&A having reduced costs substantially over recent years. This cash position almost carries the share price on its own leaving virtually nothing in there for the exciting recent asset acquisition or the existing sizeable portfolio of high quality assets and the shares should be considered remarkably cheap.
(Malcy)

While all of us are naturally miserable about the share price being so low, have you noticed how it stays above 8p?

I was wondering the same thing, Seaton, and was going to post the following link about eight hours ago, but the mood on the board was so sour that I left it.

https://www.soundenergyplc.com/our-portfolio/asset-overview/morocco/anoual/

Could you please provide a link, Sounder?

Even a trained monkey could see that SOU has enough cash to last for longer than 12 months.
Many posters have been trying to convince others that because of JP's hyping up of the company's and share price's prospects, everything we have been told about the company is a lie.

It may be that Rothschild are not really marketing Tendrara, TE-5 hasn't been independently valued at about 25p per share, the preparations to produce and sell gas from it haven't really happened, the seismic data are completely worthless, SOU doesn't actually have any cash, and the $3m cash raise was a sham.

I don't believe that.