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If the market thought that the funds raised could potentially unlock the dreams in the desert I am sure the SP would have reacted accordingly. Golden tickets for all.
How predictable. This has an Echo of other shares. Won't be getting a penny more of my hard earned. Credibly lost now, same as the old guard.
Reading back through the 2017 RNS's I see that OGIF's relationship agreement not to buy more than 29.9% of the Company expires on 18 September 2020. It will be interesting to see whether they make a 'move' after that date to buy the whole Company.
Brian has more to sell as per the last RNS - "Part" is the key word.
"Mr. Mitchener will step down from the Board with effect from 31 March 2020 and the Disposal is part of the intended sale of a proportion of Mr. Mitchener's shareholding in the Company to cover tax and national insurance liabilities arising from an issue of new ordinary shares to Mr. Mitchener announced on 27 January 2020."
They probably have BM's 'for sale' shares on the books and therefore have plenty to sell. I imagine the SP will only move once they have cleared those and there is demand for more shares.
Excellent work Trellis. It would be good to receive clarification of the many queries presented to the Company and raised on this board. As I have previously mentioned, an investigative journalist may be of assistance to the Group in its endeavours to have some of the shareholders concerns answered.
Like many, I am deep underwater here. What is interesting is that despite the SP performance the volume traded had been pitiful compared to the shares in issue. Over a billion shares out there and 4 million have been traded today. For all of the 'hot air' (some of it may be justified), it seems most are holding tight. That is certainly what I am doing. The FSC next Wednesday should be fascinating!
What is interesting here is that only approx 11 million shares have been traded thus far which is about 1% of the issued share capital. Hardly a major sell off despite the SP.
I'll take 2 tickets please. Who are the headline speakers please?
Don't post much anymore but facts are facts. Take a look at the SP for CORO, ECHO, CIP and SOU for the last 12 months and then think what view the market has of JP and Marco. On a personal note I wish I had never attended the many events. #dreamsinthedesert #goldentickets #legaciesforourfamilies. How stupid was I. AIMHO DYOR
Sadly for me this isn't an attractive proposition. Same old story as seen across the 3 related companies. Dilution, dilution, dilution.... expect the same at SOU shortly.
Unsure how to react to the C4 news. Clearly, the NUOG shareholders are not happy. When asked about C4, I recall that JP specifically said that it was life after Sound Energy. Can we therefore infer that a deal is close? NUOG could be the next owners of Sidi perhaps? Interesting news. At least something is happening!
I agree entirely PNE. Also, there are many interested parties all with variable interests in any deal. My speculative non evidenced gut feeling is that the GSA is not being finalised as part of the sales process/negotiations.....maybe to put pressure on the Morrocans who doubtless want the discovered Gas online ASAP for internal political reasons. JP said at the Chester event that if he does his job right, we will be the last to know.
Many have made much of JP's £1m salary. In modern corporate terms this is relative chicken feed compared to others. JP needs to make this work so that they/we can all make some 'real' money and so that his reputation is enhanced. Wouldn't it be great timing if a deal was announced here just before Echo spud the well at Tapil Aike so that people had money to pile in there too.
No news is good news in my view despite how frustrating this may be. Time will tell.....October soon!
I have been pondering what effect the results tomorrow may have on the SP and generally. On the one hand our cash balance may cause concern but on the other the CEO's comments may contain some positive information about the LE. I Suppose we could also get more than one RNS. It should be interesting to see where the SP is this time tomorrow and what unfolds.
Argentine stock markets and its currency both plunged after conservative Argentine President Mauricio Macri suffered a defeat in primary elections on Sunday. I wonder what impact this has for Echo?
The RNS announcing the for Sale board going up was on 22 May 2019. At the FSC in December 2018, JP's response to a question of how long a sale might take was "An average sale process might be circa 3 months to sign a deal, possibly quicker if someone wanted to move fast. Then shareholder votes if needed etc.". So hopefully some news soon!
Some initial statements from JP now on the FSC site:
"The five wells we have drilled in Tendara since 2016 have resulted in an establishing commercial gas potential in the TE-5 Horst and a sub-commercial gas discovery at TE-10. TE-5 should be ready for final investment decision at the end of 2019, with FEED complete and an attractive GSA on the table.
At the same time, the 2017 seismic and gravity programmes have unlocked a substantial portfolio of TAGI and Palaeozoic prospects which underscore our continued confidence in the acreage, and a mid-case gross resources potential of around 20TCF GOIIP unrisked.
We have recently announced the initiation of a marketing process for our Eastern Morocco portfolio, and paused our operations in Morocco whilst we do this. You may well have questions around the details, but inevitably there are regulatory and commercial limits as to what we can say at this time, and thank you in advance for your understanding on that. We should expect potential bidders to be watching our engagements at this time. For this and other reasons, the team will therefore not be drawn on questions related to the marketing process.
This is an exciting time for the company and our shareholders, with a clear pathway to commercialisation."
Again....
A few interesting posts today and I genuinely respect all opinions.
FWIW, my own view is that takeover talks have been ongoing for some considerable time. The COS at recent drills were statistically low and the most likely outcome is what we now have. The BOD are not stupid people (far from it) and neither are our partners. I still hold for a positive outcome here and am quietly confident. Marco has 74 million shares and the board / continental have many tens of millions of options here. I think good times are ahead and the FSC next week has been scheduled for a reason. Surely JP wouldn’t just do this to take abuse from those suffering huge losses like myself and friends I recommended this share too? Maybe I am naive...time will tell. If this does go pop then Echo and Coro will suffer yet further as credibility will be blown. Low volumes also are a plus...a few million a day hardly smacks of a sell off. GLA...