Member Info for Maldini1

Nature abhors a vacuum so the saying goes... and the same rule seems to apply to BBs. The volume of discussion and opinions on a diverse number of subjects on this BB in the absence of real news is quite impressive, some of it informative, some controversial, some hopeful and much of it downright depressing. But the thing is... it’s only opinion and it may or may not bear any resemblance to the machinations which are going on behind the scenes. Is it too improbable to imagine that there is a plan in place, with options, depending on the outcome of the marketing exercise? Or that if new funding were required that the ground work for this has not already been done? Whatever you may think of the SOU BOD these people have been around the block a few times in big business. We can keep opining of course ‘till the cows come home but only when we have news can we then understand what we have. In any event my sincerest wish is that no Pi is left in the red!

Trade, that’s a positive assessment and one that you won’t find many arguing with.... even though we may have everything crossed at the moment. In any case it’s as valid as any counter view on the BB.

Bits, I posted earlier when I suggested that many of us here rightly predicted that given the timing of the FSC it could only possibly result in dancing around info that was already in the public. I have no reason to doubt that there is a plan in place and that the BOD is doing exactly what it said it would do....market the assets, review the responses and finally make some sensible decisions for the benefit of shareholders. Unfortunately the invisibility of the process is doing nothing for our nerves or sense of humour but I sincerely hope that clarity will prevail and that most Pis will be comforted by the results. Who knows... but I’ve got everything crossed.

For two weeks before the FSC many posters predicted that there’d be nothing new to hear and hey ho, there was nothing new. We were advised that any questions remotely relating to the marketing exercise would not be answered... and they weren’t. What we fully expected from the FSC transpired and in that respect it did what it said on the tin. A total waste of time probably, other than it gave MMs and opportunists a chance to make a quick buck. At least someone got something out of the exercise.

Thanks Exploration, appreciate the detailed analysis. Some of it over my head I must confess, but I’m taking the general gist to be that, as we know, the Tagi in Tendrara is very fragmented and hence it was never going to be an easy task finding and unlocking the hydrocarbons trapped therein... as it’s proved. Given where we are now I agree that there are potentially easier targets around T5, T2 and SBK to focus on.... but as we also know these weren’t considered a big enough prize when we were concentrating on trying to hit the big time with a one off drill, although we now have additional prospects in this area to go at. Let’s see what next week brings.

The 2D seismic programme across Tendrara, and BM, have been lambasted on this BB with increasing vigour after each and every unsuccessful drill. Fair point. However, can it be disputed that the seismic work has served to clearly highlight specific areas of prospectively and most promising drill locations? Unfortunately the interpretation of the data and drilling operations have to date come up short. As PIs, what we can’t know is how far along the road to cracking the geology we are with the information gained to date. It could be 25,40 maybe 60%, who knows? But by all accounts a new programme of drilling by someone with deep pockets will likely do it.... and if that’s the consensus by people in the know then there’s everything still to play for. Maybe 3D seismic used judiciously will be the final solution, or indeed if someone out there has really developed a new gizmo which can pin point the exact drilling location, then all well and good. Of course if it were that straight forward then the only thing stopping us from doing all these things for ourselves must be time and money, both a rare commodity for any junior explorer. Whatever the final solution I hope that PIs are at the front of the queue this time.

Oops sorry folks, last two lines of my previous post are gibberish.

Leem, a fire sale this is not. I would not go into any negotiations unless I had already secured a financial commitment for additional funds in case they were needed to demonstrate that we had other options available to us. Whilst Morocco may well want to get its hands on our gas ASAP, we still hold some trump cards on timings and signatures of key agreements. It is my belief that the “delays” on key agreements like the GSA and FEED are not a coincidence but are being orchestrated and used as leverage by SOU.

the assumed delays around FEED Anything different to this I’m convinced Timing and resources are against us because Morocco wants to get its hands on the gas we have.

Didn’t realise you were privvy to the share dealings of the majority of shareholders on this board. You’re not acting as stockbroker for many of them are you? And as for hope.... well here’s hoping that we see the back of you soon.

If JJ had finished the interview with the words “shareholders will be pleasantly surprised”, many would be wondering whether this constituted a price sensitive comment. However if an analyst finished an interview with the same words one could argue that that was down to his analysis of the situation. Personally I don’t mind either way as long as we now end up being pleasantly surprised.

Just to be clear about exactly what was said by SOU in case some people are under the misapprehension that a sale has been promised...this is from the RNS: “The Board believes it is now the right time to explore the monetisation options available to the Company in respect of its Eastern Moroccan portfolio and has decided, with support from Rothschild & Co, to market its Eastern Moroccan portfolio with a view to assessing a sale, prior to FID.” i.e they’ll review any offers and then a decision will be made on the best cause of action. What it doesn’t say is that SOU will take any offer irrespective of whether it’s good or bad, so all options must therefore remain on the table.

I don’t mind admitting that I often find it difficult to differentiate between honest disgruntled and disillusioned posters and posters with other more malicious agendas. What’s seems more clear cut to me is that many Pi’s who may have got the jitters about Sound’s prospects will have either buttoned down the hatches hoping for some sort of recovery or cleared out of Sou by now leaving the way clear for MMs and traders to turn a quick buck out of day to day share movements. This nonsense will stop of course once we know for certain where we stand on company value but in the interim we should not lose sight of the fact that many other O&G juniors would still give their hind legs to be in our position.

And there you have it in a nutshell Scarf. Everyone has an opinion on every subject on these BBs and picking the bones out of what is fact, fiction, malicious intent or just plain unintended comments borne out of boredom or frustration is pretty much a case of good judgement and guesswork......although I suspect that many including myself would have opted for more of the former rather than the latter in hindsight.

Encouraging to see over the past day/weeks fellow investors providing valid arguments as to why there is still significant value in this business..... and yes some of the counter arguments can be equally as valid. However whilst the former provides some encouragement to beleaguered shareholders, the latter can drag people into a spiral of despondency and gloom, leading to stress and panic selling. Seems somewhat counter productive if you’re hoping for the best outcome here, unless you are an MM or shorting the share of course.

Thanks Jacklevi, just catching up on stuff so must have missed it.

I imagine it would be complex and maybe not achievable, but if we could strike a deal which allows investors choice, i.e. a higher one off payment for those who want out and maybe a lower initial payment with contingent payments for those willing to stay the distance. Wouldn’t that be the most equitable way of satisfying the majority of shareholders?

Good morning fellow investors, traders, rampers and derampers (have I missed out anyone?). Another week is upon us and I’m glad to see that the banter and difference of opinions expressed on the BB are again in full swing. Got me thinking......does anyone listed to “just a minute” on Radio 4? On the show contestants have to talk for a full minute on some abstract subject without pause, hesitation or deviation in order to gain points. At the end of show the person who has demonstrated the best ability to talk non-stop nonsense is declared the winner? Anyone care to suggest which posters might be in the running for the title? ......... only kidding folks, but I thought I would try to lighten the mood at the start of another frustrating week of waiting.

Yes that’s right Jones1980 and just like PIs they have since enjoyed seen their value drop by a factor of 8. So what I’m suggesting is that OGIF will be equally concerned if, for the want of some additional investment, their potential prize disappears down the pan.

Tableleg I’m with you on your thinking. I’d go as far as to speculate that putting the for sale sign up might just have forced OGIF’s hand to take proactive measures to protect its investment. Even if no one cares about PIs, big money still talks and OGIF fits the bill. This ain’t over yet and Sound may just have a few cards still left to play. Who knows...but it’s certainly a possibility.

If the potential is truly there in Tendrara, irrespective of success or otherwise to date, then Sound will know all about it and so will any prospective buyers.... and I trust that will make for some interesting and positive negotiations for the benefit of PIs. People can debate possible sell values on the BB until the cows come home but if you’re not at the negotiation table continuous conjecture and guesswork is likely to lead to many a peptic ulcer and sleepless nights. When the time comes I hope that we all get the very best that we can out of this investment and then we can all get back to living the rest of our lives.