Member Info for Maldini1

Woodrow this is a dilemma that we all currently face. The Company has said that the proposed deal will all make sense once it’s explained in detail following signing. Well, asking investors for more patience and trust in this climate is clearly a complete non starter. The Company must be the one to go the extra mile and find a way of explaining what options are available to us without breaking NDA confidentiality. The problem should be theirs to solve, not ours, and if they really want to regain Pi’ trust, then now is when it needs to start. Bring on the FSC.

Well fellow exhausted investors, at least when the share price now drops 8.5% in a day it hardly makes a dent in my remaining investment. That might be funny if it wasn’t so tragic. Never mind, I’ve got my Elton John rose coloured spectacles ready for a storming FSC.

You seem to be overstepping the remit that Trellis has articulated for the action group. Are you privy to any additional details about the deal to which others are not?

Tableleg, going back to the last AGM....post the meeting Brian said that it was still very possible that commercial gas could be extracted from the T10 reservoir, but it would likely require another well drilled from a different location. It wasn’t clear at the time why water had been encountered but of course 6 months down the line they may well have a far better idea. It’s certainly possible that TE10 forms part of the current due diligence process.

Fair Point SO... let’s see what the details bring. I think that all Pis could do with a bit of positive news once in a while.

Soundingoff, just to lighten the mood a bit, if you have a spare moment could we call on your accounting skills to provide an estimate of the added value SOU might expect for every additional TCF found under the proposed JV? (with and without the proposed 9% dilution would be helpful). I know it’s bucking the trend but we might as well see what the future could look like for the SP in the unlikely event that anyone spots a squadron of low flying pigs over Sevenoaks. Many thanks in advance.

That would put him on a par with all the opportunist traders making hay in the frenzy of speculation and recriminations on the BB. To borrow a phrase from the finance world.... past performance of FSCs is not necessarily an indicator of future performance. You never know, we might just learn something to help us make sense of the current situation and the direction of travel.

Maybe not. But people say and do things in anger that they would not otherwise do or say in more considered moments. At this point in time I want the BOD fully concentrated on the job in hand and not distracted by having to deal with unhelpful noise.

Is it not better to focus our energy on restoring value rather than destroying whatever is left? Agreed that the chances of getting anything back presently are nil for many of us, but setting up a demolition crew to finish off OUR Company now, before we get to know the details of any potential recovery plan is ill conceived. If some people really want to pursue a legal course of action then wait until we know whether the Company can get on an even keel again. What’s the worst that can happen? You’ll still get your way but the business goes to the wall a bit later than would otherwise be the case....but the best that might happen is that investors could just begin to see some money coming back to them. Think many times and act once.

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Is it not better to focus energy on restoring value rather than destroying whatever is left? Yes the chances of getting anything back presently are nil for many of us, but setting up a demolition crew to finish off OUR Company now, before we get to know the details of any potential recovery plan is ill conceived. If some people really want to pursue a legal course of action then wait until we know whether the Company can get on an even keel again. What’s the worst that can happen? The business goes to the wall a bit later than would otherwise be the case....but the best that might happen is that investors could just begin to see some money coming back to them.

Think many times and act once.

Oil, agreed. For better or worse all roads seem to lead to a concerted drilling campaign now as the way to restore some of the lost value for Investors. Assuming the deal is concluded let’s hope that the new party has the ambition and resources to deliver what SOU failed to do. If we get thrown some peanuts along the way then all the better but regrettably I think we have at least another year of anxiety to wade through. Damn!

For what it’s worth, SOU seems be following a growing trend in selling to private equity. I’ve pasted a link below to a report dating back to early 2018 which highlights this trend. Might this unwittingly even reveal the possible name of our secret buyer?

https://theferret.scot/revealed-north-sea-oil-assets-snapped-up-by-private-firms/

My recollection of the BOD’s preference for a company sale over an asset sale was the anticipated advantageous tax treatment of the former over the latter. We know that the marketing process is aimed at eastern Morocco but as we don’t yet know what, if any, offers are on the table, it must be reasonable to assume that both outcomes are still possible.

Given how careful they are in choosing partners, you might conclude that both ONHYM and ONEE would also be judicious in selecting which photo opportunities to use in order to advertise the signing of a new business arrangement. Both the Russian’ and SOU’ MOUs are now a matter of public record and whether they are binding or otherwise, Morocco plc would have weighed up all the risks before signing either.

Folks, we should perhaps treat this morning’s RNS as a “Ronseal” moment. For the first time in ages SOU has part delivered something that it said it was going to do. Not yet a full GSA or a sale but a positive step none the less. Another piece or two of anticipated news is now required to re-establish some of the investor confidence which has all but vanished over the past year. One swallow does not a summer make but maybe, just maybe, we’re beginning to come out of winter. No doubt we’ll know more in the coming days.

No. Precisely because a self initiated visit by a PI has probably been politely put back so that it doesn’t get in the way of the business in hand.

Is it not reasonable to anticipate that there will be some sort of news prior to Crude’s visit? Having held complete silence since June, it would now be unthinkable that the silence could possibly be outrageously compromised on the final bend before the chequered flag.

It’s a sad fact that so many PIs have been badly burnt by SOU over the past couple of years and many are now conditioned to expect disappointment at every turn. In this respect one might reasonably conclude that the marketing process will likely be no different. But what if... what if we do have bids... and what if those bids attract counter bids? After all that was what the marketing process was intended to do. God forbid that some event in this saga should go according to plan, but it might, it just might. And if it doesn’t, we’ll have to find other ways of moving forward.

Thanks KTF, that then means additional clarity from JP that we have not has before. Fingers and toes crossed.

Pontacanna, yes agreed, should have added “expect” in my note as it is very relevant in this context.