Member Info for MikeGP

Well,.. they must have known about the requirement for the TE-11 EIA as soon as they selected the location... so why didn't they tell us the reason for the delay in the previously 'back to back' drilling. I find this hard to believe?

Instead they said it would be drilled until after TE-10 was drilled.

hmmm..

Be patient,... it's only just started really,. they are there to 3.30...

And so it it.

James raises his arms and gestures for the masses to sit. There is silence in the room, You can feel the tension.

“Ladies, Gentlemen, … and Fez,….. we have an important decision to make..” Eyes widen, the gathered lean forward, on the very edge of their seats in anticipation,… he continues,….. “ Salt and Vinegar,..or Cheese and Onion?”

Joe,.... hopefully he will be recommending a fab offer?

I've modelled a LE valuation and.... after ASSUMING TE-10 flows commercially in line with the volumes in the RNS... IMHO we are looking at a LE with a return in the region of £0.55, £1.21 and £2.21,.. low, mid and high case. That is after the JJ *47%. So what we actually get back in our pocket for each share held.

That includes assumptions/allowances for the basin model and Sidi. ie complete one-off Company sale.

Happy to post may calcs- but prior to doing so, would be interested to see/hear from others who will have tried the same exercise.

Best.

We just need a sniff either one of the signed contracts moving forward and I am sure life won't be 'dull' anymore. They had said that they hoped to sign more than one long term contract before year end,.. I wonder where we are with that.

Wouldn't it be ironic if, after all of the debate on here, the contract that appears first is neither of the ones that we are currently expecting.

Best

.... might not be the most exciting news to get our blood boiling... we have to remember that they are actually the foundation stones to un-lock all of the content that we can provide,..... and each one that we sign-up,.. in some ways closes the door on someone else getting to those artists,... thus strengthening and reinforcing our position.

Patience.....the Quest will be launched soon..... Spring '19---- that's any time now....

JP told us it'll be 4 figures.
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But he didn't say where the decimal point would be!!!!

er.... no.

I'm not sure how many PI's would vote for a £1/share offer? ....or whether JP would even contemplate putting that to us?

There must be a minimum sp that he feels reflects the value of the assets,.. and the POTENTIAL,.. of the assets. We used to talk of a Plan B,.. taking what we have to production etc., if the offer on the table wasn't acceptable, or didn't materialise -- those thoughts seem to have disappeared?

I want whatever you are drinking!

One day Rodders,...

Interesting that 13 of those aircraft were from Italy,... and Italy have started to make noises about joining INSTEX. When it's up and running I suspect that there will many others who will want in.

"She announced that Iran has received a total of 16 passenger planes since the 2015 nuclear deal took effect, including three from Airbus and 13 from Franco-Italian turboprop maker ATR."
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https://www.en.eghtesadonline.com/Section-economy-4/28313-italy-ponders-instex-membership

"Manlio Di Stefano who met Gholamareza Ansari, Iran’s deputy foreign minister for economic affairs in Rome on Thursday, said in the current circumstances INSTEX is the best possible way for supporting small and medium sized companies.
He noted that Rome supports the financial channel between Iran and European Union, Tasnim reported.
Stressing the importance of respecting commitments made in the historic agreement (Joint Comprehensive Plan of Action) between Iran and the six world powers, Ansari termed INSTEX a practical measure to enforcing European obligations as enshrined in the JCPOA, according to Financial Tribune.
He expressed the hope that normal trade ties would be restored after Iran’s trade partners, including Italy, join INSTEX. He urged Italian officials to ease the “extralegal” restrictions Italian banks have imposed on trade with Iran. "

.. for sure they would not have pursued this option if they didn't think that it could bring with it significant benefits. So let's wait and see if it comes to fruition and then we can judge etc.,

But what I find refreshing,... is that this demonstrates that we have strong leadership who are constantly reviewing all aspects of the project,.. and who are not scared to act if they believe they can improve on the project delivery.

jag.1

well,...

It's too early to tell,... because there 3 more days yet when news could be released,

You might be right.. you might be wrong....

Plus,.. i didn't say there would be news... you seem have adopted that position?.. and then decided to have a 'pop' at me.

Whatever.

London

Ned,...usually towards end of June.... 26th onwards.... this year I would imagine it will either be the Wed/Thurs/Fri of that week.

Early doors,.... but if I'm able.. I'll be there. Missed the last one,...

random,..

I don't think that the RNS last week was not pointless.... but there again,.. I don't think the RNS was actually for our benefit.

Whilst it wasn't explicit is saying this,..I think it confirmed that all of the gas from the 'discovery' will be taken by ONEE and will go back in to the domestic market. ie there is a buyer, and not just for some of it,..but for all of it.

IMHO,.. that helps SOU in a number of ways,.. especially in respect of the dealings with ENAGAS and the others, ie the consortium. ENIGAS now know, with some degree of certainty that the gas has a definite 'home'. So the up-front money that they need to commit to the building of the pipeline and the processing station is now firmly 'underwritten'.

If we look back to the June '18 RNS,.. the completion of the finalisation of the FEED was due to take circa 6 months:

"Subject to the completion of FEED, and conclusion of a final BOOT contract with associated debt funding put in place, the Consortium will be responsible for the construction of the Project and for its operation for a period of 15 years. In exchange, Sound Energy and its partners will pay an annual fee to the Consortium with effect from the commencement of commercial gas production. The fee payable by the Company will be agreed post FEED but will be subject to an open book target fee calculated by reference to a target internal rate of return for the Consortium and to a 'not to exceed' fee of US$45 million per annum. At the end of a 15 year operating period, and subject to a possible extension by the parties, the ownership of the Project facilities will be transferred to Sound Energy and its partners, or to another entity appointed by the partnership, at no cost.Â

Â

FEED is expected to last for some six months, following which the Company will be in a position to take the Final Investment Decision ("FID")."

----

So that is now over due,... or if we allow a little slippage,..you could say it is due any time.

Oh .. and we have an impromptu meet-up this Thursday?

But what isn't clear in that article Mike is whether it means end of our 2019 or the Iranian year. I
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Gibbo

Very good point! I'm ashamed to admit that I immediately just thought of our Calendar and not theirs! In which case we are talking of a few weeks,..

We have been advised on the price per Tcf for Tendrara... circa £1.50/Tcf ( which net to us @ 47%= circa 70p)..... BUT have we ever been given a price for the gas at SM?

I don't ever recall there being a SM value discussed as a separate item,... if not,.. could someone attending on Thursday ask JJ? It would surely be different as the cost of the exploration and infrastructure costs would be different and affect the return.

Best