Member Info for MikeGP

Adj, We were never waiting for the US opinion on the JPCOA,.... the US had been signed up to it since 2015 until they decided to unilaterally pull out on the 8th May. http://www.bbc.co.uk/news/world-middle-east-33521655 Because the "deal is signed",..I assume you mean the WSG contract,... that clearly doesn't mean it has been implemented, any goods coming from the US may not actually be contracted yet. As far as I understand it ..WSG haven't even confirmed as of yet that there are items or services supplied by or sourced from the US. They have just said that they are checking their supply lines,..or words to that effect. From the RNS: "It should be noted that the Company considers that services and equipment anticipated to be supplied by Westminster fall outside any current sanctions and the Company has gone to great lengths to ensure compliance with international regulations and sanctions towards which end It has received considerable UK Government support. Following the JCPOA developments and initial discussions with Westminster's customer and commercial partners, the Board of Westminster has taken the decision to place the project on hold whilst the Company further investigates the impact of the US withdrawal from the JCPOA and the implications for the Company's supply chain including the potential replacement of some equipment suppliers."

Good source of general EU/Iran related trade info http://ec.europa.eu/trade/policy/countries-and-regions/countries/iran/index_en.htm

I take it you mean 200 mil to bring gas to market? Still leaves 1.2 billion so over a dollar a share after all share options exercised ___ Which is where I get the 50- 75p/share from once GSA and Pipeline finance in place.--- hence everything else in for free.

I have made a note of your questions and will put them to the Team on Thursday evening if I get the chance. ___ What steps are Sou taking to ensure their cash burn is kept under control as much as can be? What is Sounds stated cash(not equivalent) position end of Q1?

ADJ, "The get out clause for the US has to be contracts prior to Trump exit signature stand ".. Agreed. Hence my post earlier,... did we actually sign the contract before the 8th?

Good point cal re;US dollar payments. I'm sure WSG could arrange to be paid in another currency,..just greater risk of volatility and perhaps some hedging required. The Iran contract is already stated to be in Euro's... The whole banking/financial sector is more of an issue,... and might require some re-jigging? First things first,.. let's see what comes out of tonights meeting,...then, I believe the full EU council are scheduled to debate it next Wednesday,... and then we have the WSG update next Friday... so all good fun! No doubt Trump will pitch in with a bit of nonsense in between those dates!

Retour, Err..so you don't have any figures to back up your calc then? Seems strange.... you pretty much doubled last years cash burn,.. even though we aren't drilling etc., anybody might think that you are playing a bit fast and loose with the facts? Just show us your workings and I can get them addressed on Thursday.

Eskers,..this is interesting... "A source at Maersk Tankers also confirmed the company is not offering its ships for fresh Iranian cargoes, Platts reported. The operator, however, made it clear that it will honor agreements that went into force before May 8 when Trump announced his decision to withdraw..." ___ I wonder when our contract was actually signed? The position that Maersk appears to be adopting suggest that they will honour deals signed before the US pulled out of the deal. I wonder how that would affect us if we end up having to play hard ball....? .. and we have a 15yr deal,.... so doesn't have to be renewed any time soon??

Retour, The loss for the whole of that year was 12.3M.... circa �1M/month,... and that included drilling operations. This year the company has been largely inactive as the seismic has been on-going,... which as you know is carried by Schlumberger. So it is possible that the cash-burn is less than �1m/month,..... in the previous year,..it was �4.7M for the whole year. So your take on 5months cash-burn at �10M seems a bit rich? Maybe you could break that down? I'll put it to the Sound team on Thursday.

CD IMHO...( and presumably his)... the sp will be circa 50-75p based the sales agreement and infrastructure being in place for the existing 0.6tcf. Everything else will be in for nothing,... so whether they are successfull or un-successfull the sp will be underpinned at that level. That is the logic, n'est pas? What do you think?

The sp will be higher than it is now, and will be underpinned,..by the signing of the GSA and the funding for the pipeline being underwritten, most likely by OGIF. Simples! Both of which are likely to happen before any of the three planned drills are completed.

.. rising because it is becoming more apparent that the EU, Russia and China... aren't going to walk away from the Iran agreement,.. just because the US has. If the US had a compelling argument as to why they feel the Iranians have breached the agreement then I am sure that all parties would want to see it addressed?... and we would stand together as one. This is playground politics by Trump and it won't work. All very much IMHO. A lot of blustering and in reality very little will come of it. Sadly, in the short term it has messed with our plans,... but at least we now know where the contract it, that it has been signed,... and that there is massive potential in the country for year on year growth.

Steve, 4mdollars tech contract,.. some of which has been received up front,..-- we don't know how much,.. and the majority of the balance is due within this calendar year.

oman, Agreed. The world is a small market place nowadays. Isn't anything we can't buy from the States that we can't buy from China,.. and probably at about half the price. Would be a great opportunity to kick out Starbucks too. I expect a deal to be done with moonier concessions,.. and knowing that the contract has now been signed,.. it will be game on here. In the background we have had the tech contract,..much needed,... and the improvement in pax through Sl which will be straight to the bottom line. As LTHMike has been saying,.. last years numbers should be much improved, and this current years' should be even better. GL

.. as if any of the Europeans want to give up on the Iran deal. Not surprising really,.. if Trump gets away with this,.. it's virtually giving him an open door policy to say "if we don't want you to do business with someone,..then you can't!"

LTH, Don't forget that the figures will be for the last financial year,..ie ending in Dec 2017..... they won't include the recent Tech contract, nor any increase in passenger movements at SL since that period. So, should be most positive for a while,... but won't reflect the current state of play. Hopefully the statement will also include a forward looking statement which does pick up those items and this will be positive etc., I would also expect them to address the loan issue,.... would be annoying if they leave us hanging on that... Best

Germany views the U.S. decision to withdraw unilaterally from a key nuclear deal with Iran as wrong and Berlin hopes Washington can still be convinced to refrain from punishing foreign firms doing business there, the economy minister said on Sunday. "There'll be a deadline of up to 90 days," Peter Altmaier told ZDF public television, referring to a time limit for foreign firms to comply with the U.S. sanctions or face penalties. "In this time, we'll use all possibilities to persuade the U.S. government to change its behavior," he said. "That can be achieved through talks and by explaining that everybody will be losing at the end if we are running into a worldwide escalation of unilateral measures," Altmaier added. https://www.jpost.com/Breaking-News/Germany-hopes-to-change-US-stance-on-Iran-deal-through-talks-556281

Tosh, Behave!!!

... earns his corn. I trust that he will be "on the blower" to HMG before and after these meetings. If the meetings result in a positive outcome,.. and I'd suggest that we might get an update from WSG by the end of this week.... as it can't believe that it would take more than a week to examine the provenance of supply chain? Even if certain elements were to contain US equipment,..it is still uncertain that those items would fall within the scope of any proposed US sanctions? Surely the US would welcome the implementation of airline security to 'western' standards? All out of our hands now,.. the BoD got the contract signed. It's going to happen, or it won't! Best.

EU Foreign Ministers meeting: "EU foreign policy chief Federica Mogherini will host a meeting with the foreign ministers of Britain, France and Germany on Tuesday in Brussels to discuss the Iran nuclear deal after U.S. President Donald Trump�s decision to pull out of it. The group will also then meet with Iranian Foreign Minister Javad Zarif, the European External Action Service said in a statement." https://www.reuters.com/article/us-iran-nuclear-europe/uk-french-german-foreign-ministers-to-meet-over-iran-on-tuesday-idUSKBN1IC10S