Member Info for partridge

I would be interested to know the latest value of cash and cash equivalents. It was $14.6 million in the 21st May 2019 update but was early omitted in later updates. Would be interesting to know for two reasons. The first is the amount spent trying to squeeze a few gas molecules out of Te10 to make it into a discovery over a six month period, the true cost of which was never disclosed. Secondly it would inform everyone how much has been burnt since May. And thirdly, it would show how much cash will be burnt in the last months in the bunker. Anyone got the ear of Mr Parsons to get an answer?

They are counter views because Mr Trellis posted the share price, which was verifiable, when others posted their values. Reality is a strong argument at all times. Sadly, the seeds for the argument against the reality of the share price were paid down long before by Mr Parsons. " Never has the disconnect between company value and share price been so great" and so on. We looked to justify the company value and not the share price. The latter was too easy. That and other ideas such as the " shareholder will be the last to know", and "shareholders will be pleasantly surprised" were all infused to keep the scheme going. It has to end sometime. And that will be the choosing of Mr Parsons.

Mr Ericnat, 14.3% of $120 million is $17 million. That is enough to drill one well.

"The intention is the JV has a binding agreement with Sound to distribute cash from production "

That reads to me that the JV gives the money to Sound Energy not to the shareholders. It is not for dividends. It would be used for working capital.

Trader, my people are working on this and initial indications are that it can go to 0p.

Mr ericnat,

" The MOU covers the first 0.5 bcm per annum (approximately 48.4 MMscf/d) of production of natural gas with the arrangements for further production above this level (including up to and beyond the mid case production rate of 60MMscf/d used in the concession Field Development Plan) intended to be negotiated in the final GSA. The gas is priced and sold to ONEE at the M04 tie in point of the Gazoduc Maghreb Europe pipeline".

81% of 60,000scf/d I should imagine is 48.4MMscf/d. The MO4 tie in is specifically mentioned because for price because it is after processing. It is the how the deal was negotiated.

Mr wh0,

" The cash consideration will be payable in three tranches: 55% on completion of the Proposed Transaction (from which the Company will meet transaction expenses and related costs); 30% at the Final Investment Decision (when binding commitments are made to provide the development capital) of the concession; and 15% within 60 days of the delivery of first gas production from the concession".

I think at FID, there will be enough cash to pay off debt. I should imagine FID would happen quite quickly. And, if Sound still have the $14 million they said they had in May then at FID they could have $26 million cash at FID. I wouldn't hold my breath though.

Look at recent RNS. 60000scf/d is worth $84 million taking into account gas at Tendrara is approx 81%.

https://www.investegate.co.uk/sound-energy-plc--sou-/rns/tendrara-gas-sales-agreement--signature-of-mou/201910300700035418R/

Not plenty. Approx. $45 million. Take off debt of about $32 million (€28.8 million). So maybe$13 million. That is cash at FID.

Mr tradeemup, RNS yesterday said : " an estimated US$58.5 million carry with respect to Sound Energy's future capital expenditure requirements relating to its retained interest in the Tendrara Production Concession in order to achieve first gas production from the concession".

I take that as the cost of pipeline, processing plant and necessary production wells. Approximately $160 million for first two and remainder for wells etc. That comes to 4x $58.5 million, so about $234 million. Less wells required, say 4 or 5 (read THE on connected volumes):

https://www.investegate.co.uk/sound-energy-plc--sou-/rns/tendrara--update-on-te-7-connected-gas-volume/201903250700097951T/

Always was his plan. To take umbrage and leave.I thought he and his team were the sort who face up to critics and not cowardly creep away.

Mr JezTheFez, great idea. Get Mr Parsons to talk the share price up and see where that gets us. Or got us. Who's writing the jokes at Chuckle4Energy these days?

I think it would be a good time for Sound to update on the cash position. The last time it was updated was when Mr JJ sat down with Malcy. £14 million in May plus the $3 million cash raise. I hope Mr JJ has not done a Labour party and left a note on his desk saying all the money has gone. That couldn't happen could it?

Son? Sorry what I meant to say was thank you for the gift of your hard work and endeavour. You've left the company in far better shape than when you arrived.You have kept the CEO honest and true and have made sure there were no shenanigans. Sound is alive and well with a great future. We have all been rewarded by your imput. But that was lost in translation. My bad, dad.

I was always bemused by Mr JJ and his appearance at Balls Brothers. A CFO presenting to shareholders and he couldn't be bothered to stand up for the duration. Sitting on the steps he had the look of someone who knew the game was over. His body language was that of a person who didn't want to continue the charade. " Tell them James, I can't pretend for another six months". Te10 was kaput and he didn't want to continue the lying, they had wasted millions on incompetence and stupidity. Yet he got back to his feet, took the exorbitant salary, misled, continued and participated. Smooched with Mr Malcy. Now he leaves, rather presumptuously, because shareholders haven't spoken. The deal is not done. Might we have the to negotiate again and be shown to be an operating ship. The arrogance. The vanity. The appalling conceit.

James, I think many of your investors have received death threats today. You're not alone. I have had to move into a hotel for the night.

Pounder, I'm one of those morons. How can I help you?

That billion or so shares will not arrive until tomorrow. Sellers making hay at the current high price. Tomorrow and days after the selling will continue. You'll wonder who's selling. It won't be the small shareholder. Plenty more shares coming over the hill.

Poor Kirky. Why report him? I think all the negative posters, the doubters, the bashers, the critics and the tree shakers, the MMs and the sellers should be reported as they must have had inside information. There are many of them. Congratulations to them. Being a true disciple and believer I am ready for the next con artist to come along. Must dash, there is a man at the door selling Nuog shares. Unbelievable future. He looks somehow familiar.

in deals involving Mr Parsons. I wonder if the buyers are the same people who were involved in the two cash raises ( were they $3 million and $15 million?). What sort of purchaser has so little faith in the asset that anonymity is important? Will this anonymous purchaser be the eventual owner of the asset? I doubt it. Anonymity allows for mutual deals and backhanders. Not necessarily illegal, but distasteful nonetheless. A bad smell can only follow.

From Investors Chronicle website:

" Sound Energy (SOU) shares were down a third in early trading after the announcement of a non-binding heads of terms agreement of 51 per cent of its share of the onshore Moroccan project Tendrara. It has not revealed the name of the buyer, only describing it as a private UK company specialising in energy asset development. The $113m (£88m) price is split into $54m in cash and $59m carry on future capex requirements. Sound, which has seen its valuation fall from over 30p a year ago to the current 6p level, said the deal would provide “early monetisation” of its gas resources. Panmure Gordon analyst Colin Smith said investors were right to be sceptical of a “highly conditional” offer from an anonymous buyer".