RE: Bond holders28 Feb 2021 17:03
Daveyboy71 no need to apologise at all! We are only having a discussion so that we can both better understand the position of the company.
We (Sound) NEED financing or a clear path over the bond in order satisfy/secure funding. We (Sound) are currently in a position of principle. Only when we can show that we can repay / renegotiate the bond will the principle become binding. At the moment it is unfortunately all talk. No one is going to provide any form of buyer assurance or LNG supplies without the future security of company being secure. Don't forget italfluids will in turn have back end partners and suppliers they need to sign agreements with.
OGIF were given the (27%) share issue by us, Sound Energy and it's P.I heavy investor base. We issued 272,000,000 new shares to them on the 18th September 2017.
ONHYM - In order to carry out oil exploration and exploitation activities in Morocco, any operator must enter into a petroleum agreement with the ONHYM, and provide the ONHYM with no more than a 25% interest in the exploration permit and, as the case may be, the exploitation concession. The ONHYM benefits from a specific legal regime that
entitles it to hold titles and permits without being bound by the legislative and regulatory constraints on the number
and nature of these titles and permits and the maximum surface area of exploration permits.. By CMS - LAW/Tax
..... So respectfully, mate ONHYM nor OGIF have put f*ck all in and have nothing to lose IF, and that is an IF, this goes south. Will then point to mismanagement / risk of the sector for it to all rinse and repeat again.
Are you not able to put the alleged real reason as to why he left here, Davey? I think we are all tired by the stories over past the years. All in your opinion of course.
Cheers for the response.
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