Member Info for ps200306

Jonesy, I don't seriously think there's ever going to be 31 Tcf. The market revulsion for the share now means that 1 Tcf would make it a multi-bagger. Scratch that, NO MORE Tcf could see it being a multi-bagger.

LONGWAIT, I concur. Once this deal gets over the line, there is massive potential upside. That 1.4p dividend should be easily achievable even with a 14.3% interest which would also mean having scads of cash for further exploration. Another Tcf would be game changing, as you say, tripling the potential dividend. I've been lucky enough to be able to average down to where a 1.4p divi would recoup the majority of my paper losses and at 5p would be in clover. Sure there are serious risks but ironically the "high risk high reward" strategy actually makes more sense *now* than when everyone was dreaming of a four-digit SP.

Pontcanna, no, I don't think we were taken for a ride. Only the naive think there is a low risk route to huge investment returns. I confess to the same naivety as many on here in thinking SOU might be such a thing, but I take responsibility for my own decisions. This board has now sunk into a Slough of Despond which is a classic example of the market cycle of emotions. Euphoria led investors to blissfully ignore the risks at the top of the cycle, now despondency has given them a deep revulsion for the share at the bottom. Every piece of company news is now seen through a lens in which the chairman is Machiavelli and the (ex)CEO is Vlad the Impaler. I can understand it, but I'm unashamedly treating it as a window of opportunity.

If we found and proved 31 Tcf recoverable it would still be worth between $40 and $100 per share to Sound. I'd settle for 40-100p. In fact I'd do cartwheels down the street.

Manyana cares. He sees Tony coming back with the APEC money under his jacksie, like a Pope Benedict emerging from the Vatican for a big comeback.

I'm with *you*.

Manyana, you're not getting it. It's really quite simple. TO'R has demonstrated his ineptitude and has even declared that he will fall on his sword. A handful of IIs call each other up to see what they are going to do about TO'R squandering their investment. They can call an EGM and get rid of him as they have a majority shareholding between them. But they'd prefer not to drag things out or lose even more money when the company gets sued for early termination of contract. So TO'R agrees to leave without the public humiliation of getting the boot, in return he kicks up no fuss about the contract being ended. He even gets to hang around for a couple of months while he looks for alternative employment. But a new CEO is drafted in and is offered a ton of share options if he can make something happen quickly. TO'R obviously gets no part in that, which is further proof that he is persona non gratis. That's it. Simple.

This board has gone full-on conspiracy nutcase. Marco's debt is not due until June 2021. It was issued to repay previous existing debt. Nobody was complaining back then in 2016 even though the bonds were issued at a 30% discount to par, in addition to a healthy 5% coupon. How come we're getting all hysterical about it now? ... there's nothing unusual about directors' loans. Marco and his companies additionally own many tens of millions of shares in SOU. I've no idea what their average is, but some were bought at 30p and some at 50p. At least one other SOU director bought shares at above 70p. It's reasonable to assume these guy believed their own hype. Nor was there any shortage of hype merchants on this board, some of whom have become vocal detractors since.

The good news is that Marco's interests are substantially aligned with other shareholders. What, you think he's going to somehow whip the whole thing from under the nose of OGIF by calling in the debt early? People need to calm down. Apart from JezTheFex, the rancid little pox doctor's clerk who doesn't hold a single solitary share. He should go back to that board that begged us to take back our village idiot. Hopefully there's something akin to the asylum seeking rule that says you have to take up residence in the last place you were invested.

Again, purely guessing, they may have been riled that he wasted two years on a wild goose chase and they didn't have the confidence to continue with him even if there were other parties in the offing. Also, I've never seen TO'R speak except in a handful of media/marketing interviews, but he seems to me to have the charisma of damp cardboard -- particularly surprising for someone who so clearly spends a lot of time in the sun. It was interesting to see the share price take a small bump upwards just on the mere news that TO'R was leaving.

Good questions LONGWAIT. My pet theory is that the IIs banded together and threatened to call an EGM to oust TO'R. They want a replacement deal with someone else (someone competent) at the helm. Pure speculation on my part but it's the only thing that makes sense to me.

Nobody is going to work for share options alone. Can't see new CEO taking less than 300k per year. While they no longer have an old Georgian building to themselves, the new offices in Sandyford are in a modern new building and certainly won't be free. Only half of the survey was done -- two well locations out of four. If the rest have to be done then the survey boat's mobilisation costs will have to be paid a second time. If they don't do the others then a large part of the Barryroe potential won't even be appraised. PVR has to pay a fee to retain each of its licenses annually. There are doubtless many other costs we don't know about.

The share price is down by a third since the last raise which was only enough to keep the lights on until February. And that cost us a ten percent dilution. The share options are another 2.5%. With the market cap under 40m, any serious raise is going to cause serious dilution. The APEC money is never going to show up, that was always a mirage. We now need a miracle to find another partner willing to invest on similar terms, although they will doubtless want a bigger chunk as PVR is over a barrel.

Calving cows? I think of it more like bacteria reproducing. Happens faster than you can keep up, and keeps multiplying until it has consumed all available resources. Then it dies, leaving you with nothing.

I'll accept the dilution as if Barryroe ever does get farmed out on favorable terms I can still make a return. If it doesn't (as I expect) I won't have been fooled (yet again) into funding this jinxed old dog.

"Damn predictive text."

That's what Tony said ;-)

Maldini1, the LSE site we're on shows the number of shares on issue for SOU as 1,156m. I don't know where it sources the info, but that's the post-placing number. I imagine if they had not been admitted to trading on Jan 13th as we were told, an RNS would have had to issue.

Yeah, well if it's any consolation, I may turn out to be the bigger idiot for thinking there may still be a worthwhile deal in the old dog.

However, it it'll shut you up, I photoshopped this for you: https://i.imgur.com/r4T1a6C.png

Jonesy, do you ever feel anything but negative vibes? As I've explained to you before I have never blocked anyone, nor encouraged anyone to block anyone, because they don't fit a narrative. I filter people because they incessantly post about orthopaedic mattresses, the Sussex Downs, or the style of death they wish for a certain former CEO. Two inches above this post I see a board title of "Share Discussion for Sound Energy". That's what I'm here for. Not spam and fart gas.

As for my increasing shareholding, I've also explained that I posted it merely to counter the incessant negativity. I'm hardly gloating about it since, as I've also posted before, I've a paper loss of half a million lids. Seriously, apart from your Oberführer delusions, why would you want me to post that? I'm not trying to prove anything.

Continuously?? Hardly. I posted a couple of times that I was continuing to top up, as an antidote to the constant barrage of negativity on here.

It certainly isn't anything to brag about as it involves eyewatering losses. I don't know why Oberführer Jones would be so anxious to see it unless he's a masochist looking for a bit of vicarious misery.

Shaghiri.... wasn't that the name of the panther in the Bungle Fook?

Jonesy, you were going to show me your Oberführer von Aktienurkunden badge first.

Just driving by and noticed you being negative Jonesy. Tut tut. SOU currently own 47% of £2bn worth of gas in Tendrara. Fastnet own diddly squat. P.S. Just completed my top up to 3m golden tickets ;-)