GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
Doesn't the current consent only cover them for wire logging? Don't they require an additional consent for casing/liner?
Assuming this is right would the additional consent be RNSable?
GLA
We understand this concern, have taken tax advice and will look to distribute any proceeds in the most tax efficient manner possible. Donβt worry β we have an elegant plan for this.
Apologies it was an elegant plan!
Trellis maybe 'cunning stunts' would be more appropriate?
GLA
JJ said something yesterday in response to a question about tax efficient distributions at LE. He said something along the lines of 'We have an elaborate plan for that' when answering a question which was around the issue of selling assets vs selling a whole company.
I have just been looking at Companies Hse entries for Sound Energy New Co Ltd which was set up in February.
Could the deal be a complete sale of Sound AFTER SM is transferred to Sound newco and Newco shares are distributed to shareholders. Thereby giving a tax efficient company sale to include Eastern Morocco assets and allowing Sou to retain ownership of SM through Sound newco?
I'm not a tax accountant so I'm not sure of the legality of this as a transaction, anyone know more about it?
GLA
Cheemap we are not in the sales process, we are in the marketing process and as confirmed by JP last week the marketing process is not a closed period. During this time the dataroom would be open to interested parties (online rather than a physical room). IP would then get a Q&A session/presentation with the board and then at a predetermined date will submit (or not) their bids.
I doubt we have reached that predetermined date yet and the team are likely to be doing presentations atm.
Once bids are received, depending on how many there are these will then need to be evaluated and the S&P agreed between the parties (probably including MG but deffo including II and % partners) before an offer is put to shareholders.
I suspect the closed period would start sometime up to the point when bids are received.
No one will send in an early bid btw, why would you?
GLA
Agree Jack. I don't think SOU have any choice over this marketing exercise. I think the MG want a bigger player to take over and get this moving, after all we have already proved up enough gas to provide 60% of the gas to power needs of the country.
Repsol and/or Shell to take it forward.
GLA
Wow there's a lot of people on here who don't want to take responsibility for their own actions! Maybe AIM isn't for you?
Good luck with the FCA
GLA
Bit different to yesterday, over 200 postings yesterday, today it's more like Love Island with KTF and Jones trying to arrange a date!
Hopefully we will have a blue day today although there is a bit of early selling going on.
Thinking about yesterday, but not wanting to sound like Crude I think JP did well. He didn't need to do the FSC and in some respects it was a waste of time because they couldn't answer lots of stuff but at least they did do it and it allowed many here to vent.
JP maybe a salesman and in hindsight he was OTT but no one was forced to buy, no one was encouraged to get relatives to invest, at the end of the day we all have ourselves to blame.
I remain positive for an outcome that will return funds to investors. No flash cars or school fees or early retirement maybe but if we all get our money back and maybe a bit more for those that were a bit more canny then that will be an honourable outcome.
Hoping for 50p+ at LE which I think is sensible.
GLA
No RNS? What happened?
GLA
Trouble with FSC is that you can't answer the questions everyone wants answering so you are left answering technical questions that most of us don't care about or responding with variations of 'I'm sorry due to sensitivities I can't answer that' None of my questions were answered, I guessed that they would fall into the second of the above categories.
I took some encouragement from the FSC in that it appears that the timeline is before year end (JJ's comment about FID) and overall the confidence of the team that what we have is worth more than the current find (which in itself is worth 20-27p per share)
I hope I will at least break even on my average of 25p, however I do still hold out some hope of a decent return. I cling to the fact that JP 'only' has 2.9m shares and he is therefore as keen as the rest of us to maximise the return.
Personally I think it will end up being a full company sale with no CP as there were some hints about this and the delay to farm out is also in the background. I also think talks are more advanced than we may imagine. But WTFDIK.
GLA
Partridge you have been 100% successful so far with your algorithm on RNSs. (bit like Omar and Scotforth have been 100% successful predicting dusters)
Does your algorithm give any indication regarding likely content?
GLA
Lawrence I think you may be wrong. I think the opposite. But I might be wrong.
GLA
Thanks for clearing that up Jordan.
We have received an offer for the GSA, what does that mean?
Brian wouldn't be able to find your kitchen let alone the gas!
GLA
Obviously no questions that they consider they can answer :o)
Pretty sure they won't answer mine
GLA
When JP says that they cannot answer any questions on the marketing process does that include telling us the deadline date? If so then the FSC is a complete waste of time, it could be a week away or it could be 12 months away some indication is needed surely?
I'm not sure how telling us the timeline might impact on the process?
I have been involved in a similar process with an organisation of about Β£50m so much smaller but the timeline has never been confidential.
Won't be able to join FSC and don't have access could someone ask the question? I'm sure they have already but just in case.
Many thanks and GLA
Thankfully we aren't the ones doing the negotiating so regardless of what we say JP and the team will get the best they can.
But just in case.....Β£5 a share minimum!
GLA
My gut feeling would be 12-18 months ;o)
GLA
I posted it earlier today, I'v just noticed that JP has already started posting to the FSC site?
Won't answer questions about the process because potential bidders are likely to be viewing the site.
Therefore my question:
When do we get the Β£5 per share we all know the assets are worth?
Answers to this question will obviously be determined to some extent by your own situation. So I am a LTH been here 5 years, have an average of 25p on what for me is a substantial holding.
How would you feel if we achieved a LE of Β£1? For me the over riding feeling would be one of relief. I certainly wouldn't feel I had done well and certainly wouldn't be rushing to follow JP into his next venture. I can take all of the sales patter but for me there have been too many missed deadlines and too many 'cock ups' (waiting forever for coiled whatever) and too many 'half truths' (TE 11 is manga bandwidth)
I'm sure others may feel differently if we achieve Β£1, certainly those that have joined in the last few months or weeks.
I just hope this concludes soon!
GLA