Member Info for Shedulike

Me too based partly on the below but mainly that the TE-5 horst just has to underpin us in the 20's. Current levels are due to sentiment and sadly mistrust but I'm feeling more positive since the shock of Tuesday which I'm not ashamed to admit hit me hard. For balance I don't believe anywhere near a £1 is possible. Sorry to go back to the wages but I suspect the rises came about when they realised it was unlikely they were going to hit their options. A commercial TE-10 would have changed that of course.

TE-10 is not a busted flush - given the volume of the discovery a new operator might revisit with a different well design, as such it could still add value. I guess a lot depends on the water problem and as a non-expert I haven't the faintest idea how the problems we encountered could be overcome but the basic line of this thinking has been confirmed. How much that is clutching at straws I don't know but maybe there will be some encouragement from the downhole pressure gauge.

Well at least it means we shouldn't be visiting 5p, the one crumb of comfort that at least those 5p shares from the fund raise all those years ago have doubled! That's the good news, the bad news is he may know the LE is nailed on at 15-20p so it's a bit yin yan really, overall positive though.

JP must have told him nobody will lose at 10p :)

Jack it's such a pity to be conversing with long term posters in these circumstances but putting the drilling risk aside (which I except) I'm very bitter about the wages. I thought it would be a given that there would be reductions. A while ago they paid for some services with stock to 'protect cash'. I know it wasn't much but I'm suspicious now that they'll run the remaining cash pool down as far as they can which, when they failed to deliver the 'fully funded' three well programme is crass. Guess it was 'fully funded' until the extra equipment, subsequent delays and demands on cash to be paying the salaries throughout the fiasco drained it. I'd actually go farther and suggest that as soon as they knew TE-11 was at risk of not being funded the salaries should have been suspended. Feel deeply betrayed not by being on the wrong side of the COS with the drill bit but by the self-serving actions of the Directors. Hurts more because for years I believed this lot were different from the norm on AIM. Sorry all the good people out there that I'm not cheering up but I'm devastated.

For any normal people, you'd think it would feel like returning to the scene of a crime. We haven't got enough dough to continue exploring but 14M is obviously an irresistibly attractive sum to divvy up in terms of personal wealth. I'll suspend final judgement on this shower until we see the final LE figure but the mention of contingency payments are crushing my last hopes. Retaining a stake in the Paleozoic means one thing - next to nothing paid to shareholders in the near term plus years more hoping to claw back our investments. Incredible that in May 2017 we were told, officially, in writing, directly from the CEO that we had the 'Paleozoic Play Opener',

Assumed this would be our Exploration Director falling on his sword after pretty much complete failure in his post. We're not exploring anymore so what is Brian for? Would they argue he is required to liaise with prospective buyers, perhaps to advise how not to explore the licence??? If that sounds mean I can tell you now if I didn't deliver adequate results in my vocation for even 6 months the phone would stop ringing very abruptly.

Yes, the refusal to even make a gesture on the wages front is a sickener. At best it gives the appearance that the remaining cash has been ring-fenced to safeguard the headline salaries. Disgusting while they're axing the less significant staff, greed and brutality, someone even mentioned the top 'talent' have rights to 6 months pay after a sale. I haven't verified that, just too depressing to look into. On the bright side, oh rats there isn't one - well on the marginally less than pitch black side I am genuinely confident that a LE event will deliver multiples of these levels. That's based on the fact that we have a commercial discovery over 20p and the blind faith that we really do have more than one significant interested party in our assets plus running room on the license. I have taken a drink mind...

Eric I'm certain it will be over 20p - perhaps a glimmer of hope for something significantly better would be if two or more interested parties believe they can get a tune out of the TE-10 discovery. I know that's a huge 'if' but perhaps a bit of wreckage to cling onto. This board really is a horrible place at the moment, but I wonder if there could be one last twist. The Directors not even offering a token wage cut has really depressed me and I'm glad I didn't ever shell out a penny to meet them. That's not schadenfreude over the people that did as I'm sure the trips were amazing experiences just a shame they will now be associated with such a deflating saga.

Oh my days JP is about to come into his own - seriously though Crude thanks for posting, some comfort in there.

Thanks Turtle though I think the only people certain of a positive outcome are those who invested yesterday or today. What a waste of all these years - so very sad for LTH's. Brian should get a new job as a financial advisor - wish I'd followed his investment decisions.

Jack that's the thing - if we are going ahead with Sidi then a huge chunk of proceeds will be swallowed up by funding for that. If they can get anything significant for it I'd rather the whole company went and I can try and forget about this (no offence nice posters). It's weird but a lot of my regret here is not just financial but the sodding time I've spent thinking about SOU, suffering the ups and the more persistent downs all for nothing.

...... before I go back to staring into the middle distance while rocking backwards and forwards can we scrape any modicum of hope that the downhole pressure gauge could produce some positive data for potential suitors? Anyone from the industry know if this is simply standard practice or an indication that there's something worth monitoring?

I would imagine an absolute maximum achievable price as approx 40p. That was about the level when he announced the TP in April 2018 and we all should have said farewell. I think we can assume that he had established that the existing discovery couldn't ever be worth more than that or else he wouldn't have initiated it at that level. The seismic was suggesting it was going to be tough to find more commercial gas and his fears have been proved correct. Such a red flag! Remember the tripe about reducing the exposure to 31M because it fitted with his superstitions - 31M - 31TCF geddit? That was a Parsonian classic wasn't it - could someone pop round and punch me in the face for not running a mile when I heard that? A quote from JP's personal web page "History is written by the victors", initially I was surprised he'd left that up but when you think about it......

Valid points Bravo but I'm not sure shares in another JP vehicle are particularly enticing.

Good point Eric not only are we being denied the most tax efficient LE, a complete company sale, but a huge amount of the proceeds from an asset sale will be swallowed up to fund Sidi, remember paying for this kind of talent isn't cheap.... Looks like they're eyeing a deal to keep the Director's gravy train chugging away. This announcement has their interests written all over it, whatever is left over for a dividend will be peanuts. Didn't think I could be more bitterly disappointed than I was yesterday, this announcement is just another shafting. Watch the TP crucify any bounce - absolutely despicable, integrity in tatters.

Protecting the last of the cash for wages I'm afraid. We were promised a three well programme and TE-11 was our last chance of a decent return. I feel even more conned after this announcement, what happened to the 'fully funded' campaign??? They dragged it out and gorged themselves on their salaries denying shareholders the chance of a third shot. Realistically this condemns most LTH's to a loss - I'm absolutely disgusted. Watch the TP play out on the rise and falls of what is now a traders paradise, I'm absolutely flamin furious with these sleazy £%&*£@s.

Trademeup, Chrisma and anyone else who has suffered my re-discovered appetite for posting, despite the agony I genuinely believe JP didn't set out to cynically mislead, he just got carried away with the intoxicating taste of success and combined with giddying vanity believed he couldn't fail in Morocco. If the TE-5 horst is delivered he technically hasn't failed but without further success, we have been lead down the garden path. I can barely bear to countenance that a company I believed would buck the AIM trend has yet again enriched the Directors at the expense of shareholders - I have no doubt they have worked as hard as we all do in our chosen professions but to engineer eye-watering upside with absolutely no downside on the back of retail investors is frankly repellent.

Reasonable point WWW and before I drift off (not looking forward to waking up tomorrow) thoughts on the 'LE'. More fool me for staying in but I questioned ages ago why it was flagged from so far out. Well it created a frenzy of talk about ISA's and yep I followed the herd wasting three years of ISA opportunities bundling in SOU stock. He knew ISA holdings tend to be more sticky and it's probably only the mass of PI holdings in ISA's and SIPPs that have prevented the SP crash being even more catastrophic.

Perhaps JP will give it the full Henry V tomorrow
https://www.youtube.com/watch?v=q6pWPiNUiyg
there again I'm reminded that "Patriotism is the last refuge of a scoundrel" (S. Johnson) so I'd better just get blotto offline!! GLA decent fellows.