Member Info for Shedulike

Fair enough Crude and it's partly with you in mind when I qualify my thoughts with 'wouldn't want to offend anyone... etc' however the TP and Marco's distribution / throwaway of 'golden tickets' look evermore dubious with every setback. JP may get us out of this yet but those manoeuvrings coupled with the wage increases categorically prove the interests of Directors and shareholders are not aligned.

Have to agree Lyndon, it's very sad. Like I said dusters happen but the bizarre hold-ups on the testing look very dubious now in the light of the salary increases. I know that's straying into conspiracy theory territory and I'm not daft enough to allege anything directly in writing. We often take solace in Schlumberger's involvement but to honest they are so huge that their endorsement of testing TE-10 could have been down to an opportunity to glean new information on innovative techniques rather than a genuine belief that it would ever be commercial. As ever the market following the 'discovery' spike told us everything, I'm not the first person today to confess "Will I ever learn'.

Can't add any words of comfort except I'll never write another limerick again - the last one turned out to be horribly prophetic! All's not lost and part of me hoped that this situation might force a hastened LE albeit at what we would once have considered a disappointing figure. Sadly that wretched TP announcement told us all we needed to know about our chances with this campaign. I will never ever, ever, ever remain invested in a company where the CEO is selling. He did it off the back of early seismic indications and we found out why from the DD. I don't want to hurt anyone who has forged friendships with JP but even if we get out of this I have no interest in meeting these people. I once thought SOU was a shining light in the murky world of AIM but I'm bitterly crestfallen that it appears not, I can take a duster on the chin but they pimped the RNS's on this well beyond belief, dragged out the testing I believe and most sadly of all I fear the pay rises look like cosy in-house compensation for unrealistic options being missed.

Tendrara gas testing takes time,
And the share price is failing to shine,
Try as they might,
The sands are too tight,
Yet wages keep flowing just fine.

Sorry should have added that was the arrangement I assumed, I wasn't around here when it was negotiated, wish I wasn't now! Think we're going to be put out of our misery next week just a question of who's head shareholders will want to see on a stake.

Yes debt facility I should have said, but that came with place on board.

Condition of the loan wasn't it Puddy? This could be blind optimism but I have always wondered if FRR always had a watertight (hopefully) fall-back plan since the Malcy comments following de-listing. He was unusually adamant in his opinions which I found strange given the murky waters that he didn't need to risk his reputation in. I could be horribly wrong because on the face of it the latest revelations look desperate and even dubious.

Soundingoff it isn't the salaries in themselves that I object to, I do realise that people are well paid in the O&G business but it is in the context of where the business is that makes me convinced that the increases were inappropriate - reward for failure in 2017/18, knowing all along that the TE-5 horst represents 23 pps, and drawing from a finite pool of cash that was supposed to fund a three well programme. The TP looked suspiciously like a reaction to early seismic indications, could it also have made them fear that the options looked unachievable. Hopefully TE-10 has changed that but my trust and respect for them has been rattled. Before anyone tells me to go the building society I've come too far for that, endured too much and if TE-10 does come good then I'd be distraught at not hanging in for another month or so. Not particularly comfortable reasons for staying invested. Anyway to finish I admit the merry dance we've been led over equipment procurement has incensed me and I'm emotional. I don't want to p£%s off people that I've managed to chat to, argue with and generally share the pain over the years so I'm going to keep my thoughts to myself from now on - will still look in. There you go most popular post of the day!!!

That's how I feel Sounding, on the background of the 2017-18 performance and limited cash reserves the salary rewards look crass, options keep their interests in line with shareholders but something spooked them, I don't like it but I'm clinging onto hope in the form of TE-10 for dear life. I chose the expression 'toad' to be deliberately restrained as I didn't want to upset anyone who has enjoyed socials with these guys. I note Crude has endorsed your post and I'll happily apologise if I've offended anyone but I do stand by my opinion that the remuneration looks highly indulgent when so far they have indulged us with a not so excessive 23pps.

Perhaps the book should be a Shakespearean epic (the story has certainly been hard going, dramatic yet difficult to decipher). Take Polonius on Hamlet's 'antic disposition', "Though this be madness yet there is method in it", gawd I hope so......

If, when this discovery was announced you'd come on here and said 'hang on everyone let's not get ahead of ourselves it could take four months just to assemble the testing equipment you'd have been dismissed as a lunatic. There simply must be a method to this apparent madness, hopefully one day it will all become clear, the only other explanation is that they're an absolute shower #preservecashreserves

I think it must have been making it's way across N Africa in the manner of the old children's toy 'Slinky' (not a gag for the youngsters that I admit). Anyway they have successfully procured the elusive coiled tube - have a payrise everyone :)

Strange that it was considered advantageous to issue equity to a service provider in order to be "consistent with (SOU's) policy of preserving cash balances for operations" and yet when it came to the question of pay rises money seems to have been of no object. They must have got the concept from Theresa May - for the masses there can be no 'magic money tree' but for the inner sanctum, it's apparently a bottomless pit. This is worse than just greed it's actually reckless, there is now a serious question over whether we can drill TE-11 and test in the case of discovery, plus fund administration of the company during monetisation. Frankly I'm appaled, and apologies to all the decent folk I've corresponded on here with over the years who have forged friendships with the SOU Executive but I have no interest in meeting these toads even if there is a LE 'party'.

In return for their share of the licence Schlumberger will have had contractual obligations to provide their services, so couldn't just throw the towel in despite the unfolding seismic picture which by the way was enough for JP to instigate the TP and Marco feeding the five thousand. Also doesn't mean Schlumberger won't see a profit out of the portion they were allocated but their partnership with us is a small percentage of their worldwide operations and the saga of testing equipment procurement suggests that we are low on their priorities. For what it's worth I think TE-10 will get us all out of this with a profit but I'm afraid the evidence is mounting that the LE is going to fall way short of the promises. It's not surprising that their options look a distant dream given the current SP and eventual admission that the TE-5 horst is a miserable 23p / share, nice work if you can simply trouser some extra guaranteed monthly as compensation. I'd be interested to hear a justification for the massive increases in salaries - 2017 / 2018 performance??? Finally my posts are not designed to agitate or upset anyone just an honest expression of my opinions at a given time, I am not an O&G expert (quelle surprise! :)) or 'face' at trips and events and willingly accept that this doesn't add weight to my opinions. I have no plans to attend the AGM.

I know AIM is a cesspit but somehow I have always instinctively trusted JP (despite misgivings about the style) however, the profligate wage increases in the face of diminishing cash do raise some serious questions, I can hardly believe anyone could be so cynical and greedy but could they have acted in response to the seismic, fearing they couldn't hit their options, nothing would surprise me in the Wild West. Amazing that after all this time it seems everything comes down to TE-10, success and they'll largely be vaunted as heroes but it is inescapable that they've clearly positioned their personal interests as win-win in the event of failure.

On a serious note I'm praying that Zaza's intent to destroy Hope doesn't ultimately work against us shareholders. I'm sure most of just want a settlement and the possibility of our investment growing, punishing Outrider would be a satisfying bonus. It's obviously a bitterly personal between the two of them but if there's a possible settlement on the table Zaza needs to be reminded of his own fiduciary duty to us and not get embroiled in a macho fight to the death.

Never heard so much guff in all my life - try your broker.

Ha ha yes the brink of the FTSE 100 days what a come down it's been! Have to say though I really think after a few false starts we've finally turned the corner. Might need a share buyback to ever see £1 again, plus they need to tackle the debt first but with POX online we should finally see steady growth. Putin will probably go and start WWIII now.

I admit there is an element of blind optimism in this statement but I think it is inconceivable that Sound and Schlumberger between them could take four months to establish that a discovery is uncommercial. It's infuriating to see the markets gains after the early positivity with TE-10 get whittled away, bit like a Chinese water torture - drip, drip, drip, I don't think LTH's resolve has ever been greater tested.

Well there's a life-affirming start to the day. Well done SG, shame you turned the second barrel back on Joecreed though. I wonder how long this (partial) mood of peace and love will last? Probably until just after 7am when we all resign ourselves to another weekend of wondering, except of course for all the cool dudes who are chilled until late May, yeah I believe you! GLA