RE: AGM28 Jun 2022 18:25
Eddie, firstly thanks for meeting up today. It was a pleasure for me to meet and discuss this investment.
Report
AGM was attended by all board members except John Ford (covid)
It was lightly attended by investors, about 5 members of the audience present represented PI,s One individual present represented 5% ownership:-)
Following formal voting several questions were raised.
1) What catalyst is required for monetisation of our TL asset. And when do you think it will transpire.
Reply. Several meetings held with gov of TL, including new President. President is keen to begin revenue generation as soon as is practical. SUNDAGAS has a close long term relationship with TL.
Secondary question: Is monetisation purely reliant on Tase Mane being built...
NO, is the answer, TL gov would be happy to see Chudditch development, and does NOT rely on vertical integration on the island.
(ie) if the 3D is as strong as we believe, and a farm in partner found we can develop the field.
TL gov is conscious of rate of decline in Petrolium fund and needs to stimulate more income.
2) What farm in interest is their?
Company is talking to several parties, some traditional, some new entities looking for future energy security.
3) 3d data is taking a long time Why. Can it be done any quicker.
Company says no quicker. It wants to present very accurate data that even £1.99 can fathom. Dr Butler explained complex nature of local geology and technical concerns with getting the right geological picture. They are computing an area the size of greater London in 15mr2 sections. They want the data to speak for itself.
Asked how much longer, the reply was several more weeks.
Importantly the geological seal holding the hydrocarbons in place is still their and intact.!!
Overall the BOD seemed very open and keen to answer direct questions.
They seem professional, confident in what they have, to the point they too have invested cash.
Very BULLISH was mentioned.
So
Key takeaways.
Chudditch can be a standalone development not reliant on Tase Mane nor Darwin pipeline.
3D studies are so far positive, and company is marketing them activly.
Dunrobin is also looking favourable in this changed original environment.
May think of more later, but presently afflicted by a touch of Yellow Fever....
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