Member Info for Soundingoff

For the last couple of years the AGM notice has been posted around this date, with the AGM itself towards the end of May. Although in 2016 it wasn't posted until the start of June, with the AGM end of June. The accounts need to be filed by the end of June, so there is some time yet.

It'l be interesting to see if we get a date now or whether it's left until after the TE10 flow test.

It did have a COS of 69%, so not really much of a surprise. Nor was it to the market, as the SP has barely moved. A very different business model, working off Israel monetising their fields.

'It would be interesting to see the whole prospect inventory.'

Indeed. But I'd imagine you'd need to be on a select list to do that.

Our aim is to sell the business. To do what you've suggested would significantly weaken our position. You get everything lined up behind your key driver before and not after because if you wait until after, you significantly weaken your position. We want to know what flow rates at TE10 mean for our seismic and drill targets before we get the results and not after. Otherwise how do we quantify an offer is we receive it?

At this stage, we have to be proactive and not reactive.

Thanks partridge, I didn’t have the updated Q3. Definitely recent II buying then.

I don’t think it’s the 30m from last year as the first quarterly update with percentages was after the dilution. 8.7% was much higher than previous. Plus that was dilution and would only reduce PI interests by 3% of 63.5% and not a full 3.6%. Our II holders had dropped considerably before the dilution, with one large holder dropping a few percent.

medi- Some share websites list holdings, but they seem to have varying degrees of accuracy depending on the company. Some are only by subscription too. Does anyone have access?

Failing that, pop down Sevenoaks to view the register?

Shpunken- All that ALGO trading makes more sense now.

The question then needs to be asked as to when the institutions invested and why? I would assume it was in response to early to recent RNSs regarding post TE10 findings, which appears likely given all previous quarterly updates have had small amendments made to the shareholdings.

We know institutions invest based on risk vs reward and wouldn't be investing if they thought (in the words of jez et al) they could 'lose it all' on a 'binary bet'. Quite a development for PI investors, especially given the size of the change.

And I don't include Badile in the list as it would be misleading ;)

'ALL of our exploration drills have failed so far(not going to list them all)'

Trellis- As I know you don't let facts get in the way of a good moan, you do know we've only drilled two exploration wells? TE9 failed and we're pending the results on TE10.

Hope your recovery is progressing well and do try to cheer up.

Roughly 40m shares have moved from private investors to Institutions.

I think the very significant news is that institutional investors are up from 8.7% to 12.3%. Interesting...

Jez- talking sense and factual? I genuinely chuckled at that suggestion.

Hurry up TE10.

:Tongue in cheek:

Indeed Timster. I bet the $3 billion of gas in the TE5 horst is also made up. Holes in the ground with a few Calor gas canisters at the bottom. Just wait unitl Enagas et al find out.

:Tonque in cheek:

Who are you with? Just tried 100k with HL and got a quote no problem...

And an attempt at a joke ;)

I was suggesting a week or 10 weeks, Joe. It'll come when it comes unfortunately.

Without being rude, I don't care what other PIs think or do right now. It's not about the SP, it's about TE10 and the results from it in a week or 10... Investors will follow on good results and vice versa.

If you class OGIF as an institution, then 34.4% as at the end of Q1. Although I can't see what relevance institutions have to the SP. Have a look at SDX, over 60% II holding and the SP is on the floor.

wh0sthedaddy- What us PIs think isn't really that relevant is it? What is relevant is that Schlumberger (the tight gas specialists) and Sound are confident the well will flow. I am confident in the combined team and hopeful of a successful outcome.

We discussed the figures when the final accounts came out a few weeks ago. My post:

'Looking further at the accounts, taking into account debtors, cash, creditors, TE11 and cash burn of £1m per month, we are funded for TE11 and running costs to around the end of the Summer.'