Member Info for Soundingoff

There is a huge extra layer of complexity to our situation. This is a Moroccan asset and Morocco will want a large say in what happens with future production and exploration. OGIF hold over 25% of Sound and I don't expect hostile action from a Major, either for political reasons or the protection of a National asset.

JP incentives (shares) don't have any real bearing on whether the company or asset are sold. Either would work and I'm not sure how he would (or indeed could) change that incentive structure? What would you envisage Billfish?

An asset sale doesn't have to be tax inefficient depending on how it is set up, but it does cause complications.

I'm not sure I see any relevance in the CIP loan, it's relatively small and it's standard practice to include these in any deal.

I can't see room in the schedule for promotion Shaun ;)

The Majors are so large that we could never get to the position where we are too costly. Shell pay out more in dividends each year than we will sell for. They're not averse to joint ventures either.

Yes I'm sure the answer will be they can't comment as valuations are a no go these days. I wonder where the Edison report is though, as that could provide some clarity?

That is the billion dollar question PNE. I'm working on the basis that whatever the asset, people are always willing to pay very good money for potential. I've given up working the scenarios, but certainly TE10 has to add value across the board and I expect seismic to be significant in terms of our overall value. The question is how much confidence do potential buyers have?

Brian said they would provide more information as they process it, but as usual it's been very slow in forthcoming... No surprise to be honest.

The main one for me (after TE10) is our basin model. I'd hope we have a bit more clarity on the Palaeozoic part of it by now. That is the big (or not) news after TE10...

yoghurt- Sanctimonious? No, just lucky to be able to reply back quickly for my ticket.

However I have just been informed that not everyone who was on the list received an email, so let the conspiracy begin...

I'm not saying it's right for democracy, transparency, objectivity etc Shaun, but I can see why it may be a preferred method of communication right now.

I can see a few are annoyed by how the event was communicated yesterday.

It was emailed out at around 9am, as normal for any event Sound hold. It was always going to be ticket only as they would have to know numbers. I would suggest anyone not registered signs up on the website so that they are always informed of events. I appreciate some though it really would be 'informal', but that would have been a surprise to me. Still, a shame for some who wanted to attend.

Personally, this is an informal chat about where we are at. Simple as that.

Why not as FSC? Without results there isn't a lot to say and probably most of what is going on isn't communicable to shareholders anyway. The advantage of a small meeting like this is that most of what would be asked at an FSC will be asked and communicated here and on other social media platforms. The difference is it is face to face and you can judge the mood of the team. I for one take this as a good sign.

I'll be there and will happily put questions to the team if anyone has any. I know there are a few going who will be quizzing the team as well.

As Shaun has stated, the sale of shares would be visible on the stock exchange.

It would be very risky for the plan to sell shares before exercising the options, especially on the cusp of TE10 news, as it leaves the plan open to an increase in the share price and the inability to purchase and pay the tax. I really don't expect anything other than an intraday exercise of the options/sale of shares to increase JP's shareholding risk free. And of course, the sale of any shares is not guaranteed.

BALLS BROTHERS LONDON INFORMAL INVESTOR EVENT

Event to be held at the following time, date and location:
Thursday, 14 March 2019 from 12:30 to 15:30 (GMT)
Balls Brothers Mayfair Exchange
34 Brook Street
W1K 5DN London
United Kingdom

PRB- the reference is nothing to do with the Newco and is referencing our secretary. Newco is a standard UK registered company.

As referenced below, the other documents are just required notifications to show that Sound Energy PLC own Newco 100%.

No need to RNS either.

Not a lot more can be read into it at the moment, We all know we want to be sold, and this is a step that may need to be taken for a number of reasons- asset split/sale/contingent sale etc.

I have to say Neptunes, it was a clever (enforced) change of name. Not only is Proteus the son of Neptune, but of course protean can mean to change shape/form. Very good.

Yes, Sarah said it was still being worked on. It certainly makes sense to update it for the latest view on TE10.

The problem Sound has is that it has two significant assets that would compete with each other. My view is that ideally you'd want clarity on both assets (Eastern Morocco and Sidi) before signing off on deals. Less of an issue if we were to sell Sidi completely, but that doesn't seem to be on the table.

We are talking about an asset of National and (potential) World significance. I can completely understand why the process is not transparent with the usual public sale process. Morocco will have some hand in this and I would imagine suitors would be vetted and preselected.

If they have the appetite, they have the funds. They plan to buy back $25 billion of shares by 2020.

Trellis

'Based on the Company's current assessment of the reservoir section, a stimulated flow rate of approximately 1.5 mmscf/d to 2mmscf/d, is likely to be commercial (as a tie-back development to the TE-5 Horst existing discovery). This commerciality threshold would be materially lower if the stratigraphic upside materialises as the TE-10 development would, in that case, be a standalone development.'

This has nothing to do with an extension of the geology of the TE5 horst or the basin model.

They are advising that even though the smaller structural close would not be a viable development in its own (which we already know), due to the proximity to the TE5 horst it could be added to that concession. The additional development costs would be minimal.

However if the stratigraphic play of 2.7TCF mid case is confirmed via seismic, then it could be developed as a standalone concession and the levels for commerciality would be lower.

I believe this drill is looking very positive to adding material value to our business.

We have always been battling against time to unlock the geology and TE10 gives us the excuse to take the time we need. No arguments from me. The Palaeozoic could be huge.

There is also the chance they may be looking at another drill or changing the programme.

I have trellis. As an accountant, I'm not sure what most, if not all of them have to do with reality of JP's trading plan though.

Rather dull 250.

At this price he would barely be breaking even. Sell now? I think it's very unlikely he authorised the plan to sell at these prices.