Member Info for Soundingoff

I think it's very unlikely the CIP members are selling. They are wealthy individuals and frankly at this price I can't see much point in them offloading.

The first one was issued the same day, the last one was the day after.

Anyway we are talking about a trade that didn't even occur. It was only an order on L2 that didn't get filled.

But this is Sound, so anything could happen tomorrow.

I'm afraid that's incorrect Shaun. An RNS on a notifiable trade could come on the day, the day after or months later if the rules haven't been followed.

Agreed Eric, that's the only way I can see it affecting the price, if it is known about in advance.

The order hasn't been filled though?

I can't understand how an order now would affect trading earlier? What's your thinking on that Eric?

Let's hope BM & JP don't get spotted downgrading to lunch from the Londis. We'll know we have problems then...

We simply do not know what the "big boys" think about our seismic, if anything. It's not about confidence as such, it's all about any deal being agreeable to both parties. The risk is on the Buyer and so they will of course need more robust proof than the Seller. The Board are certainly confident they have done all they can, and a successful TE9 will provide some confirmation of our inventories based on Grad, seismic and other theories. But there are significant variations on what it could provide to us in terms of value and proof.

Rothschilds don't just defend low ball offers, they will in all likelihood be aiding with a number of matters including data room advice, communications, strategy (e.g. back to back wells) etc.

Del- JP trading plan has the stated aim to equalise his holdings to ensure that around March next year, he holds around the same amount as he did back in April before he sold 1m shares. The aim is to hold around 3.1m at the end of this period.

When he sold the 1m, he dropped to 2.1m physical shares held.

In September he sold enough shares to exercise his options of 1.25m and cover the tax and NI on that exercise. He sold around 840k shares to cover, resulting in an increase in his shareholding of 410k to around 2.6m shares held. There was no physical cost to JP for increasing his shareholding.

Given that he has 3m options available at the end of March 2019, he could sell almost all his shares now and have zero risk through the drill (as suggested a few times ;) by 250). We can only wait and see what happens, but right now the reduction in risk for JP is relatively small, only just over 15% in physical shareholding terms.We can only speculate why the reduction is as it is now and accept the plan for what it is.

For me at least, if JP's plan doesn't sell any more shares prior to TD, then it points to the plan having a more strategic value than a simpler binary risk reduction. I'm sure many of us want the flexibility to sell at different point if we are to drill TE9, TE10 and TE11 and any offers/agreements we get during this period could be complex.

I believe partridge was being sarcastic given 250's about turn ;)

250 stated that TE9 was a wildcat drill based on his own definition. Other definitions from Schlumberger etc disagreed and as confirmed at the DD, our drill could not be classified as a wildcat.

The trading plan is an interesting one. JP sold 1m in April and increased his holding recently. Unless he sells any more up to TD, it's not quite the derisking that has been suggested by some on here. Although clearly there is still time.

There's been no real drop in the SP. The final few minutes of trading on Friday pushed the SP up 1p due to the timing of a very small amount of auto trades. The finishing SP wasn't indicative of the trading for the day. Then today we dropped back to where we were for much of Friday.

250- The timing of the drilling and the testing (and the associated release of information) will be very interesting indeed. We'll wait to see how the two fit together. As I think we've both mentioned previously, have such contemporaneous operations been attempted before by any other O&G outfit?

Thanks. Where money is involved, there's always someone trying to play the game.

ddboy- Are there ever instances of restricted mobile phone usage on site?

They will not have left this to chance trellis. Our stated aim has been to sell for some time and because it is an asset of national importance, they will already be very clear about the sale guidelines- who it can be sold to etc etc. It's an ask first situation rather the other way round. Morocco want this gas out of the ground and it is in everyone's interests to aid the sale process. Conspiracy theories aside of course.

If an RNS states something will happen, it has to be accepted it has per the terms of the RNS. So unless an additional RNS states otherwise, the event occurred. That’s how they work.

Indeed Joe. It's been painful at times, but not really surprising when you look at what we are trying to achieve. What other small O&G co has ever tried to kick-start a new hydrocarbon frontier? A real catch 22 in the making if ever there was one.

The setup of these back-to-back drills is, at least from my understanding unique. Has this strategy been attempted before? It's very clear what we are trying to achieve and these drills mark the beginning of the end.

It's fitting that Christmas is almost upon us as we really don't know what we're going to get. I'm happy with the risk/reward and don't see much downside here, especially when we have sight of the upside. Though the ride along the way could be painful.

The LSE servers now only hold a certain number of posts on each share, so the more popular shares have been cut considerably in terms of viewable history.

simon- I appreciate your statement is idiotic, but it does raise an interesting point.

If anyone is interested in trading this share during the imminent drilling phase, I would suggest they read the latest FSC and consider just how easy (or not) it will be given the drills really are back to back. Testing overlapped with drilling by the looks of it. I'll let you work out what that means for jumping in late. An interesting conundrum.

£550k last year Jordan. Around 50% less than 2016.

I just had to listen to a 'CEO' of a charity settle into his Jeremy Corbyn style rant. Then I found out he was on £150k in what is essentially a small charity. He wouldn't get that in the real word, what a joke.