Member Info for Southmead

Only Bigbench has mentioned the funding situation. Well done bigbench.
Graham categorically states that
'Over the subsequent 10 months the Company has scheduled its work accordingly and managed its corporate cost base such that its remaining cash resources are now expected to be sufficient to meet the Company's present working capital requirements through to July 2023.'
Now that is a real positive isn't it?
No money worries while we are waiting, no prospect of an equity issue, thats good.

It is very unlikely IMO that Sound will announce early.
All complicated projects that involve multiple parties, requiring coordinated announcements of price sensitive information, will work to a specific date and time. Even if one party is ready early, they will have to wait for the agreed date to announce.
Friday is the date for the announcement, and Friday it will be.
Better to spend a little time anticipating the content of the announcement than the date it will be made.
Rarely do investors get such a golden opportunity to prepare for such a potentially momentus announcement.
Optimising ISA's and SIPP's is the least an investor can do whilst waiting. Topping up at ridiculously low prices, or averaging down are the obvious strategies. What about on the day?. Some investors will get their funds ready for positive news, ready to buy early before the rush. Others will pour over the content and wait to see where the market goes before committing. Each to their own, but a golden opportunity to prepare.

Nothings has happened during the last two weeks because of the national holiday.
Now that it is over, normal work will resume and there will be rapid progress from here on.

https://www.telegraph.co.uk/business/2023/04/20/putin-has-one-last-chance-to-blackmail-europe-into-submissi/

The Telegraph reported today.....
'Russia has warned Europe that it faces a fresh gas crisis next winter as it scrambles to restock reserves as Vladimir Putin launches a new attempt to weaponise energy.
Gazprom, Russia’s state-owned gas supplier, said Europe had made it through winter despite cuts in Russian gas supplies owing to mild temperatures but warned there “is no guarantee that nature will make such a gift” again'

It seems that there will be no respite in the demands of European countries to find alternatives supplies of gas this next winter. Hopefully a positive sign for Sound and the Morrocan gas supply potential.

These volumes are tiny of course, but it is always nice to see the SP edge up steadily.
Established Sound Energy investors loading up with a few more no doubt, in advance of an announcement.
Keeptofacts, I can just picture your 'set of chairs' graph, up one leg and down the other, hah.
Lets hope that the graph resembles a bench instead

Thanks keeptofacts for sharing that piece of news.
Garry said that the receipt of payment from ONHYM (£1.5million) would ennable him to pay the bills for the next few months and so avoid raising funds through an equity issue. He quoted a monthly burn rate of £300,000 on overhead, so maybe enough to support the business for 5 months.
Personally, I was reassurred by that detail.

Keeptofacts, did you manage to get a reply to your request for clarification on 6th March?
Are you able to share anything?

'RE: I clarified what Gary was talking about'
'when he said 2 options for near term cash.
first was Italy land sale and second was ONHYMs cary from previous sale.'

It would be good to hear from Kath Mansfield, Sounds Senior Project Manager, who has been in place for a little over a year now. A programme update on Phase 1 in particular with key events and timetable for the remainder of the project, would be very helpful.

This seems to be further good progress from Sound who are clearing all the regulatory hurdles before final approval of the senior debt. Some inevitable parts of the diligence have taken time and I understand all is comfortably in hand.

With a modest delay for Ramadan I expect this funding to conclude pretty swiftly after which engineering and technical developments and other non financial matters will be ready to go ahead before the FID announcement.

It has not gone unnoticed here that Sound has recently had some challenges with the local tax authority, given that curious philosophy it is understandable that banks are paying a close eye on restructuring.

In the meantime I am confident that Sound are well on the way to completing the new Tendrara project. With that under their belt I can see the stability and growth in the share price as investors appreciate a real turnaround situation which should see the shares rally back towards 3p.

I would go along with that view dangler2000, probability last night was that we got an extension this morning.
Very positive that it is only a few weeks and not a longer period, it does suggest that a deal is close.
Probably just the solicitors dragging their heels, as usual.

Well there it is, kicking the can down the road another month.
At least it says significant progess and not that it has been cancelled.

Nothing that wasn't in the public domain this morning before the Q and A.
What did you expect with no RNS preceding it?
All the question marks handing over the business were discussed, as expected. No different answers, as expected,
So, it is just back to the waiting for things to pan out, in the knowledge and reassurance that management have got these situations covered and will present us with positive solutions in time.

Yes I can imagine Sundance.
Ducati put up a similar article last week.
Regassification of LNG is hellishly expensive and paying 2 million euros on top to Spain for the privilage cannot be sustained.
Sound Energy's opportunity to feed the pipeline with internal gas must be very attractive proposition to Morocco right now, Let us hop[e that this new reality opens doors really quickly and gets the investment ready for Phase 2 and the pipeline build. It will also make the rfarm in proposition far more attractive if there is a route to market for the gas.

Thanks Ducati2, that is another good article you have displayed.
Very expensive gas for Morocco and it seems the Moroccan economy is using more and more gas.
This must be good news for Sound in Morocco. The government must be under some pressure to solve the problem and the answer is in front of them. Wouldn't you think?

It was always going to be tough getting through the 2p barrier.
Short termers selling into the 2p target, doubling their money on a few thousand shares and gone into the wilderness to find another rising star.
The SP was knocking on the door of 2p yesterday and today it has kicked it open.
We should see the SP consolidate well above 2p from here, just as soon as the short termers are out of the way.

Looking at the few larger transactions going through, and the apparent pairing of similar sized purchases with sales, it seems to me probable that investors are moving their SOU holdings into ISA's to protect the huge profits that they now expect on this share.
Wise investors who know what they are doing :)

Great article Ducati2, well done.
I love the line "Better to invest than to continue importing gas".
That says it all for the Sound investment case and hopefully it reflects the new reality in Morocco.
Interesting measure that Moroccan gas imports between November 2021 and January 2023 have cost 6 billion dirhams and that is how much the investment in the gas pipeline will cost in dirhams. Maybe that gem will hit home.
Maybe we are 'pushing at an open door'.
It would be great to hear from the bank now!

You are3 spot on there Keeptofacts, the market cap at today's SP is £33m.
Taking all these potentials into account takes the market cap to around £123m.
If one of the drills is succesfull, much more imo

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