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Crude very strange post if I might say. So you are valuing the Horst at 10 to 20 pence ? I would rather we sell the whole package. I think we would attain greater value. As for sidi who knows. I was intrigued by albus post some time ago in that there were trees that were making drilling difficult as per a conversation he had on the site visit. Could you explain more about this? Although the phrase a sandbox full of Gas also intrigues me. From one of the petromaroc guys.
What a sad post. All in my personal opinion!! If the technology was any good they would have used it. That's really the end of any conversation about it. Your style is very much like 250. A very high opinion of yourself and this nothing company. A lot of hot air with no substance.Come to think of it very much like 250.I realise this won't be a popular post but sorry it had to be said!!
Jones 82p was the valuation given to the license area and yes we gave them the shares. But you could argue that they could have sold the license area to someone else and realised more than the 27 million roughly that their shares are worth now instead. Once again I stress they are an investment fund made up of major banks they won't be happy here either at present. That is unless they know an approved plan is in place. Don't forget they could if they wanted get changes in the BOD or a vote of no confidence if things aren't moving to their liking. A swift result seems likely IMO. For anyone in doubt re read Ozzies post earlier to remind yourself what we actually have here.
So much negativity on here. The key to this outcome is and always was OGIF IMO. They own circa 272 million shares in our company at a valuation originally of about 82 pence from memory. Well as an investment fund they are sitting on a huge paper loss here. However they haven't sold a single share. I fully expect them to announce a joint bid to carry on drilling here otherwise they would force the companies hand. Morocco want this on stream by 2021 and the clock is ticking. If the relationship is as strong as JP says there must be something soon to happen. I can't see them just waiting hoping for an offer to materialise. If they had given up they would have offloaded long ago.
I asked this question on the board the other night but no one answered. Do we still have a strat trap which may or may not hold 2TCFs of gas or is this now out the window. Or does it now hold gas and water ? Or is it just not there ? Does it mean a drill in a different location could still unlock this trap ? I'm struggling to understand. Many thanks if you can help answer.
Out of interest does our drilling at10 mean that there is no strat trap. Or there isn't a mid case x TCFs in this location? Was our drill just some meters out ? I had heard that all 3 drills could miss but we could still have 31TCF potential. I would like the BOD to issue a statement to tell us exactly where we as shareholders stand and what we can realistically expect. However I don't think this will be forthcoming.
What an illogical post. No what we need in my opinion is fully processed seismic and then funding through OGIF for a multiple drilling campaign to prove we have x amount of TCFs under our license. Our technical team are fully capable as is our commercial team. I'm sure the Moroccan side aren't worried about AIM We are still in the game but at what level no one really knows.
Many thanks for the reply Riddlers. Compared to some your post wasn’t that long!! Actually I would be very interested to read your expanded thoughts as I always feel you have a very balanced view. I take it you attended the AGM ? I wish I could have made it. Many thanks.
With a successful TE10 we were led to believe we would have a sale price in the pounds not pence. I just cannot see a price that's acceptable or even a sale after 8 9 and 10 have all come up short. I have to agree with testpack that we have to use OGIF for finance and then go drilling to get maximum value. 3 roles of the dice remember. Badile sidi and tendrara. Well we have only had 1 and 2 thirds. God knows what happened to Sidi. I would love to know the full story. Our share price killed every day while petromaroc dumped their position on to the market. All the time I gave Sound the benefit of the doubt thinking there was some master plan. Now however I am unconvinced. All this from me a huge fan of everything the company were doing. I just hope we can negotiate an exceptable exit. I would hate to see a fire sale and watch someone else hit the numbers that I thought we were going to. Carry on drilling please JP if you are reading.
Out of interest Sounding I know you used to use cove as an example. Can we not relinquish our operator status by only selling say 27.5 percent and somehow keeping hold of a percentage going forward. Having some upside if say a major bought in and did hit pay ? I know cove only had about 8 percent when they hit. Was this not an option? I also ask myself why this wasn’t done from the start?? Any answers.
I don't mind the banter but that's my beef. When you come on here bad mouthing BM or JP just to suit a trade. A circus was how you described SOU only a day ago. No wonder you get the reaction you do. You have Zero credibility. Anyhow I am not personally worried as I said I like a bit of a laugh but having been here sometime cabin fever sets in. At the end of the day we are all here to make money but try and do it with some decency. You will find people will give you more time.