Soundingoff... "he ignores these sad internet stalkers..."
Interesting choice of words, since it was crude who 'stalked' The Failure to firstly gain his attention, and then his friendship.
The comments about crude's share holdings are of little interest, but his willingness to accept everything The Failure has said, even in these 'dire' times, make me think he has not been 'factful' with his '' waiting for another pension to mature to buy more' when the sp was in the 40's, 50's 60's. Hmmmmm. I mailed The Failure a year or so ago about the company who received c£18K for internet services provided to SOU. His reply said that the company wanted to remain anonymous.!!! I found this very strange. I had the thought it was paid for 'ramping' the company. A few posters come to mind.
If, as I suspect, there will be no offers that the BOD can recommend, then of course The Failure has to go.He would have failed in his 'raison d'etre' of maximising shareholder value. It would be pointless, and quiet frankly, obscene, for the present BOD to continue with the fiascos we all witnessed over the much lauded '3 well drill campaign. Yes it will take more time to get a new CEO and ED in office, but, with SCHL committed, there is no reason why it, after consultation with OGIF, ONHYM and The Chair of SOU, look at a re-entering well(s), with an agenda to prove commerciality. There should be enough in the kitty to re-drill one well! Since we now are all firm believers in 'always expect the unexpected', then The Failure might surprise me. But that is highly doubtful. I have a mail from him, which will prove his ineptitude in the event of a no-sale, and I will share with you after the event if there is any interest.
I believe the 'sale' is fake News, to quote another BS extrodinaire.Yes, the For Sale sign may be up, but I do not think The Failure believes that he will receive 'acceptable' offers. I can see the RNS now - 'The BOD after careful consideration believe the assets of The Company have been significantly under-valued in the recent bidding process, and have decided to terminate the sale process.' I have seen a RNS which stated that there was a 'pause' in drilling to enable the sale process etc. The BOD , I think are intent on further drilling, but want time to re-assess drilling locations, and perhaps a different strategy, involving SM and Annoule. In the unlikely event that a bid does come in valuing each SOU share at say a £ or above, then The Failure would then certainly ask for SH approval. If further drilling was to take place, I would be in favour of an EGM to oust The Failure and get a proper OnG person in charge.
Seaton. I quote you:
'Not all people in the Midlands live in the Black Country you know so please don't stereotype all midlanders with that insult.'
An insult to live in the Midlands'. You idiot. It's name derives from the heavy industries which gravitated around the Birmingham, Wolverhampton area. It is the Birthplace of Industry you ignorant plank. Get educated.
I hope these 10+ 'interested parties' are not the same ones as The Failure said were interested in the SM farmout nearly 2 years ago, and we are still waiting! Sarah, in one of her replies to a poster confirmed that the farmout process is still ongoing - really.
I believe this is again all spin from a company devoid of new thought and ideas. It is common good business practice in a farmout process to give a deadline for offers. What a shambles.
Whilst channel flicking I came across an event in Austin (TX) called Spamarama. One of the events is cordon bleu spam recipes. the winner receiving the Spamerica Cup. A visit to YouTube might be well worthwhile if you not presently exploring higher cuisine than spam fritters.
A $B is a drop in the ocean, but at least a big step in the right direction. The green movement has a big obstacle in USA -Trump. If they have the common sense to vote him out ( better than impeachment option), and get a Dem majority in both houses, then there will be increasing pressure on the oil majors to get their act together, and I would suggest, act more like RDS, who are increasingly divesting oil assets and increasing their exposure to alternatives. BTW RDS produce most of the Worlds H2.. Some years ago, it was primarily through reforming Naptha, nowadays, although I don't the %ages, I think it has been overtaken by steam reforming of Methane (NG), which obviously has oxides of C as a by-product. Roll on the day when all H2 is produced by water electrolysis.
On the subject of using metal hydrides as a method for H2 storage, a major problem is the energy requirements. If a metal is used that only requires a relatively small amount of heat to liberate the H2, then , because this bond is relatively weak, it requires a large amount of pressure to get the H2 to re-combine with the metal for further use. A few cos are researching this, and one hopes an economical solution will be found. Ilika ( IKA) a Brit Aim co is in this field, o rat least used to be.
Crude posted this t'other day;
'Simon, the TCFs are on vacation with the golden tickets & the desert dreams, not to mention all those ducks...but like Brent Geese, they'll surely be back in October, if not sooner!!'
Is he so clueless that he doesn't understand that his mentor, The Failure, has disowned all that BS. It was Marketing The Company, his duty to perform. It could be of course, since crude informed us that whilst The Failure is on hols, Sarah is reading the BB, and reporting back, that Sarah can report that the chief disciple is still 'very much on board', and doing The Failures bidding?
It begs the question, was crude cognisant of the alleged deception, or was he being used by The Failure as an unpaid ( paid) Ramper in Chief, and rolled out like one of Elton's grand pianos ( apols to original poster) at events. The fact that he sold at a near high of the sp suggests the former. Also, his posts are very relaxed, mostly off topic, self-adulation of his wealth, of his terrace views, his reading habits, not at all a person who would feel at least some bitterness toward The Failure for being used and deceiving even friends. I know it's difficult to reply crude, since there are too many here who know what The Failure said about his uber ramping, it was marketing, so you can't tell us now that he meant every word. What are you crude, a deceiver or very gullible.?
Hi JP, in your post you listed many delays and said, unfathomably, that you thought there was a reason for it, and I am assuming that the reason would be for the benefit of it's SH's.? There has certainly been enough time since those fiascos for the reason to have developed into something tangible. There is a very simple reason, and it's the same one as why we are here at this sp, and with no drilling taking place. The Failure is out of his depth and has been for some time, and I would allege, is simply on a 'fill your boots' sabbatical. When the wage bill is being reduced, from Aug. I believe, it is based on the aggregate company wage bill, and with the redundancies that were announced, The Failure will probably not miss out much on ' having his nose in the trough'.
At the time of T10 drill, when needed equipment was all over The World, with the exception of Morocco, The Failure disciples brokered the idea of a 'reason', since they could not countenance that their hero was a numpty. The Failure is delaying because there are 'behind the scenes' negotiations taking place', etc, etc,. You have to laugh, and these disciples know who they are, but will never admit that they got it wrong, somewhat like their hero. Get him out and a true OnG pro. in his place, and move on from this disuster,
'Sorry for the poor maths. I thought if 47.5% of something is worth £1 billion then the whole must be worth approximately £2 billion. What is it worth then?'
That is correct, but that was not the point in question, which was the worth to SOU SH as a price per share, which from my former post is a quid, and yours is something less than 50p. If ONHYM are prevented by law, or any other reason from selling their 25% of The LA, then SOU and SCHL would divide ( I assume, if no caveats in place with say different) the £2.5B ) on a c63.5%; 36.5% basis, giving ea SOU share a value of c£1.55., and about £900K to SCHL.
You had yr adenoids removed.
If a wife divorces her partner, the marriage has failed ie is a failure, although it is undoubtedly a real World situation. Remember Partridge, yr 1:1 is in Maths, not English Language. The 99, 98 p is a pedantic point ( plse refer answer above). In monetary parlance, a figure would normally be quantified, since how does one judge the result. I apologise in not saying 'about a quid', which would cover yr 99. and 98p 'I'm a clever Dick' comment. I would suggest 95-105 is about. thus 94p would be failure, although, an acceptable failure. Your 25p LE is an absolute failure, and of course would be a reality. Plse stick to maths and not The English Language.
Partridge, if you want to know the derivation of c£1.50+ to SOU, and hence about
Addendum. Yr post;
'£1 a share represents approximately £2 billion for the Eastern Morocco portfolio. That's $2.5 billion. And that's failure?'
If you read more carefully, posters suggested anything below a quid would be a failure. Yr 1:1 Hnrs obviously doesn't differentiate between 1 and below 1 which is a major problem in maths. lol
Your cunning maths is about as good as Baldricks plans.
Can ONHYM sell their 25% share - don't think so
As I posted below, is it for certain that SCHL will sell their 27.5%. Caveats an all.
So there could be an offer of c£1.1 B for SOU shares, which equate to c £1 ps.
Must do better Partridge.
SO, you posted;
'Without knowing the offer price, it's impossible to make that decision.'
When we are told of the offer price, it may be too late. I believe when (if) a RNS is released, it will be a 'recommended' offer. Before The Failure released the RNS he would have got OGIF and II's 'on board'., and we all know how apathetic PI's are about voting, even on important decisions. That would mean a n other co turning the drill bit, and I know how I would feel if some major discoveries were reported, whilst The Failure was in 'the counting house, counting out his money'. I see as anything below a quid per share as a failure. I am on record as saying that I think an offer per Sou share of about 50p is realistic. Valuing The Horst at c15p, and other assets, at the difference. This means a bidder would be paying about £350-400M for 'The Potential' of other assets, to incl. SM. The problem with this scenario as I see it, is SCHL and their 27.5% of The License area ( excl. SM). Would a bidder want SCHL as a partner, or would it have to buy their holding as well. This is a Red Flag for me. With caveats with SCHL already in place, it is not a straightforward sale. These caveats I believe have been alluded to by posters from RNS's, although I cannot personally remember reading them.
you would accept this, and I'm assuming this would be at a cash loss to you. Would you not be prepared to wait and have further drilling done in all areas, led by a more competent leader, and def. an OnG person, say a minimum of 6 drills. IF 2 or 3 are successful we know what that will do to the sp. It is the prime objective of a CEO to maximise SH value, not for the few who may still have averages below current sp ( only newbies I would suggest), but for the many. With the License Area we have, and the taxation benefits, I do not believe 35p accurately assesses the POTENTIAL. You have to hand it to The Failure, he has got previously disciples who believed in '4 figures wont cut it' now willing to accept 35p. Job well done for him.
SO. Thnx yr reply as pasted below;
'Testpack- The AGM attendees were advised as such. JJ posted on the last FSC that the 'marketing' process was data room>management presentation>bids. You can draw your own conclusions from that.'
in short, we are to guess that bids have been received, and as N4a£ suggests, no acceptable bids have been received.
Also, we have to be mindful of the 'spin' element from BOD members, in following the lead of The Failure. Tell the PI's what they want to hear. It is highly likely that no bids have been received. Of course, this puts into perspective KTtF comments, about research, which is believe all that he is told by a self confessed failue. Wonderful. Congratulations. Or are you going to prove that I do not research and show me evidence of any bids received, or, as I suspect, you will decline under more abusive posts. LOL
SO. The last para: of yr. 8.39 post this am read'
'We've made presentations wh0s, so there clearly are interested parties. Interested enough to make an acceptable offer is of course a different matter.'
How do you know that SOU has made presentations?
I would like to 2nd the comments made by Trellis re; The Failure's puppet crass post. He who has enjoyed the largesse of The Failures company credit card, both at intimate and general events, and suggest the walk is a very long one, with many boozing stations, and that it takes months, say 12-18. Bye
'Presumably, SOU are inviting an offer for the whole of Tendrara, not just SOU's share of it?
Is SOU actually paying for the marketing of the other two parties' shares too?'
When did SCHL and ONHYM buy SOU shares. As far as I am aware, both of those parties own a % of The License area. ONHYM 25%, SCHL 27.5% given to them by The Failure for 'coming on board', and SOU retain 47.5%. Of course, there may be covenants in place with both ONHYM and SCHL in the event SOU wish to sell their %age of The License area, but I think it unrealistic that a third party can influence the sale of SOU shares. Need to read Articles of Association. A prospective buyer will have to weigh up if it wants to bid for both SOU and SCHL % of the LA ( I believe ONHYM have to retain their 25%). A major , I would have thought, would not want SCHL involved. Only an opinion.
Is SOU actually paying for the marketing of the other two parties' shares too? , excluding SM. ONHYM own 25% The License area
no-one has an answer to what is an disingenuous investor, so can we please face facts, in that if a person has any cash tied up in SOU shares, they will want to see a profitable return. The angst that is shown by these genuine investors, such as me, is with the uber-ramping of The Failure, and then we are told it was only 'marketing the company'. Comments that he made , eg.' I can pick up the fone and sell the company', are total BS. It is his MO of telling PI's what they want to hear. The only benefit of this sad situation is that crude posts now only refer to his fav, pastime of boozing, with or without a scenic view, and his literary pastime , and thankfully no comments on the 'dynamic'' Failure or what Lambo he will buy. All off topic, but gets no admonishment. V strange. He is of course though, still doing The Failures bidding with his £2-3 LE price prediction. lol.
SO wants to know what my NAV guestimate is. He/she may not recall my price / TCF of gas in ground was about 37p, when The Failure was extolling £1.50, later upped by crude to over £1.70 with OGIF deal ( lol). we have about 1/3 TCF , so NAV on that about 12p by my reckoning. What is the values of SM, the value of seismic we have performed, the value of our 47.5% interest in the license area? With The Failures drilling programme , which confirmed previous drill results at SM, then nothing else done there. The Failure told us there is up to 10TCF there. At this point in time, without a CPR, no-one has a clue whats there. He will have a job and a half trying to convince experience OnG people that its worth 100 m never mind a billion. Whats in Anoule?, anyone like to hazard a guess? I know one way to find out, and its #letthedrillbitdothetalking.