Member Info for testpack3

JP is already on record stating his job is to make you feel comfortable and confident. He is not going to tell you, that he has no buyers lined up, that TE10 encountering water is a major problem for the Basin Model, and that he is clueless as what to do, so he asks Rothschild to put the official For Sale sign up, If he already had 'interested parties', why pay another party a commission, and expenses to put the sign up? If you are selling your house, you will have a decent idea of the market value, and if a few people have shown interest in buying , would you negotiate with them direct, or ask them to see an agent, who you might have to pay 3% fees.?.

Erincat, it's never too late if there is a problem - so it takes another few months to recalibrate, and then we drill in a better place - whats the rush. The sp would have tanked witha further delay, yes, but at least it would have shown the BOD were serious players. And, btw, you stated earlier that you disliked BB in fights. Read yr post again and say something different.

forgot to add

with another OnG CEO.

I quote

'At the end of the day, they are stating that someone with deeper balance sheet has a better chance due to the multiple drills required. We know that any major can take their time and do multiple drills, away from the public eye, unlike small operators like Sound. '

So you would prefer another company to unlock the potential, and gain the rewards ( which they will not factor into a buying price), after most of us have spent a lot of money, several 10's of £k invested in SOU for many years.. Whats your problem in a fund raise and an aggressive drilling campaign?

ericnat has stated that the data was 'inferred' to be flawed at the Deep Dive event. and BM allegedly confirmed the data was flawed at the AGM. This was months ago, and before the drill entered the ground for TE10. This only adds to the confusion when ericnat said in a post a few hours ago, that it was 'too late' to stop. !! This is another example of a CEO 'out of his depth, and comfort zone'. The new Chair, with plenty of skin in the game, should get the backing of the majority of the 60% of retail investors, and ask The Failure to resign. Instigate a major fund raise and drill, drill, drill in SM, Tendrara, Annoule, It is absolutely imperative, as shareholders, we do not allow this failed CEO to sell the company assets for anything less than £1 ps. If we drill and find duster after duster ( v unlikely), we will be where we are now and sell on what we have discovered so far. Lets unlock the Paleo, lets find out if there's 9TCF at SM, Lets find out whats in the Veyron zone. This may take a few years more, but we must try. If some posters think they may not be here to reap the benefits of this new campaign, you will leave behind a legacy for your family. Plse don't trust this CEO. He is flawed, and tells people what they want to hear, and be everyone's friend. His reply to Reynard at the AGM about Golden Tickets, 4 figures wont cut it, etc., was that it was his job as CEO to promote the company!! Disgusting. It would have gone down better, for me, if he had said, 'at the time, I was convinced we were sitting on one gigantic, inter-connected gas field, worth tens of £B' He is a bean counter, and has feathered his own nest. Some posters like to give a YouTube link to an appropriate song, I don't have the link, but it's The Moody Blues, and Go Now - pleeese.

Hi ericnat. For ease, and trying to avoid confusion, and lets face it, there has been many BB in fights over the meanings of RNS's!, I am talking about the assets of SOU, which I believe is a production concession on several License areas. It has already been mentioned that there could be a 'part' asset sale, which, again I believe, JP was always against, but, today is another day. I do not believe any company would want only 47.5% interest, especially majors, in a production concession. I see no reasons, unless there are legal reasons in The Kingdom, why ONHYM could not monetise their 25% on the production concession. They would, of course, still hold the Licenses. SCHL could easily monetise their 27.5% if they so desired. In any event, if a sale could be agreed with a party for our 47.5 %, then forget Billions, think of a few hundred millions at best, for ALL the License areas, and indeed, Prudents figures would be correct. My personal LE figure is 50p which would need a bid of c£500M for our 47.5% Without further successful drilling, I cant, unfortunately, see this. I will stick with previous comments that we need a man ( or woman), at the helm, to fund raise and take us into selected 3D seismics, aggressive drilling campaign to include SM and Annoule (?). We must unlock the potential, anything less is defeat.

Ericnat, Do you think RDS or Repsol would buy into a company with 27.5% owned by SCHL after the purchase..

You are correct. I posted yesterday that the chief objective, of a CEO,within the rules and law, is to maximise shareholder value. To date, he has singularly failed to do this, and so by definition is a failed CEO. The Italian campaign was a disuster. ( sorry). His highly professional team, have admitted to using flawed Seismic data, at least BM did to a questioner at the AGM. It beggars belief that any CEO would drill, costing nearly £10M, and take 12 months, knowing the data was flawed. At any cost, the data should have been re-evaluated until every OnG person there was happy with the data, and not an accountant CEO. It beggars belief also that SCHL went along with it. SM is an excellent example of the CEO's lack of entrepreneurship. Many interested parties, but no farm out. Upto 9TCF potential, 2 successful welsl re-drill 2 years ago, and nothing since. A failed CEO. 60% of the issued shares are held by retail investors. I am sure, without each investor risking too much, a significant fund raise could be made to do a 5,6 well programme in a year, which JP says is only for the big boys. More BS from this failed guy. It will take time more time, but at least lets get the true value of the asset.

Prudent posted earlier that the min.value of the co. was £300M, which approx. equated to 26p per share. This is incorrect. SOU only own 47.5% of the asset. SCHL own 27.5% and OGIF 25%. If the sale price were £300M each SOU share wold be worth approx. 12p fully diluted. However, fully diluted means that idiots would be paying 24p, or 30p for options, for shares worth 12P!. with the existing shares in issue, £300 sale price would equate to 13.5p ps. For shareholders to receive £1 per share, the sale price would have to be approx. £2.2B

yes, knew it was too difficult for you to answer, just in case you had to admit that the positivity of the CEO might be a factor. However, I do suggest you take a leaf from your pals book and DYOR. lol

Kirk spoke with his master on the phone this morning. You numptie

you obviously research the companies you invest in. Briefly explain some of the major things you look for, and in particular, what were the key elements for you investing in SOU.

aka, JP's faithful lap dog, posted earlier, after his chat with 'The brilliant CEO'

'"resolve right now is stronger than ever". We have a very useful record of drilling & seismic science that has a very real value'

It was you , you idiot, that told us that seismic has little, or no value. Get lost Kirk for 12-18 months

' JP has done a brilliant job' LOL

This is not wise after the event, posters know I am not a JP fan and have said so many times. He's a bean counter, and should not be the top man in a OnG exploration company. Very simple. He has not built a 'first class team'. BM came from BG after it was taken over by RDS. RDS have a straightforward policy on integrating positions in 'merger' situations - the best one is kept, irrespective of previous employer. BM was not one of the best. JP took SOU from Indonesia to Italy. Ironically, Coro are moving into Indonesia!! Italy was a disaster. The move to Morocco, crude, for yr information, was at the instigation of Luca, and his family connections. JP just happened to be at the helm ( unfortunately). So no more BS plse about ' this brilliant CEO'. Even in today's RNS he couldn't help himself by declaring,
' the team and I are encouraged to have delivered gas to surface from another TAGI discovery and remain confident in the potential of our Eastern Morocco basin. We have now completed the TAGI element of our current exploration programme and expect to update shortly on our forward looking strategy."
, and a little further down;
'Taken together, the Company believes that considerable exploration potential remains within this acreage..

Promises, promises, tell them what they want to here. He's still a 'jam tomorrow' man.

What TE10 has proved to a prospective buyer, is the TAGI, has plenty of problem areas.

Posters are saying there's value in SM. Yes, probably, but nowt done there for 2 years after re-entering 2 wells, and many moons ago, our 'brill' (lol) CEO said 'many companies' interested in a SM farmin. Really. Fake news again. And this in a prospect with a possible 8TCF, and nowt done. What a shambles this guy is.
' It's probably too late in the day now for him to resign, but it will be interesting to see if he cuts his salary by 50%. I think many of us, with large houses, could still manage on £5k a week. At the outset, I believe,, an experienced OnG man, with the size, and expectations of the License area, would have had a more dynamic drilling campaign, with a target of 20 drills within a 3 year period covering a much larger area, and some may have been 'wildcat'. We would by now, have had a v good idea what reserves we had, and either been sold, moved up to a producer, or made bankrupt.

Some posters on here should apologise to some of the ' told you so brigade' ( not JTF, since he sat on the fence with an alleged buy last week), because as of today, they have been proved correct, and you have all been proven to have had not a clue. I'll be v happy with 50p for every share I have, but that will need some strong results from a future programme. Let us all hope that crudes next post is in 12-18 months time. lol.

All of us are agreed that the products are first class, and the future in transport and energy supply. However, the last RNS stating that the debt re-payment date has been moved from Dec 31 this current year to Dec 31 2020, is only kicking the can further down the road. The only little 'good' news in the RNS was that the interest payable of 10% pa is non-convertible to shares at the 2p price, which is still an option for Fahir on the near £7M of interest accrued so far. This would translate to an additional 400M shares being issued, which, as I have previously stated, I think is a non- goer, unless it is accompanied by additional shares from Nahab's 92% holding, and offered to Institutional Investors. It is certain that the funding required at this time, could be sourced from the financial market at rates much better than the 10% Nahab's brother Fahir is getting- Keep it in the family, eh. The debt is massive, and will be near to £100M at the end on this financial year. Even at highly optimistic levels of future sales, it will be decades before the company can show a profit for shareholders, and dividend distribution - if ever. I will wait until there is a much clearer position on debt refinancing, and re-payment before I buy back in. I think the only way forward long term, with the obvious much greater finance needs, is for the company to get II's involved, and that will mean the family interest being reduced to below, say 60% , and an offer price much lower than today's sp. GL all investors.

Thnx your effort.

Yr Post ( part).

Sound has 1.05 billion shares but I approximated to 1 billion. At 75p that equates to £750 million. Sound has a 47.5% share of the Moroccan project (Tendrara). So 100% is £1.6billion with the remainder £850 million shared by Sclum(27.5%) and Onhym(25%).

So you say SOU has approx. 1B sheres. So how many do SCH, ONHYM and other investors have?

Cheers

Yr earlier post.
Why does £5 ps equate to £5B for 47.5%. Are you saying that the LE would have to be for approx. £10.5B for Sound Energy?

Or even Sound Energy. lol

Yr post earlier today;
75p per Sound share equates to £1.6 billion for Tendrara. It is about £750 million for 47.5% owned by Sound.

Plse explain using number of shares each party owns in Sound Oil plc.

Thnx in anticipation

you are incorrect. again.

The £1.50 was touted by JP after SCHL was on board. That figure of 1.50 and crudes 1.75 was being used on this board up until a few months ago ( was it the Deep Dive event when it came out we had been mislead?) And we are led to believe JP reads this board, and he was non the wiser. Its all BS about the 1,50 only referred to Sounds holdings. If NG is worth £1,50/scuff, it's worth to a company with 1TCF is £1.50B. This can form the basis of finding a LE price for the company. You cant say that only 47.50% of that 1.5B is due to Sou, because then you will have to divide that by the number of SOU shareholders, NOT including SCHL and OGIF holdings and anyone else.