Member Info for testpack3

With c£5M in bank a few weeks ago, and a further c£23M expected in c7weeks, a fund raise now for £1.35.??

This 'deal' is not going to happen. The legacy of The Failure - a bunch of liars.
The 'off the cuff' statement -'recent inbound interest' I believe says it all. and is the curtain raiser. There is a probable cash suitor in the wings, and the fund raise was merely an exercise in 'crashing' the sp. I believe now that a suitor, could be OGIF and a.n.other will make an all cash bid in the region of 3p per share, which will be shouted loudly by this shambles of a BOD as 50, 40, whatever % above closing price on whenever.
As for the anti-TW brigade, I'm not a great fan either, since some of his 'mega-buys' are disasters, however, when SOU's sp was 20, 30, 40, 50, 60 70, 80, 90p he was calling 'target price' of 0p. To all the apologists, he's a damn site nearer than any of you were, and you rue the day you didn't take his advice - I do, but it's only money.

From you yesterday;
That's incorrect testpack. We are entering into a JV if the deal goes ahead. We don't know the exact terms of the deal, but a JV will allow us to agree beforehand what to drill and under what terms. That's the whole point of a JV. To suggest otherwise is plain wrong.

What I said was that since we are not the developer or major SH in the LA, then we will be told what we can drill or where we can drill. You are suggesting that an agreement might say ' the 2 parties will agree where Sou can drill etc'' , and of course, if the partner does not want SOU to drill it will not - simple. You are wrong - again.

Erincat - I quote from yr earlier post ;
'and the further exploration upside drilling at EM and Sidi.' I assume EM refers to Eastern Morocco? Then EM concession, SOU will not be the developer, the new company will. It will decide if SOU can drill or not, and where it can drill. Sounds perfect eh for you and other apologists.

crudes gone from 'Golden Tickets' to 'These Little Beauties', and 'might grab a few hundred thousand more, can't see the price dropping from these levels, BUT will wait 'til end of next week to see how wind is blowing' lol. He used to be decisive but not so sure now. lol. I'm still wondering IF he ever did buy any in the 60's, 50's 40's, 30's as we were often told when he had another pension maturing. I think he's a Trumpette.

Obviously, with 75% WI in SM, we can drill to our hearts delight, with or without a, n, other, and funds permitting, but where are the other drilling prospects for SOU which, I believe, others have referred to?

"this project will go ahead because it is too important not to"
oops, forgot to add-, and thanks to our brilliant CEO's 'deal making skills', we will have 14.4% of License area instead of 45%.

$112M oops.

$b worth of gas for SOU. !!!
Are you sure?
If so , why did The Failure recommend a 'deal' that sells of its holdings ( 1/2$B) for $112. ?

Although I remain invested, I have lost all appetite for this share, especially after one idiot, and half a dozen 'recommends', posted that crude should take up the mantle of SH concerns witrh the BOD, following the unfortunate 'problems' at Trellis's. It's like asking Joe Goebells to be the judge at the Munich Trials.!
Reason for this post , is some posters on here are looking for an alternative play to recoup damage done by The Failure here. HUR is presently trading mid 40's and is waiting imminent RNS ( sound familiar) on logging results. News either way can see 20-30% swing. The CEO , Dr R Tryce, a geology PhD, is talking tonight at The Scottish Oil Club ( London branch) at 6pm. Talk is about Fractured Basins etc. etc, Talk is being streamed, details on SOC website. All of you know what I think of bean counters running an Exploration company, so my money is on a gifted, knowledgeable OnG CEO. I'm glad I missed The Failure's talk, with his 'glamorous ' assistant, on What Automobile Manufacturer's can offer to Aspiring Millionaire Failed Executives ( ans assistants).
This is not a recommendation to buy HUR, since the sp movement is purely a binary play at mo. It has sold over 2M boo. from a n other discovery. Do your own research.

Whilst it's fairly quiet on a Sat. and obv, no RNS's. I thought I would throw my 10p worth in. I was a BP SH at the time and therefore it was significant to me. Very. Matters were made considerably worse for BP following Pres. Obama visit to the shore in Louisiana. He said on national TV that it was a British Petroleum operation. A name not used for 10 years following BP's T/O of USA's Standard Oil. He paid little attention to the 13 (?), fatalaties. He made his point to the American people and more importantly to the American legal system where the blame lay. There were obvious failings with both the drilling mud, and centering rings which were instrumental in the cause of the gas escape and subsequent failure. However, there were, I believe, only a few regrettable deaths in in the early minutes after the first gas explosion. Majority of deaths occurred following more explosions as the gas and oil leaks intensified. The BOP had been activated, but failed to operate. The first system was an electrical system, but failed owing to the wiring being burnt out in the first gas explosion. The fallback system was a mechanical system operated by a battery. Further deaths and obviously all of the oil spill was caused by the failure of the batteries. Subsequently it was found out that one of the batteries was significantly undercharged and was incapable of operating the BOP. The BOP was supplied by Halliburton ( who were given Chapter 10 to prevent it being made bankrupt in litigation, Transocean, the rig owner, had the responsibility of the rig maintenance and the battery maintenance. It argued that the battery discharged following the fire. The litigation against BP is history. It's pity that the UK legal system found that in the American owned, operated rig, Piper Alpha, Occidental, that the 235(?) deaths folowing the explosion was as 'Accident'. Occidental paid a few 10's of $M to victims families. For Maconda, BP paid over $60B. Sorry for the rant and length.

Look at Malcy's record with Sound Energy and others., and his many cosy tete a tete with the CEO, and others. Sou was at 90p one time, its now 3p. He's a paid, pie eater, Most of us on here know more about OnG than he has ever done or will ever know. HUR is fine without him being paid to ramp it.

Kasjnaton. Don't expect a reply from crude. He doesn't 'do' difficult questions. I'm still waiting a reply from an earlier post re. cash raise without dilution, but he hasn't had time to chat with The Failure and get their stories straight. I had to laugh at his post on 'No Entendio'!, He admitted a week ago that The Failure's tenure in Italy was a disaster. He used the term 'naive', but coming from him, that means as bad as it can ge. He's now saying (lol), that having 47.5% in E Morocco was a 'little too ambitious'. This of course is straight from The Failure telling everyone that the 'deal' is good, and 14% is much better. He had also said monies received from JV should not be used as dividends, but used to drill 'the fark' out of Tendrara. Yes crude, like we should have done 2-3 years ago when raising funds, if needed, would have been a much simpler operation. Unfortunately, we had a CEO ,like crude, with no knowledge of what 'exploration drilling' is, and he built a team (lol), obviously, without the necessary skill sets to perform exploration drilling to 'drill the fark' out of Tendrara. But now, low and behold, with 'limited' capex coming in, he want an aggressive drilling campaign, The hypocrite. And finally, still waiting for a reply to 'who the hell is going to provide money to a private, unlisted, energy development and investment company'. Ask The Failure, he knows.
btw. Apologists. A few of you have referred to 'an obsession' I might have with crude, since many of my post refer to him. True to a lesser or greater extent, but if you had yr thinking caps on, you would be able to recognise , as in this post, that he is mentioned,because of his inability to answer posts after making one of his usual 'dismissive' remarks about my posts, without being constructive. By now, you should have realised, that on some occasions, he has to consult with The Failure before replying. Other questions, he would have to admit he, or The Failure, had made a mistake. After 8 years to my knowledge, in the past 2 weeks, he has admitted, after consultation, that Italy was a disaster, and Morocco was biting off more than we could chew. He should have said, more accurately, that Morocco was too big for The Failure, He was 'out of his depth' in Italy, a paddling pool, and Morocco was, is , in comparison, an Ocean. Good riddance Parsons, to bad foul rubbish.

I was visiting Killingholme ( Lincs) Gas Plant in the mid70's. The gas station there was receiving gas from the N Sea, compressing, and placing in the National Grid. There was a huge bank of compressors. It had a large flare stack, to flare, in the event of an emergency. One such emergency did occur during my visit, and I was less than 20mtrs from the flare stack, when the 'alarm' siren was activated, and a low rumble emanated from the stack, I turned and looked, and it was beginning to 'rotate', with a noise similar to a jet engine. The flare was alight with a flame some 20mtr long ( a swag), and the final noise was def. akin to a Vulcan bomber, which I knew well ,since I was an avid visitor , since a boy, to all Air Shows.
btw. looks v promising with HUR. lol. Good luck all concerned.

You are the deluded on crude. He did not say it would prove impossible to fund, And in any case, as I said in post yesterday, A 'smallish' private company will have to raise funds for the deal to progress ( how much I don't know, but it aint a few £M!) Tell me oh wise one, The Failure in his rns re; deal , and in relation to HOT, that $56M, ( £43M) would be needed to 1st gas.
GDin reply to Q) said each exploration drill would cost between £5.3-7.7M. Get a lot of drills for $200M ( yr figure) . And to quote you again '. Besides, who on earth would finance Sound Energy to the tune of $200 million or more..........this deal will go through & we just have to hope that we can retain that 9% & that exploration is able to run in tandem with production. This deal can work if we shareholders are thrown a bone or two........'
Q1) Who on earth is going to lend an unlisted company $200M when it will own a max, eventually, of 33% of License Area.
Q3) 'throw them a bone or two' - Aghh, back to The Failure's MO. except it was the whole dog, and not a bone or two.
Q4) when you see 'The Big Liar', plse don't pass on my best regards.

Will I get a rerply oooooh. no, dont think so,
Q2) 'We have to hope we retain 9%' Yes crude, that will happen IF exploration drilling is a failure.

PNE79. 'Get feeling JP was next to MS etc' Spot on, especially answers re; SM ( still toeing The Failure's line even after 2 years of nowt being done.)
Not sure though some 'conspiracy theories' have been put to bed. Yes, they stated, 'as far as we are aware' no related parties ( past or present) involved with recommended 'deal'. Unsure if they gave that reply to q) re SM farmin?
Bottom line is that we will end up with 14% if there is success , cf 47.5% now. and this other party will control distribution of profits. I still believe there is a better, and a realistic alternative, but every SOU PI will have to reject this offer. Unfortunately, we already know there are posters here who will vote yes. I will guarantee that 2+ tears down the line, when everyone realises we were screwed, these posters will be saying ' hindsight is a wonderful thing' . It's too late then amigos. Lets see the deal and Q the BOD hard, about going it alone and raising funds,

John Argent at 10.30, in reply to 'basin model' . quote;
'We have constrained our estimates of the exploration potential using a basin modelling study undertaken by a leading independent petroleum systems analysis consultancy (IGI Ltd). These estimates are stated as original gas in place (OGIP), unrisked without an associated geological Chance of Success and on a gross basis.'
Briefly he stated Low case 7 Tcf. 20Tcf mid case, unrisked gas in place, and upside 34 Tcf original GIP.
This is my point. The Failure is recommending a 'deal' that will see us lose c33% WI in the License Area ( and profit distribution), for c £126M, valuing the total License area at c£380M. There was an Ind. valuation of , just The Horst at c £250M for SOU's 47.5% holding. Later on in the Qn A. various members said there were considerable upside in The License Area, and 'substantial income' from gas sales. And we can get 14% ( fantastic deal)!. The recommending company will give SOU no legal rights in ensuring A/cs are prepared to adequately express all items that may affect bottom line profit.

HaHa crude. You said you would laugh at the reply by Mhmd S if he was asked about the money required to 'go it alone', as I have recommended' many, many times, and also to The Failure. Well, to quote yr other hero, Farage, You are not laughing now, since when asked about it, hi reply was it has been considers, and later on, implied it could be an option if 'deal' falls through. Ha ha. Regarding yr q at 11.40. I think stalking him is going to be lot harder than yr success with The Failure! sorry about his reply to you. haha.

Prudent yr point 5 re SM. '5. They are continuing exploring farm-in on Sidi and sounded confident about annoucing something soon'. You do know that The Failure said 2 yrs ago that there were at least 10 interested parties in SM farmin, What's changed.? It's a ' The Failure' line.

refers to SM, sorry

1) In answer to Q at 10.31 re shares to Petro. Gary said that it valued the deal at c$7m since in Jan 2016 sp was 17p. If he had any idea, actually typing 17p sp in 2016 should have raise alarm bells for him. The sp on 23.9. 2016 was 97p when the terms of the agreement were 'revised' so that Petro. would get c20M shares with a min. value of 50pps, and anything above 50p when sold , the 'extra' would be split 50.50. So the min. value was £10M and significantly more since we are unsure when Petro. were selling shares. Should have done better Gary.