Member Info for testpack3

Daveyboy. You don't find lots of gas with ' a more cautious approach'. Look at the time it took SOU to drill 2 of the 3 well campaign. ?

Posters, even some of The Failure's former apologists ( such as Daveyboy) are now saying should have drilled more, eother ate the edge of The Gren zone, or closer to The Horst to add more P1, but qualify with hindsight. That is the job of the BOD and Especially CEO to forward think, do risk assessment. All of them, as well as us, were taken in by The Failure's spin. I.m sure a competent OnG CEO at the time would have had a different strategy, and a profitable one if there is gas there.

Naturally, there are many misgivings about the usefulness of tomorrows fsc. I for one am v happy that The Failure is not in attendance ,because everyone, including the apologists, know his replies - can't comment, things happening in background, 'can't comment , confidentiality agreements' usual bs from the master bsh***er. I have asked 4 q's, and one is did the BOD pursue raising funds, by whatever means, to go to 1st drill retaining 47.5%? I am not holding my breath, but at the very least we will get, from the list of Q's they choose, and the answers given, what is the MO , and tone of this particular CEO and Chair, and particularly interested in how BM handles himself, and any difference in tone from his previous efforts? Unfortunately, if it's 'exciting times ahead', 'expect significant rewards from recommended offeror', 'tangible results in 12-18 months' etc', I believe I will switch off expect the worse from the 'deal'. For the benefit of the apologists, I want to hear 'practical' ideas that will enhance SOU PI value, and if today's rns means that SOU, with 75% WI will in conjunction with a farmee, resolve to exploit the SM license. In the 2 years, since The Failure released rns stating 'many interested parties ' in SM farmout, only after he's left, has something positive happened.. Out of his depth in a paddling pool.

Only partially correct sundance4, yes, 'it is written' is a quote from Jesus, but Maktub, an Arabic term, is frequently used as meaning fate., or 'it is written'. I have lived and worked in Saudi Arabia, and Maktub and Insh Allah, 'with the will of God' are both used, but when an Arab states that something might, or will happen, it is always followed by InshAllah.
Khawaggis ( non-believers in Islam), often used IBM ( In.t Bus. Mch.) to mean InshAllah Buchara Mafi. With the will of God, tomorrow, nothing.
ps crude, if you are still reading, still waiting reply to my mail this pm, re: making you laugh.!!lol.

'Testpack, I fully expect you to ask James, or whoever, at the FSC, why they did not retain 47.5% & go down your route of financing first production & multiple exploration wells. I am almost tempted fo ask on your behalf! The amount of CAPEX needed to raise without releasing equity is staggering...but I now need to hear it from the horses mouth...so you can be reassured. But be assured, I will laugh when the answer is given...like a Cadburys Smash robot!

First, I did ask The Failure before he closed his mail A/c, and no reply, not even a smiley face. !
Second, I suggest that sleep is the best cure for alcohol induced short term memory loss, rather than a keyboard, I will explain. I have maintained for some time the best way forward for SOU PI's, is to retain 47'5% WI and go ot 1st gas, to have a revenue stream, which will enable further exploration drilling . Now, read the following very carefully crude, it is important.
it is your hero, The Failure that is on record as saying that $56M ( half of the $112M), is enough money to get to 1st gas. The Failure has recommended a 'deal', with an unlisted, advise, investment, private company that has stated it will have to raise funds , and perform DD to 'sign up'. Now, are you telling me, and everyone else, that this company is better placed to raise money , using our asset than SOU are??? Is your man's reputation, and others , at SOU so bad, that it cannot raise money on it's own asset. and a n other 'smallish' can. Your reputation as a thinker, like that of your man, is of little use here.
It was good of you to eventually reply to my post re; The Failure's tenure in Italy, and amazingly, you said that he was 'naive'. Coming from you, that is tantamount to saying he was 'out of his depth', and that was in a paddling pool. btw. when you go to see 'The Big Liar', plse don't pass on my regards.

Tom78, the divi payout of 60% of EBITDA does not include the share buy back amounts. So the divi this current year will, we know, be at a $50M reduced total level.

addendum. The vast majority of that $60B, of course went in clean up ops, damage to the economy, damage to peoples livelihoods, and of course several Billion in fraud claims which the good old American boys in the South, decided ot to investigate, and made BP pay regardless. The Land of The Free. Yipededooda.

Unfortunately, it was known at the time, that there were concerns over the drilling mud, which had failed various laboratory tests, and the centering rings, only 3, and not 5, and BP personnel on rig gave go ahead. The main culprit was the failure ( where have I heard that before) of the back up BOP ( blow out preventor.). The electrical BOP failed because the wiring was burnt in the gas explosion. The battery operated BOP failed because one of the batteries was nearly discharged. The BOP was under the direction and supervision of Transocean, the rig operator, It stated later that he battery must have discharged during the fire and subsequent time to testing. BP attempted to sue Transocean, anf have it included as a defendant, but it opted for the USA scapegoat of Chapter 10. The subsequent investigation was imo hindered and made a 'one sided' affai, after Potus, Obama, stood on the shore line in Louisiana, with oil and dead birds around his feet, and called BP, Britich Petroleum, a name not used after it acquired USA's Standard OIl co. in the late 90's. Obama was not only telling the American people, but also the American judicial system where where the blame lay. It's a pity the Brit Govt didn't use the same standards after Occidental's Piper Alphas blew up, killing over 200 workers, mainly Scottish. After a Judicial Enquiry , The Law Courts found it to ba an accident, and Occidental 'got away' with paying a few 10's of M's in compensation to family's. The 13 deaths on Deepwater Horizon cost BP in excess of $60 billion.

For clarity, I would sign up to the 'recommended deal' if it is something on these lines;

The $112M for half of SOU WI and a further 9% as previously stated in RNS, In addition, SCHL will acquire 25% of SM License as a Farmin partner, with SOU retaining 50% WI. Further seismic will be performed to meet License requirements, and a drill campaign aiming to unlock the potential of 9TCF. Furthermore, X company will have sufficient funds to aggressively drill to 1st gas, in conjunction with a campaign to drill a minimum of 12 wells in a 3 year period over an extended area of The License area to include The Paleozoic. Furthermore, in recognition of being given 27.5% WI in The License Area by SOU, SCHL will relinquish c17.5% of this to SOU, leaving SCHL with c10% WI, and leaving SOU ultimately with 32% WI, and X company with 33%., and ONHYM with 25%. Accounts will be prepared under English Accountancy practice, and audited by a UK listed company.

or, negative posts. An earlier poster who , sort of sent me a congratulatory nod on my posts, but did say that they were negative. I am, and have been for several years a consistent critic of The Failure, but have had many e-mails with him over the years, and not, for obvious reasons confrontational mails, although they have been critical in many respects of his accomplishments. I have been a strong supporter of the Moroccan prospects, and still believe there is a considerable upside with an aggressive drilling campaign. Prior to the 'deal' rns, I had several mails with The Failure, and this is a brief synopsis of his reply. ' you underestimate all the good work and value that has been added to the prospect'. My reply briefly stated, ' The market will tell us the results of the good work and added value when you release the LE details, and I sincerely hope the sp reaches a Pound.'. Following the release of the 'deal' rns, I mailed The Failure, to the effect, 'the market has given it's verdict on your 'deal', recommending a sale to a private, unlisted company, any comment' Needless to say, he remained remarkably quiet!, lol.
I remain optimistic that there is obviously commercialities in the present Horst discoveries, and future discoveries elsewhere in SOU 's areas. I am confident that the present recommendation, without even seeing it, is for the main benefit of others, and not SOU PI's. The apologists, and some others, say wait and see what the deal is. These people have learned nothing about the MO of The Failure over the years, and are gullible in the extreme. Forewarned, is forearmed. I said at the outset that the LE was a 'biding time' event. In the meantime, the clock is running out on our SM responsibilities. The only way for us PI's to realistically recover our book losses, is to retain our 47.5% WI, get a, OnG CEO, raise funds to get to 1st gas, and when funds permit, drill exploration again. Yes, it's 2,3 4 years down the line, but at least it will be an achievable Family Legacy for those of us who have born the burden of The Failure being out of his depth.

A large hole has been found in SOU HQ. Sarah, Marco and Mhmd are looking into it, ( apologies to The Two Ronnies. )

I quote you;
'" James has stood down because of the violent threats meted out to his family".

More lies and deceit - so why is he still there on a consultancy basis ?

You are exactly like Trump, the liar, in that you accuse others of the things that you are.
You are a self confessed stalker, The Failure, and as I learned today, also Gerry Orbell, and soon to be the present CEO. Who kave I stalked? I mention you a lot in my posts, because you are the mouthpiece of The Failure, and have not one cell of shame in your body. Only today, after several years ( not days or months, did you admit the failure in Italy, after it took 7 posts from me asking you to comment on The Failure's tenure their, I said at the times of posting that a reply would be difficult, and so it proved. You are out of your depth, along with your boss, when it comes to logical , reasoned debate on facts. I will await further posts from you , as will other posters, on what The Failure's future intentions are with SOU. Felt threatened my giddy Aunt. He cant explain the 'deal' because it will stink for every PI. You will find out when the details are known, but you probably know them now.

Please reject this deal, ask the companies adviser to advertise and appont an OnG ceo, raise funds in the money market ( we know that an unlisted company values half of our License Area at c£85M) and fast track to 1st gas.. This recommended 'deal' I guarantee, will have The Failure lurking somewhere. Either join Trellis's group, or vote against the deal, and ask the The Chair for an EGM to discuss this 'deal' in far more detail, than a fsc, where they can cherry pick the questions.

The apologists are not good at replying to posts based on facts which question The Failure's abilities. The are however, very good at handing out rebukes to posters who hand out personal insults, and I agree, some of those are unwarranted. I have been questioning The Failures abilities as a CEO of an exploration when he is a bean counter. A poster made the argument that many companies have bean counters as CEO's, very true,but these co's are invariably well established manufacturing, production companies where money management is a critical area, not an early life exploration company. The Failure has been in way over his abilities since ho ousted Orbell. The decision to go to Italy was purely based on the money men, Marco and CIP. No DD was done, and The Failure had no idea of the beurocracy in Italy, especially for co's involve in OnG exploration. From day 1, we are told about The Hidden Gem, Laura. Not the smell of a drill in 5 years, although it was a high priority target. Yes, it is just offshore, where drilling is restricted, but only after SOU had been there for 3 years, but we were led to believe that SOU would Directional Drill from land. Lying and deceit even then, but according to crude and others, the builder of dreams. No crude, a lying deceitful person , who was also out of his depth. Was it 5 years in Italy, 4, or 5 drills, 2 big duster, 2 small finds, sold the co. for £14M, after more than that was put in by CIP in cash, and at least 2 Fund raises from SH, one at 4p, another at 19p, we the 24p warrants ( worthless) And, the the purchaser, Coro, it's first action was to buy an Indonesian asset, which crude lauded his boss as saving SOU when it left ythere. You coudn't make it up. Moroccan assets were identified by Luca's family, and The Failure rubber stamped it as CEO, and as we know, crude was always saying it was The Failure's call. It's possible that crude has been a paid ramper ( and public speaker) since the outset. We heard from crude this last week that , in his opinion, lol, The assets in the 'deal' are best handled by a company with Moroccan interests, and not a OnG major. This is plainly written by The Failure, and it will come to pass. Unfortunately for The Failure, crude has a big mouth when it comes to 'news', and has to make other posters feel that his finger 'is on the pulse'. lol. All this time, I was saying The Failure, is out of his depth, but crude, and others were toeing The Failure's line. Yes, the sp reached nearly a quid, and some sold and some didn't. But even at these levels, The Failure was still uber ramping, and 'no one will lose money buying at these levels'. Crude and fellow apologists, have failed on 5 occasions to answer me about The Failures 'brilliant' tenure in Italy. It was a disuster, and we should all of us, have been asking for an OnG person then as leader. I, like most people have written off this money both financially and mentally.

Crude - you posted this earlier;
'This hydrocarbon basin is far too important to fail or languish in the hands of an international major...imo.'

You must have had this approved by The Failure, since it is in direct contrast with both his, and not surprisingly your statements, that the basin should be exploited by a major with deep pockets. The recommended offer is from a 'smallish' private, unlisted entity. who are on record as saying that before the HOT agreement can be signed it will have to raise funds and do DD. I can only think now, that my previous post, alleging you may be a paid ramper of The Failure, looks more likely, and that your posts are written by The Failure. I now think that The Failure. will at some time, say that the Governance of The License area is best handled by the Moroccans, and not by an International OnG Conglomerate, whose timescales for exploitation are not aligned to those of ONHMY or OGIF. It is now probable that the 'deal' will give OGIF and ONHYM more than a 'minority' stake decisions going forward, and these decisions may not be in the best interest of SOU PI's.

btw all apologists for The Failure, inc. Ram6ler, no response to my mail of 18.56 today?

Mahatma - you asked in ref; to Ram6lers post;
' What's the phrase for somebody who is arguing against something that nobody except himself/herself has brought up?
Answer - An idiot. period.
He/she is just another Failure apologist. No no one suggested he was the reason the wells were dusters, some flack ( a lot) was given to The Exploration Director ( part of the 1st Class Team. lol) in either his choice of site, or, allegedly ,allowing SCHL to choose the site, when the quality of the seismic was in doubt. The Failure is on record many times that The License area requires someone like a Major to fully exploit the potential. As it is The Failure recommends an unlisted private company, who need to raise cash. Unbelievable to most, but obviously normal to Ram6ler and other apologists. The Failure had cash in the bank and could easily have raise sufficient funds after Te5, 6 7 and even 8, to have an aggressive drilling campaign to unlock the potential. What did he do - sweet f all, except announce a 3 well campaign , which was abandoned after 2 wells, and the For Sale put up. You must all be proud of his efforts - idiots.

crude.
It's very easy to spot. Whenever crude posts about 'possible' future upside, the post has been written by The Failure. Makes me wonder if he been a paid ramper of The Failure.? We all know he sold at 89p, to 'pay off his mortgage'. lol, But we were also told, in many posts, that he had had another 'pension' mature and was buying more at 60p, 50p 40p, and since we have not been informed that he sold these shares, he is sitting on a considerable loss. But he cannot say one, not one bad word against his 'friend' that has taken the sp to below 4p, and has effectively, jumped ship'. ( which personally I want, but immediate, not in 4 months, or whenever, time'. Cue - defenders rallying.lol

KTF. I qoute;
'I suspect I am not the only one who invested specificall because sound was an EXPLORER.
I didn't invest to receive 15 plus years of dividends'
Two points, 1) That is why the CEO was, is, The Failure, gave up, and put the co. up for sale, when now almost everyone says, to unlock the true potential, we should have been drilling more wells, 2,3 years ago when we had cash, or could have raised cash a lot more easily than now.
2) The majority company will want to get to 1st gas, hopefully ASAP. SOU SH's ( except the 25% owned by OGIF) will have no say in what , where or when it drills. If SOU want to continue with SM, it will go it alone, and wait til 1st gas before it will receive the 2nd tranche of c£33M, by which time SOU will have failed to comply with the License Agreement, and will have to relinquish. It is still my opinion that JP will want to get his greasy fingers on this SM play, and has been planning it for a few years. But, we will find out in due course for sure. Talkk of divis is #dreamsinthedesert. SOU's holding will be either 23 or 14% in The License, and SOU will get their prospective %age of profit, not EBITDA, from the majority company in their endeavours. It will produce accounts, under 'Guidelines' not Regulated Rules. If investors think these will be prepared as a benefit for SOU SH's , they will believe all that the Failure has ever said.

When (if) company acquires 51% of SOU's License, it will have c24.3%, and Sou the remaining 23.2%, SCHL will have the majority stake holding in the License area at 27.5% . The extra 9% will give whoever c 32.3%, leaving it with more holding than SCHL. I am unsure of the machinations of the Terms of Agreement between the parties to the License area, but it may or not be in the original RNS re: our acquiring 75%. Might explain why extra 9%, and even if OGIF acquire all of SOU shares after their prohibitive period expires in Jan. '20, it can only have 14.4% maximum.
I am still of the opinion that this 'deal' will not be in the interest of PI's, and would prefer fund raise and go it alone ( with SCHL and ONHYM) . JP and Marco I believe will want their hands on SM, and negotiate a deal with OGIF .

In the HOT agreement, it states 'Proposed Transaction will be subject to satisfactory completion of due diligence and Purchaser financing'

It hasn't raised the finance yet, and we all know, from experience here, it may not be at 'money market' rates. It raises 2 questions for me. 1) If it does find a lender, why didn't The Failure and JJT go down the path of financing to 1st gas and retain 47.5% equity. 2) Being unlisted, private company, and having to pay off £x over y years, and possibly find another £32 for the extra 9% 'within one year', will leave them financially stretched, to say the least. We all know that feeling invested here!