Member Info for testpack3

The 2 most important bits of info are;

1) SOU's equity share will be 14.4% cf to 47.5% now, and

2) The Failiure said it. , and it was an 'intention'. w
We know from our own history with The Failure, that when he is uber confident, it turns out to be a lie, and so when he states, 'intention', forget it. Only the previous converted on here will say the the new 'bosses' will feel sorry for SOU PI SH, and do all it can to return cash to them. lol. What a deal maker, 14.4%, laughable.

Vote against this deal, and get a proper OnG person in charge to fully explore the potential we have at 47.5% interest, and not leave it to an entity, with their own 'self-interest' coming before interests of others, and sOU's interest being a mighty 14.4%.
Apologists have been spouting their usual garbage that this deal could be 'very good' for SOU SH's. Lets live in fantasy World and assume they are correct. Then if it's v g at 14.4%. think what the sp will be at 47.5%, Not rocket science. The cry will go up, 'but where there's the money coming from'. ,. I'm positive that a true OnG professional, with contacts, and able to see the potential, can easily convince SCHL, OGIF for more assistance, and the money market is always there at a price. Risk and reward. Where have I heard that before?

Crudes post some moments ago.
'Partridge, you say "Always was his plan. To take umbrage and leave.I thought he and his team were the sort who face up to critics and not cowardly creep away"...........
But he did say he would be here for another year or 18 months, of which time has elapsed. Post FID would be the natural time to leave if that is what he still wants to do. The Company would then be on its new path & that would not be creeping away. I personally want him to remain but whatever he decides I wish him all the best!'

That confirms what I said this am, that the new partner will want their man in as CEO. The Failure will leave. This is reason enough to be happy, but his legacy, as previously explained is SOU WI being 14% cf 47.5% now. And deal making was his forte. lol. You couldn't make it up. For reasons previously explained, plse vote against this deal, and urge others to do so.

Exploration.- I am unable to find any contact details for OGIF.. You appear to be the one with contacts in Kingdom, can you help me. ? cheers.

Tableleg. You were one of The chief apologists for The Failure, and when I was saying all the negative things, ( unfortunately mostly true, and in The Failure's case, all true, you, crude, jobs, KTF, SO ( now seen the light) came out with snide, abusive remarks, and now , you are saying you have done money in this car crash. Well join the queue, and get typing to The Chair for an EGM to oust the piece of shiite, and vote for no deal, Simple.

Ericnat. There's a few glaring flaws with your comments. The first one is believing that what The Failure has said is fact. I quote;
' This is validated by the substantial interest in the assets for sale and the huge size and range of those expressing an interest'
We have seen the quantified level of interest, topping out at a little over £80M, with stage payments, and conditions, on an asset, that the apologists were saying, after the sale was announced, that The Horst had been independantly valued at 25-27 p per share, giving a total value of the Horst at something over £260M. !!!! And this is a good deal, with a reduction in our WI to 14%??? Why are those Horst valuation figures no longer relevant.

( or displeasure). I still urge all SH's to vote against this deal. I don't see how OGIF can be all that happy with their c25% SOU holding, giving them c12% share of asset value ( and c19% of SM), being reduced in the event of a deal to c3.5%. ( but still c19% of SM, which The Failure will no doubt fail to develop. again)

If the deal is successful, I cannot imagine that this other party will want The Failure to continue. It is highly likely that it will want, with a controlling 51% interest, to employ it's own choice of CEO, and not a guy with a track record for all to see at SOU, and is an abysmal one. Most of us can point out targets promised, targets missed, but the apologists, rather like the Trump apologists over the pond, who were saying 'no quid quo pro', and now that it is almost certainly proven to be the case, are saying, yes, there was, but it's not a crime.lol., are now saying this is a good deal, possibly 1-2 p divi pa for yonks, with a sp of c20p. Raise the flags everybody, it's party time! Now if these idiots had half a brain, and thought it through, This figure they are splashing around, if true, is at a c14% working interest. It's not Rocket Science, to calculate, that with a working interest of 47. 5%, this divi would be 3.5p-7p pa, and at a 5% return pa would give a sp of 70p-£1.40. Now we're talking!!! So I urge everyone to vote against this bad deal, and ask for an EGM to get rid of these Muppets. I know raising funds will not be easy, but obviously these recommended partners have seen the upside, and we need a proper OnG person to lead us, and raise funds, with both the help of SCHL and OGIF, especially the later when considering how their share will collapse with a deal. Remember SCHL, will have 2x as much WI in the asset ( not SM), following the deal, than SOU SH's , AND ( i'm shouting, sorry), it was effing given to it by The Failure, for a few drills at cost, ( not a great amount of cash), and lets face it, the drills, their expertise, havn't been a success story.

I quote from an earlier post from you;
'Well I would imagine there is a plan for Sidi........which cannot be announced until RNS’d. Not rocket science'.

You have obviously forgot that there is a plan for SM, it is still the subject of a 'farmout' with 10 interested parties, from a RNS 2 years ago.

Now please sit down when I tell you this, don't want any mishaps, The Failure does not know the difference between a lie and marketing the company.. Please remember, it was my 'play' that was near the truth in this debacle, which I called 4 months ago, you and other, 'I believe everything he says' apologists, were not in the ball park. I'll tell you what I think, again, re;going forward, but on SM, if The Failure is still at the helm ( not guaranteed thankfully), then it will be hived off in a deal that benefits a. n other, to the detriment of SOU investors . It's the MO of piece of shiite. And in my post to come, I'll ytell you and another apologist KTF, the problem with your 1-2p divi pa in a few yrs time.

dessaco. You will get nowt from him. His usual 'getoutclause' - confidentiality agreements. It was always a scam. If you are a SH, first, commiserations etc, but mail The Chair and ask for an EGM to sack The Failure.

error. I stated we were 'giving away 33% of the concession. That obviously should read, 51% of 47.5 leaving us with 23.3 %, and then a further 9% leaving us with 14.4%. That is wonderful Failure, many congrats on yr deal making skills, which you have obviously polished , as to read 'in the best interest of SH etc', but will not release all the crossed ts and dotted i's til the deal has been signed. So, you are asking us to vote on something and we do not know the full implications. I get severe dejavu, that it will be one of your 'each tcf is worth £1.50 nett to SOU', and after a year or so, tell us; oops, you all misinterpreted this, etc. He's still trying to take us all for idiots. Please get rid of him at an EGM. Mail The Chair, please. Don't let this shower of shiite get away with it.

To start, I abhor comments re physical abuse, or wishing such, on The Failure or his boot polisher, crude.
I have stated for several months, the way to maximise SH value, is to raise funds, and drill. Not this piece of utter tosh put out today. Look at The Failures history with SOU, ( crude, plse don't mention Orbell I beg of you), and his promises, his deal making, ( Italy, CIP, SM, SCHL, 27.50% int, in license,, etc, etc) and the results. Only an idiot, ( cue crude, jobs) can see that this deal benefits The Failure more than anybody else, except the new proposed partner. It is abysmal for us PI's, by giving away c33% of our holding ( 23.75 +9) for a fistful of dollars. ( the share is traded on the UK xchange in £, but The Failure promotes $ since it looks more to the idiots). We can realise a LE in 2-3 years with a fund raise and drill the prospects The Failure should have done 3 yrs ago when we had the funds, with a 2 rig campaign. The guy is an utter disgrace, and I'm disappointed that The Chair hasn't sacked him. ( maybe, hopefully he's waiting for his resignation, and the avoidance of paying him further cash). The downside from here, is a further reduction in sp of max. 5p. But lets vote against this deal, or at worst, call for an EGM to oust him and other Board members. We need a competent person in charge. To misquote crude on one of his now dismissive lines, 'JP, is that all you've got', Well yes it is, and he's been lucky at that. We have all seen his MO, and his slipped time scales, his lack of on-site knowledge ( needed equipment all over the globe except in Country), his 'team building credentials' ( not), and the list can go on. He has to go, and take the abortion of a deal with him. Please stick it out til whenever, with a new board, and not til whenever with this proven shower of shiite, led by an incompetent person, only interested in himself. Please post on other boards if you access them and promote his departure. It cannot get any worse than this except for another 3 or 4p, which all of us, have now financially and hopefully mentally, written off. Plse tell The Failure to f+++ Off, but do it nicely without malice.

Crude, no it wasn't the deal I wanted, you idiot. I wanted SOU to drill and maximise SH value with a new leader, not sell half of our interest , and another 9% on the same terms if SOU strike it rich, to an 'investment' vehicle. CIP is an investment vehicle, and what did it do for SOU, except make Marco even more money. Please state facts if you are going to quote me. So you get this, and most on here, including the 'fool' disciples ( at least SO had the balls to admit he got it wrong), know this, I want your pal out of SOU for ever and a day, resignation, sack, whatever, as long as we don't have to see his name, and yours btw, ever again on this BB.

Unfortunately, My assessment that the 'Marketing Process' was just biding time, is all too true. Raising cash and drilling was my preferred option, but not by a fire sale of the Horst to an undisclosed partner, with PI's having no knowledge of their credentials. Of course, The Failure ( now proven with the recommended valuation), will want to keep his snout in the trough for as long as possible. I urge SH to vote against this 'deal', remove The Failure, and others from BOD, and get The Chair to advertise for a OnG leader to take us forward. Yes, The sp may fall even further, but the maximum fall from here is c 5p, little when compared to 35p in the last 12 months.! The Failure still can't help himself by trying to polish the turd. ' 23 interested parties, 15 invited to presentations' I think you will find these 'parties' were family members of employees. lol. In a reply to a mail, he finished by saying 'significant upside in the assets going forward' or words TTE'. And he's recommending an offer that is derisory. He's not only a failure, but a rich guy, on our backs, with some mental issues on his abilities.
It would be remiss of me not to mention crude. lol. still finds positivity in this news. Although, in fairness, he's had more time to mull over it, ( intended use if you followed my post re wine n crude), after his visit to The Failure. His much anticipated report stated that any buying activity of his would be held back 'til Jan. and beyond, since of 'slipped deadlines in OnG industry' and the likeylhood that the LE would not happen by YE. Really. lol. It was a straightforward process, with defined time limits. But as we know now, it was a delaying process . Crude had this info from the meeting, I allege, and in all probability , sold all his shares ( if he held any?). No doubt he will say that this a slur on his 'good name, and character'. crude, your name is indelibly linked with the name of The Failure, and if you want any help in that respect, I, and, many others, will be happy to oblige you. Please vote out this shameless Failure from our company, and, although, the timescales, for the more elderly, may prove non viable, put the shares away and leave a proper legacy for your family.

JTF In yr 19.17 post you stated;
' Even JP himself told Crude that he was still surprised by the disparity that exists between the share price and the value of our assets. '
Is this a quote from crude re; his Oct 30 Visit to HQ?
I would be personally surprised if this was said, especially with a lawyer present. It is company assets that are for sale, and the CEO is saying to a PI, that the market is undervaluing the assets. How is this to be considered as not a 'buy,buy. buy sign. ?. Or has the rampfest returned?

Sorry crude, forgot to say, 'have a nice day'. SO included btw. . On a serious note crude, on v cold days, with still a glorious vista from your flat roof,, do you drink cold beer, chilled wine, (red or white), mulled beer or wine, with added spices or not?, and do you still use the 'poker in the fire' method of mulling beer ( or wine), since you are an aficianado.? I have a v g idea on the thoughts of Trellis, the 'default' booze spokesperson., although he may probably reject the 'common' beer element.

SO. you tried to 'badger' me, ( it's in black and white) ,with your comments re; a bidding process ' are not that simple', and finally you concede that it 'should be' that straightforward' in reply to my riposte. .. It's your game, company sales'.?, so you state, so your 'questioning' replies directed at moi, were more aimed at SOU management and their agents? I still remember, that you, with ShaunGreen and Mooncheese, were 3 of my original 'Muppets'. Still flying the flying for the departed. ( or is 'getyourcoat' re-incarnated.)) His lack of intelligence suggest yes.!
I know that you,and others, will consider this post as 'beyond the pale', but you consistently try to undermine other posters, with whom you disagree, with inane, unsubstantiated comments, made merely to 'try and impress' with you skill sets. This compares favourably with crude's ripostes., although literally, a riposte is 'quick and clever' ( def, Dict.), and both of you fail most of the time. Some exceptions are crude's, after imbibing a tad more than healthy for body and mind. ( apparently frequently). *

* For crude acolytes. this is self admitted when viewing his vistas from roof top terrace ( flat roof dwelling), and his pastime of 'pub quizzes'., getting drunk at all SOU site visits ( losing valuables ), enjoying the largesse of SOU credit cards at various functions, and actually admitting in one post on this BB, that an an event, an 'acquaintance' bought him his drinks all night. ' Another admirer of the 'sociable' 'leech'. Yes I know, you vehemently deny this slur on your 'good character.' But read all the aforementioned re' yourself, and tell me, and others, my errors. Bet you can't.!

Hi crude, I quote your last post;
' Testpack, what on earth are you on about stating we haven't been and exploration company in the last 6 months? Just because we have suspended drilling operations doesn't mean we have totally renounced or retired from exploration!'
What an idiot you are crude. The Failure has put the Company up for sale!!. What in that statement do you not understand?
If an acceptable bid is made, The Failure will recommend acceptance, if no acceptable bids received, the Co has no alternative than to find another route. You stated earlier, in a reply to one of my posts, that raising cash for more drilling is ' not as easy as I made out', and gave many reasons why it was not realistic ?? So crude, another question from me that you will be unable to answer, in light of that, and previous comments, is what are the exploration targets that you have alluded to since we have not 'renounced or retired from exploration'? I know it's hard crude, and some of your followers ( not all, since some know right from wrong) will say that I'm 'stalking you '. Their problem, and yours, is that a logical, truthful reply is not in your compass. There are 5 Q's asked of you re. The Failure's tenure at SOU, all unanswered. Your small saving grace is your admission that The Failure 'probably' got in wrong in not drilling more wells and attempting to fulfill his 'raison d'etre' in maximising SH value. I can guarantee, he will will not make such an admission. He did, however, in reply to a mail of mine, say he had 'some sympathy ' with my request to #letthedrillbitdothetalking.. Naturally he would say this since this is what he was promulgating early on in the NAfrican adventure! I realise now why the two of you have such an affinity, ( to be congenial). ? Answers on a postcard please.?

SO. If it's your job, you should be aware that all bids must be on a 'like for like ' basis, so that a direct comparison can be made. It is incumbent on the seller to inform the market the parameters for the bid, including the position of related parties. These related parties are only SCHL and ONHM(?). I believe that the latter cannot divest themselves of their License interests, and so it must be made clear the position of SCHL in a sale of any part on the area in which it has an interest. You are attempting to mfr problems when in reality it should be a straight forward process, with payment requirements clearly stated. It is basis business good practice. Plse don't attempt to create problems that will not occur if the Agent has done his job and earned his fee.

Gekko. No you are incorrect. My first post re; crudes reply was in reply to a post of mine, the second part of that post re; crudes reply was IRO a reply he received from JTF ( Jez if you prefer). My second post re: POO etc, was in reply to SO. Capiche?

SO. No, you are incorrect. All of the companies who I have been involved with, or had knowledge of, in a bidding process, it is clear that bids received after the deadline will not be considered, A major reason for this is to avoid charges of 'corruption', and another reason is to maintain time lines. Please think it through.

SO. I quote you.
Indeed they are divesting oil. For gas and renewables. You are right about the direction, but in your haste to put Sound down, you are ignoring the reality of the changes required to move from oil/gas to renewables'
As far as I am aware, the numbers of vehicles using NG as a fuel is very small %age, cf to oil. There will be obvious hurdles in changing Oil fired power stations to GF PS., and obvious hurdles in converting to Nuclear PS. However, I stated that 60% of all oil production goes to transport , not to power stations. So the biggest impact on the POO is the conversion rate of vehicles to Li Battery ( least favourable), Al/Air batteries ( better) and H2 Fuel Cell ( best). RDS is the leading mfr. of H2, and I believe it is from steam reforming on NG, and some from heavy oil reforming.. The best source of H2 is from water electrolysis, but is expensive, but recent research has identified much cheaper MO's for electrolysis. I'm almost certain, with the number of international companies now involved in FC mfr., that their price will also fall drastically within a 5-10 yr time frame, that will put a small family EV in the market, with a range of above 300 miles for under £20K. Remember Tesla's Musk calling them Fool Cells. lol. Also bear in mind, no OnG analyst, paid for by the OnG industry is going to predict the demise of POO. I recently read one idiot from an American institution saying he expects POO to be above $100 pb in 3-5 years. This can happen if liar Trump decides to wage war on Russia, Saudi Arabia, China. either collectively, or individually. After all, he is the Most Intelligent Person who has ever lived - true, according to him and GOP.

Crude. In your reply to my post re;above, I copy n paste
'In hindsight maybe our seemingly large equity stake was something of a millstone in that we only committed to a three-well program (only 2 in real terms so far) when many more wells were almost certainly needed & maybe farming down could have been the right way to go for such a huge project.....'
OMG crude, that's an admission from numero uno fan that The Failure had got it wrong, and that I was correct in earlier assessments of a few months ago that what was needed was a more dynamic leader, from the OnG industry to drill more wells when we had the money, with a 2 rig campaign. Also, you replied to a post from JTF re your visit to HQ , when questioned on why you thought there might be time slippage on the RNS, that time lines were not set in stone ( paraphrase) in the OnG exploration field! I hope this doesn't come as a surprise to you, but for the past 6 months, the last thing SOU has been is an exploration company. It has instructed a third party to market the Company, with a view to selling either part or whole. It may be beyond the ken of The Failure, but most CEO's in this position, would have informed the agent, and interested parties that any bids must be received by x date, will be reviewed, and any replies to those bids will happen within x days, weeks. Since The Failure is already on record stating that it is hoped this process will be completed by 32/12, it must be the case that a timeline has been given, and there should be no reason that slippage can happen. if there are no bids worthy of further consideration, this should be notified ASAP, and probably well before 31/12. However, as many have previously stated, nose in trough 'til the end.