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Tom, some of your ADVFN observations are more accurate than you realise. And it is not difficult to figure out why a choke hold has been applied on placees in Canada. I interpret similar constraints do not apply over here but might have got that one wrong.

Although there has been dissatisfaction over disclosures they have not been as meagre as some think, e.g. the HH price for SOUC product is >$10 mmBtu (at a $3.40 premium). Unless recent hedging arrangements have been made on Mt Olive wells receipts will be higher than at the rates shown on -

https://markets.ft.com/data/commodities/tearsheet/summary?c=Natural+Gas

Provided drilling proceeds as planned there are few grounds to believe production will not be well beyond current boepd. On the other hand, following three OK and TX gas pipeline mishaps, we have to accept that some Southerners are accident-prone.

As McCreath, Beynon, Yau, McMurren and Atkinson took up a fair amount of stock on 07/07 there is every reason to sit tight.

NB > I have no exclusive, privileged information on SOUC or any other company. Other than a spot of probing, details are there for all to see combined with a degree of local knowledge.

https://money.tmx.com/en/quote/SOU

Hopefully the start of the recovery.
Equally IOG which has seen a strong revival.

https://www.geologyforinvestors.com/the-dixie-project-a-new-gold-camp-on-the-horizon/

Enviably RedLake, Ont., @ 8.5m oz Au is a huge discovery. How good it would be to see our starting point at Ramala camp and the WK resource doubling next year. Eric, throw us a bone please.

Burggraben's dump - after all the pumping - together with Manolo's options (sales) sets things back a tad. There is unlikely to be any real upside before recession consequences recede. ONP improvements and TSX behaviour may determine when the bottom is reached.

I should remember the position when stepping in @ 14p and realise nothing is written in stone. A setback nonetheless . . ..

Quietly biting the bullet. Not tampering with the holding. The divis will keep me satisfied. Daily local conditions in SA are tough as Ilja will verify. My regular skype calls to acquaintances reflect the same difficulties we have here.

@ 07:25 - TGM, Although I avoid quoting exact content my "sources" are mostly the companies in question. Accordingly my holding remains intact. The same applies to CHAR, i3E, IOG and SQZ although I halved SOU @ 2.10p.

Your avatar reminds me of my biggest holding SHG, also reflecting a modest divi. As a teenager I listened to adults in Ngong discussing MauMau and Rosterman. I am familiar with Kakamega, Bushiangala, Isulu, Ramala, etc. If the years are on your side you will see at least one open pit operation (possibly Ramala) starting in the Lihranda corridor by 2025. I am not saying it will be another Witwatersrand but W Kenya will become the country's gold mining hub.

It turns out that several recent guesses made here have been correct. Plans/projects are to be accelerated rather than being allowed to drift into Q2 2023.

We know marketplace financing was tightening in the face of a global recession. Having a healthy war chest was a prerequisite to forward booking a hightech rig and getting on with Gwinville east. In addition Nymex forward prices into Q2/Q3 2023 are weakening prompting some urgency:
https://futures.tradingcharts.com/marketquotes/NG.html

Reading between the lines we can look forward to more batch drilling. Some of them may occur in wells already held by production. I was wrong on Cotton Valley sites which will not get attention before H1 2023.

Reasons for overhauling plans are better understood and I look forward to Sept/October. Pullbacks are apparent across the board. The only counter is to hold a selection of producing assets with decent cash positions. They include i3E, which gives a monthly return, JSE and PTAL. I expect most stocks to take a hammering until September. Information on CHAR, HMI, IOG and THS, based on medium-term progress, has been encouraging.

@ 11:04 - I have had replies from three companies incl SOUC.
All have a similar theme.
Will update shortly.

Peer O&G prices on the TSX have been hit to the tune of 30 - 50% reversals.
i3E is no exception and advice received is not to expect a near-term turnaround.
>30p could well be some time off in the face of global recession.
We are wrong to believe otherwise, i.e. without Serenity or any M&A news.
I am content to let the holding roll over with its modest monthly accruals.

This morning's comments are acknowledged, and valid.
I may shortly be able to add something useful.
Perhaps we should show patience leading up to Q4.

https://energydrilling.com/rig-15/https://energydrilling.com/rig-15/

Specifications for those with drilling knowledge (above); and
Profile:

http://www.emi-magazine.com/sections/profiles/350-energy-drilling-co

https://www.ogj.com/exploration-development/article/17245026/usgs-assesses-undiscovered-resources-in-cotton-valley-group

Whilst attention is mainly focused on Gwinville east we can expect the Cotton Valley sandstone to come into the frame before the year is over. USGS might have another report out on it. I don't think Skolnick/8Capital has had anything to say about it but we have fair untapped acreage across the formation.

https://abc7chicago.com/pipeline-explosion-in-texas-fort-bend-county-today/12028971/

The above illustrates the "expect the unexpected" theme. The Quintana, TX, LNG refinery shutdown occurred on June 8. Yesterday someone drove over a Houston pipeline. Our MS conduit is Transco. Predicting the way forward on it is an unknown.

The only reasonable assumption - subject to rig availability - is the company has sufficient cash to drill 15 x $2m 50-frack laterals in H2. During that time it will accumulate revenues indicated by 8Capital. Also we should bear in mind that Skolnick has been bullish on SOUC for several months. (IMO he could have been more supportive with a higher cash raise price.)

After rereading company replies it is apparent the drilling programme has been strengthened. Added to it is an appreciation that the new generation technology is likely to increase yields beyond anything seen until very recently. Previous 3 - 5 horizontal perforations obviously restricted performance. Gwinville East has more scope than the central reservoir.

Further batch drilling opportunities are unknown. Mt Olive section #19 is unusual in it being adjacent to #18, allowing drilling to both N and S. Elementary knowledge of 1 x 1 mile (640 acres) is necessary:

https://web.gccaz.edu/~lynrw95071/Township%20Range%20Explanation.html#:~:text=Township%3A%2036%20sections%20arranged%20in%20a%206%20by,measuring%20east%20or%20west%20of%20a%20Principal%20Meridian

As access to finance is restricted at present M&A is uncertain unless any one of several local operators arrive at the door. SOUC have also made it clear they are confining interests to southern states.

". . . expansion programme planning and preparation are well underway . . .".

https://drive.google.com/file/d/13gqIZFzwekjV6vTVnq8iaf_bI9rlRrBP/view?usp=sharing

Encouraging.
Some useful info in it.

It leaves me wondering if this is yet another GTE ploy.
Certainly smells like it.
Have wanted to see the back of Guidry and Ellson for years.

". . . Seller is contemplating selling up to 38,781,157 . . .".
Pareto torpedoed us.
Calgary seller offloaded ~6m shares today.
What will they do on the TSX tomorrow?
A real bind. It could pull PTAL sub40p.

@ 22:34 - Thanks for that link. I'm feeling more optimistic again. And Hockey sounded more coherent to many ears.

Yes, I agree 8Capital crippled the 90p level: it was a punitive discount and the company could have been better served by the fellas in the City. I will ask the company WHY when the dust settles.

Last reference was to "poor hedging" @ 20.22

Whilst another check has to be done are you sure of a poor hedging factor?

My information is otherwise and I understand the Mt Olive E site has no hedging constraints. In sum the measure applied to not more than 20% of production prior to the 3-batch drilling.

If existing 5,000 ft laterals continue to be drilled @ ~$2m each a $30m war chest - plus revenues - seems excessive/surplus to remaining H2 drilling targets. Another drilling batch in Q4 is unlikely to exceed $10m. There is every reason to remain optimistic on further news. And it is expected "soon".