Those guys have absolutely NOTHING. The different "management" have been talking to "several companies" over the years and nothing happened. Nassif the new "CEO" gets paid 600K this year and Kurt Nelson is back.........Oh boy, Kurt is back and it is not going to be cheap! Why all of that for, since the board has hired a consulting firm to find a partner and SOQ has no revenues? SOQ is just a scam and the board and management are making big salaries and get big compensation at shareholders expenses. When the money will run out, then the board will tell the shareholders that they are out of luck :)
Tom I have very few shares of SOQ remaining, but I'm very interested as a geologist regarding the Fisal exploration/outpost well. If you remember the structure map from SOQ, the Fisal well appears to be a continuation of the Zarat reservoir, and Fisal is located on a structural closure as per seismic data. It just looks interesting. I hope that the well gets drilled and that SOQ is still in the picture. Regards
Thanks harry. I did read the article too quickly and you are right. I still do not have a lot of hope for this as Sonde's ability to maintain its share of the block is tenuous at best. I just think some of these bigger firms are ready to pounce if Sonde runs out of time and funds. With all the tension in the Ukraine and Middle East one would think a closer source of nat gas/oil (if the political situation settles in Libya/Tunisia) would be ideal for Europe.
It could be nothing more then the fact that both Mr. Nassif and Nelson are from or worked in Houston for many years prior to going with Sonde. Perhaps they both have family in the area and want to be closer to them. But then again, Houston is the energy capital of the world.
I also found -moving to Houston_ very interesting. Could it be that they are confident of hooking up
with someone in Houston and face to face discussions are imperative for the working agreement. I would not think the administrative department to move at a later date because of the co. is based on Canadian rules.
It's not the Hadaf structure they're going to drill, it's the fisal well which is a field extension of Zarat. They've just completed a 3-d seismic shoot over the Hadaf structure to help tie down the prospect. If they're able to sell or make a deal on the Joint Oil Block then Hadaf will be drilled later. I'm holding my breath that they're able to get something done here. The international situation doesn't make this easy.
Materials for drilling the Hadaf structure in Libyan waters have arrived in Tunisia. Also, several unnamed companies have been in contact with Sonde regarding the findings of the Joint Oil block. Perhaps there is hope yet. I made the choice to hold to the end but hope that end involves a substantially higher stock price and not bankruptcy.
the could win the next bid round for the Joint Oil Block. It's the only way they'd get it.. That could be a dubious task at best. All Sonde really needs to do at this point is to get the Fiscal well drilled to uphold their end of the agreement. If they're able to prove up another say 30 mmboe or more, then the interest level may rise for this block. Anyway you cut it, they're in very difficult situation now.
Maybe Enquest is waiting for Sonde to fold and recuperate the pieces? Does Sonde have the people and knowledge to go alone on that project? It seems that if that was the plan it would have been done few years back. I personally think that they have nothing going and just make investors beileve that Sonde is still in it. They have telling investors that they are in negotiations with 1 or 2 companies that it is just BS, just like the Viking deal.
to do North Africa themselves. I just don't think another farmout is in the offering. You have to ask why EnQuest hasn't entered the picture since they're going to drill the south side of the Zarat field thru the P.A. Resource farmin?
Received my proxy today. I will withhold vote for every director and all the other items on agenda. Anyone here who is disgusted like I am should also make their vote count, for what its worth. These guys should be embarrassed to hold a public meeting.
Its disgraceful! Other than selecting Taylor-Dejongh to find a JV partner these new managers have done nothing of any significance for 5 months. They have $8 mil in net current assets left to run the business, aside from the restricted cash held in the event of non-performance on the drilling commitment. The history of this company for the past 5 years can be a business course study case on how to destroy shareholder value. I should have my head examined for holding on to this stock for so long as a chapter to include in the study.
glad to see that some of the good guys are still around..should be worth something more than this..all hang in there..best regards