harry -- if you hear anything new, please post it as I'm interested in what gets drilled on the NA block. Regards.
I'd love to see the Fisal prospect drilled. If drilled and the same reservoir as Zarat proves to extend up to fisal, that would get some attention to drill Hadaf IMHO. But this all depends on the risk associated with the political climate, which I do not know well enough except from the national news. I could dig into the field areas along trend to see how and what other operators are doing, and how the political risks are for the offshore region. That would be interesting in itself. Regards.
I agree with you benmare75. Just hope somehow a small company takes on the NA project. That's a long shot, but with at least proved and productive reserves at Zarat, it may get the interest of a small company to drill the outpost WC prospects on the NA block. Regards.
I agree with Benmare75 --- Once the money runs out, this company will be gone. I honestly do not know what the CEO does to justify earning his $600k salary per year. That is a joke. I'm sure he does some daily activity, but he doesnt justify $600k per year. He could try and get a JV partner for the NA prospects and Zarat development at one of the Houston Expo shows. If there was not turmoil in NA I think the Zarat proved condensate and gas would be developed with no real issues.
The Propsects that remain to be drilled on the offshore block look very interesting as per the seismic data. The size of the prize is what is holding this NA deal up. It is not huge, but it is a money maker. The risk with operating in NA comes in to play here. Maybe a smaller aggressive independent will see the merits of the NA deal and take a shot at it. If the 2-3 remaining prospective drill wells are drilled and come in, this could be a nice project for someone if the political risk issue doesnt sink the NA project. The offsetting fields along trend with the prospective drill wells give an idea of what type of field size may be found from the prospects. They are not huge, but they are productive and they are economic.
This is a big risk, but lets hope that the NA project gets drilled by a small operator and we see some good results. It does look interesting geologically, but not politically regarding risk. There is really nothing to lose if you still hold at this point since it has already dropped to a penny stock. The only positive is how well Marquee is doing since we got shares of their stock. They must be a legit hard working company, not like SOQ.
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.