Sonoro Energy Ltd. V.SNV

MENA

[BlackBeard357]

Correct me if I am wrong, but the proposed business deal is with MENA Energy?

https://www.menaenergy.com/

[RoyMax123]

They said a MENA Company, so it could be any company, we'll only know when/if te deal is done

[SlyFox1]

Biggest thing that needs to be done is clear up this deal and the 40M shares connected to it. With a change of the guard, would be nice to potentially avoid the deal and focus on being an oil company and not a service company.

[copperplay]

  with Richard out my guess so is MenaCo 

[RoyMax123]

They would not have said this in the last NR if that was the case. Since there was no other previously announced deal in progress.   "The MENA opportunity previously announced continues to progress. Key hurdle milestones are expected to be achieved in the near-term"   BTW, It may be not that bad either, often national oil company don't want to take all the risks

[copperplay]

Roy just remember the MOU with Jimmy and how that ended  we are stuck speculating but if it was good and add value Richard would still be here.  They said it would be done in June also my opinion only and hope Greg and Sarah have something new in the works 

[FabiusCunctator]

Wadsworth is gone and the stock price goes up on steady volume.  This has just started -  long way to go and many more new faces will be attracted to the company.  Given the BKG of the CEO and Chair bet there will be largely unsolicitied financing offers.  Anyone who knows these folks will quickly realise the transformative value they bring to SNV.  I am very excited

[copperplay]

  I would definitely agree with Cunctator and Pasha 

[BlackBeard357]

That's what I thought too. Not sure why I linked MENA Energy to MENACo other than the renaming MENA Energy in 2018. Sit back and watch is all we can do. We got this!

[Scotty73]

Somebody on here this week mentioned something in Libya? But the comment didn't gain any traction - I'm not sure why. 

[copperplay]

Scotty there was no traction because it doesn't matter no deal announced just a worthless MOU 

[SlyFox1]

Copper couldn't agree more. MOU is worth as bout as much as the toilet paper people use. The fact that the stock is green on the announcement of a new CEO shows just that. Belief in a new path headed by Greg and Sara

[FabiusCunctator]

Only fools and those with no market experience announce MOUs.  They are worse than toilet paper, they show desperation.  If management are concerned about market movements then they file a confidential release whence trading of any type by insiders is halted unteil the news is released.

[RoyMax123]

It's true that a MOU is usually not worth much legally but saying that only fools and those with no market experience announce MOU is kind of a stretch.    Here's just a couple of examples (but there's many thousand more)   Exxon & SK On https://investor.exxonmobil.com/news-events/press-releases/detail/1167/exxonmobil-and-ev-battery-maker-sk-on-sign-mou

[MehmetPasha]

Utmost of respect but an mou between shelll, Siemens and exxon... is something  a mou between Snv and pie in the sky offshore entity opened by the ego and his mates after a year of messing us abkut is a tad different. 

[RoyMax123]

Of course, but that was just to point out that saying that only fools do MOU is just wrong.

[MehmetPasha]

Roy I am with you. God willing they do MOUs but with serious players. Any movement and get up and go drive should be supported by shareholders.  unfortunately an mou thought up by our former ceo and his instagram coo was unlikely to benefit anyone bar themselves. Good riddance !   let's see what Mrs Akbar and Mr Renwick can think up

[FabiusCunctator]

A highly dilutive transaction of minimal value to the shareholders.  Likely the mooted funds for the Service contract -  would simply evaporate.  The mystery however is that SNV would have a 20% interest with company management managing the project or deeply involved.  The company would be paying salaries and overheads one would assume.  But WHO is on the other side of

[BlackBeard357]

It stunk of corruption IMO. Investments are locked in. We have people talking of specific locations and companies that have never been mentioned to the public. Was an insider indebted to these people, or did they simply have to make a phone call to HQ for these specifics? Or do they have access to info no one else does? Or is it all just speculation? Does this give all of the smaller investors

[MJB4231]

We will never know. Let's move on and today being day 1 of real pros in charge. Expectations are high and they also need to be held accountable for their performance. Sky is blue

[BlackBeard357]

Sky is very blue. Let's see what new circle will muster up. 

[ark88]

Will it be the usual 3 months prep time for the new CEO, announcement of his new strategic plan, then the waiting game to see the execution phase unfold. I certainly hope not. Not wanting to wait another 2-3 years. I have concerns over the timeline. Hence my reference to this change as being "SUDDEN", as in sudden good or sudden bad.  I absolutely love the continuity aspect of

[BlackBeard357]

They mention economic viability is Sask so potentially more Sask wells. I think it means soon this quarter by "near-term"? To me it seems like we are following the same set plans. New plans mean years. Key hurdle milestones are expected to be achieved in the near-term of which

[MehmetPasha]

Fair question on Saskatchewan. Reach out to Dean. I would love to see a few more wells and would love to see comments from Greg on viability. Plans going forward and who is going to be out point man on sask .... minus captain instagram please!!   I am the least patient person here but if they kill the apocalyptically bad service contract and it takes time to come up with something else

[RoyMax123]

Don't forget that Sara is in the service business so most likely this "apocalyptically bad service contract" as you say will come through and I suspect that she'll be involve in a way or another  (who know, maybe it will be the company where she's the CEO) And since we have absolutely zero information about that deal we just don't know if it will be good or bad.

[RoyMax123]

BTW At this point, I'll be happy even if they were only given a food truck to distribute camel burger in the desert...

[SlyFox1]

40M share dilution for a 20% stake in an opaque MENAco company which shareholders don't know who owns the other 80% is all you need to know to realize how bad it is. Just do the math 4.8M would be the cost to get in to the service deal. The service deal is over 5 years. if, and that a big if you assume the service deal was 100M over 5 years... that is 20M a year in which SNV would only see 4M

[copperplay]

Agree completely Slyfox and the day the deal was announced at 12 cents the market agreed it was bad and stock dropped since then below this price all the way down to 7 cents  There is a reason we changed CEO 

[FabiusCunctator]

There is NO value for shareholders here and it wont happen.  WadsLess promised this every friday for 12 months -  never going to happen.  Never going to happen  - as the restructured board now has a brain.

[thorgb1]

C'mon man, you are worried about timelines, but were blind to the previous management missing every milestone that they themsleves set? Give me a break. This change is very positive, too much deadwood were given too many chances, would have liked to have seen the rest of the current management purged as well, but I'll take it. Good to see Cunctator and Mehmet back posting. GLTA. 

[FabiusCunctator]

This is incorrect.  This will move much faster than you think.  It took long enough to get rid of the most useless CEO in the known universe.  He remains on the board however and that stink is not going away anytime soon.  He will not survive the next AGM if he does not tender his resignation than shareholders will react during the period of notice to offer an alternative slate