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Just thinking about it and a few things jump out at me.
Why did Falcon jump the gun on the RNS? I understand the gov having to sign off on it but the legal agreement hasn't been agreed yet?
Then thinking about the idea of giving away royalties is interesting too. It's usually a bad move as you are giving away the real future value at current depressed valuations. Would we have been better off at 0% participation for these 50k acres rather having to give away 2% royalties on the total block. The other side of that coin is that when someone has royalties the value of those royalties is only unlocked when it's producing so ironically the more Royalties someone like Sheffield has will make it more important that falcon is in a position to be producing which will only really happen in a sale. I just hope we don't lose our shirts in any sale. There's the small raise now I'd say we'll have a sale before the end of 2025. Good luck all
Greenlanteren64.....do you enjoy being such an ass? In all my years investing and being on chat boards, I don't believe I have seen anyone so nasty, negative, and someone with so little class. Either you are in or out. Either you provide something positive to our conversation, or get lost. Many of us question this move, but have the respect for others and are willing to dig deeper for answers. I am going to say what I have said all along. The asset hasn't changed, and the end result is all that matters. We have no end result. Have you spoken one on one with POQ? I doubt it. Have you insight on a buyout price for Falcon? I doubt it. Have you anything of true value to add to this investment? I doubt it. Please.......produce fact that backs up your opinion. Not BS.....but facts, real data, inside information to support your arrogance. Without it, you are just really a jerk. Nobody really likes a jerk. Try better man............
Very disappointed to read today's RNS, hard to find the positives of this raise and the timing.
Cont.
- Are we to believe stating that current board members plan to invest in the offering is in any significant way a benefit? Their track record does not support that belief. How much cash have they ever put in?
- What changed since Falcon's dilution last month, requiring further dilution? Weren't the same needs known at that time?
- What has Cenkos accomplished for Falcon, even before the merger of Cenkos Securities and FinnCap, rebranded as Cavendish? They'll likely make more in fees than existing, LT shareholders with this private funding.
- AIM appears to make the pink sheets in the US and hot Vancouver trading look like the NYSE.
- If things don't work out soon, legal expenses could become large. I sure hope Directors & Officers insurance is in place.
- There have been some seemingly knowledgeable investors on this thread who have made emotional investments in Falcon, rather than reasonable, fundamental investments, including me. I feel for those who continue to add still larger stakes. Fortunately I've remained disciplined and have not added to this continually, speculative stock.
- There are also at least a few defenders of POQ and his minions, who have recently become silent. The 12 month high of $0.16 now looks like a pipe dream, despite the huge Beetaloo potential and having Brian Sheffield interested, but at what price? As previously reminded Sheffield is looking out for Sheffield. You're mistaken if you believe he cares about Falcon shareholders.
- To date, most of us LT shareholders are underwater and remain bagholders. I think Sanydune makes valid points with his reminder to ignore this board.
- Hopefully the next news from Falcon will be about the successful test completion. Good luck to all.
Good advice Sandydune, but having said that I need to vent.
In the late 70s or early 80s there was an infamous stock prognosticator (really a great actor selling stock a tip newsletter) named Joe Granville. He'd likely call all of us Falcon shareholders 'bagholders'.
When alerted to Falcon news today I thought I was going to read a positive statement concerning the 3000 m results. WOW was I Wrong!!!
- Following my normal investment criteria I never should have put any money into Falcon, but was introduced, visited and met a seemingly 'real team' of O&G staff, including geologists, attorneys, accounting staff, marketing staff, et al in the Denver office. Huge potential in Hungary, SA and then Beetaloo, so bought some shares. Now there is POQ, Anne and buddies of them seemingly hanging on for their salaries and providing little credibility. Bd member Smith has been there since the beginning and is probably awaiting his eventual payday. Nally and Layman were supposed to add professional acumen. All receive options, but have not added any value to shareholders. Which of these folks actually have their own skin in the game?
- I might have missed it, but I have never seen a company begin a news release with:
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
- What happened to the long term institutional holders like Burlingame, Renova, Persistency, Mathys, et al?
This has been painful to endure over the past 18 years! Today's news was very disappointing to say the least. My advice to all of us who have been in this for such a long time is to; exit the message board, stop following the stock movement and forget it's in our portfolios, recognize the substantial risk associated with such an investment before doing it again, and finally hope that POQ and the board will do everything possible to create value and figure out a way to monetize it so we each get an unexpected surprise in 24-36 months. For me, this is the healthiest way to deal with this experience. All the best to each of you.
... and when the flare is strong and shows no respecively small decline
FOG sells share for the lowest price of 6 pence
https://apps.sentinel-hub.com/eo-browser/?zoom=17&lat=-16.84101&lng=133.65144&themeId=DEFAULT-THEME&visualizationUrl=https%3A%2F%2Fservices.sentinel-hub.com%2Fogc%2Fwms%2F42924c6c-257a-4d04-9b8e-36387513a99c&datasetId=S2L1C&fromTime=2024-04-17T00%3A00%3A00.000Z&toTime=2024-04-17T23%3A59%3A59.999Z&layerId=6-SWIR&demSource3D=%22MAPZEN%22
It feels like it's Opposite Day with these guys. Initially, we said we'd never go to production - we'd sell it long before then. But now, we're moving ahead with production. We were told we wouldn't need to raise money until we actually did. We're in talks with Origin, but it ends up being sold right under our noses.
I thought we were reducing our interest in the pilot to 5% to avoid dillution but then we did it anyways ? Is there a point where we are able to hold the board accountable for tanking the SP or are we not there yet ?
RNS book build placing lucky my buy order yesterday failed at 7p.
And days before.
1pm dropped to 6.7p after 7.8p open .
Did not repeat order this morning .
Either that or sell.
Disappointing for long term holders particularly, now we're getting to the business end of things.
The big money want a piece of the pie for sure, but only at silly prices.
I'm just going to ride it out as it's a far more viable proposition now than when I originally bought in more than a decade ago. I'm having to re-imagine £1+ per share for surr. Bugger!
The NR tells us that Tennyson Securities have been effectively asked to stand down after little more than six months in post. They were unable to deliver. It's a statement too by the Board that outside the US there's no appetite for projects like the Beetaloo.
BS and his partner have given the Board sufficient money and time to sort out its exit in an orderly way and I expect there will be a lot more focus in the next 12 months or so on bringing on board private equity and/or family funds who are based in the US, and are more credible partners than the 3 minnows to Daley Waters. Meanwhile It's very easy to judge who is going to come out on top in terms of the Beetaloo. in the next couple of years. The Falcon board with its emphasis on an an exit will win hands down over TBN .
Meanwhile it's very nice that our close friends/partners will give us so much cash for an ORRI in the 51,000 acres in the pilot project. It bodes well too that they are willing to step forward to acquire shares before the 90 day result on the SS1 well is announced next week.
Hopefully I can meet some of you again at the AGM in June.
If only 1 person, and a very smart person at that, wants to buy something, they won’t pay top dollar. This will sell at a pittance. It was a long shot all along….it’s over…..
It all boils down to the next two 3000km wells. If they prove out BS will try and buy out/merge before any other suitors are involved -- but if other suitors are sniffing around it may go much higher. My guess is no one is offering at this time other than BS and after the next two wells -- we will see more. Anyone have an update of how much BS owns from all three companies now?
And this is just for the costs related to the next two wells and related costs in 2024.
When we dropped on the announcement of the “stellar” results, I started to really question if there’s going to be a positive ending. I felt it was possible the market didn’t like the 500m horizontal results being extrapolated to 3000m. Still, thought we’d be higher. We ran up significantly 8 years ago on the back of lesser results and the impending stop work of the Pepper Inquiry and real risk the development would be stopped. As such, I don’t know why we are here, but it would appear the headwinds of environmental, government regulation and location are having an impact on valuation. The only thing that gives me comfort is the entrance of Brian Sheffield. That is likely a mixed blessing in that if he sees value, he’ll work hard to get it as cheap as possible and unless we have another interested party, likely will.
glad it was only a stellar find. we could be in the **** if it was stupendous. came into shares late, retirement, and really wish i hadn’t bothered. we put a lot of faith in someone we don’t know on the most bent of markets aim. honestly the horses less bent. maybe the gurus here can see an advantage and if so please share. i’m a gambler / investor by nature but this share will the last i let someone make decisions on my behalf. no point selling. lol prob worth topping up. but no faith anymore.
Especially with the good performing test production currently. How can you sell so cheap with this good well test results?
This is becoming so predictable and incredibly disappointing. I speculated a financing was in the works after the last call where we were told “there’s no need to raise” only to have POQ announce we’re reducing our participation in a “masterstroke” move to sit out having to dilute our investment. Today we find out a financing is indeed being done at near our 5 year average low and giving up an additional ORI for a very small raise!! So disappointing that we can’t believe anything POQ says directly to shareholders. Looks like he just wants to ensure there’s enough cash to continue to collect his salary for the next few years. I’m in agreement with Longknife and by the time this is sold we’ll be looking at a buyout much lower than hoped for.
I’m waiting for some of the regulars here to proclaim a “master stroke!” by the Slick Irishman for diluting us at 50% of the pre-results share price.
Gonoles,
With all respect, we have NOT always said the real value is in the buyout. (Although the ultimate value was in the buyout) We all thought that good drilling results would bring a substantial uptick in the share price. We couldn't have been more wrong. Since the GREAT results, we are now offering shares for half the price we had BEFORE the great results. This business is definitely rigged to benefit the big players. The company can't do anything without outside help (money) and they'll "money" is dictating the terms- and they don't benefit us. If there was ANY sort of competition for FOG maybe we would see better results but clearly there isn't at this time.
I think the master plan is to make one company after the next couple of wells are proven out. Smart bets will probably buy and we will see some value. But as we have said all along the real value is the buyout not the sp. you have to prove it out first.
Oleo, He's certainly working towards that goal! I said it and was basically laughed at but I see him taking over this company for well under $.30/share OR I see us sitting on the sidelines for years until there is actually some major revenue that people can't ignore. To get there though we will have to keep diluting. I reiterate, there is no reason to buy Falcon any time soon for a premium. I hope I'm wrong.
"it turns into a love fest for Bryan Sheffield."
Gonoles, yes especially when he can take over FOG for 6 pence per share.
It is what it is: POQ does not work for us long time share holders.
Grant of Overriding Royalty Interests
Alongside the Fundraising, Falcon Australia has entered into agreements (the “ORRI Agreements”) granting certain overriding royalty interests over Falcon Australia’s working interests in the Beetaloo Sub-Basin exploration permits.
Under the terms of the ORRI Agreements, Falcon Australia has agreed to grant:
to Daly Waters, in consideration for a cash payment of US$3 million, an overriding royalty interest of 6.0% in respect of the area around the Pilot development, measuring 51,200 acres, in which Falcon has a 5% working interest, and an overriding royalty interest of 1.3333% in respect of the Remaining Area; and
to a major US-based energy services provider, in consideration for a cash payment of US$1 million, an overriding royalty interest of 2% in respect of the area around the Pilot development, measuring 51,200 acres, and an overriding royalty interest of 0.4444% in respect of the Remaining Area.
Completion of the grant of the ORRIs is subject to agreement of final legal documentation and to submission to the Northern Territory Government, Australia for registration.
Daly Waters is a wholly owned subsidiary of Sheffield Holdings LP, a vehicle controlled by Brian Sheffield, a highly successful investor who has made significant returns in the US unconventional energy sector. Brian Sheffield was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company.
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