Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Highlights
• The Shenandoah South 1H (SS-1H) well in EP 117 achieved an average 60-day initial production (IP60) flow rate of 3.03 million cubic feet per day (MMcf/d) over the 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 6.0 MMcf/d over 3,281-feet (1,000 metres).
• The SS-1H flow test indicates that future development wells with lateral lengths of 10,000 feet may be capable of delivering average rates of 18.4 MMcf/d over the first 60 days of production.
• Results continue to demonstrate that the 1 million acres below 8,850 feet (true vertical depth) in the Beetaloo West region is one of the most favorable places to anchor the initial development.
• The SS-1H well is planned to be flow tested until IP90, which is planned to be announced in late April 2024.
• Tamboran continues to undertake Front End Engineering and Design (FEED) studies on the proposed Shenandoah South Pilot Project. The Company expects to take Final Investment Decision (FID) in mid-2024, subject to funding and key stakeholder approvals.
Https://www.investi.com.au/api/announcements/tbn/8895da9b-5be.pdf
Https://app.sharelinktechnologies.com/announcement/asx/6424cd58de59c6dd8c20478e05ab46c1
Thanks WW, good points, well made, I fully agree, its a smart move by POQ. The alternative would be unnecessary dilution with the cost, risk, and further weakened SP should the two 3km wells not go as hoped.
Well, I managed to pick up a few more shares sub-US 0.10 - not a bad risk reward IMO, even if LongKnife is correct and I only double or triple today's investment over the next couple of years :^) Going into the end of the day here in the US, this latest move by Falcon seems to be pretty much of a non-event with a little over a million shares traded and the share price being down only .009 cents - well within the norm for Falcon.
I believe the Tamboran shareholders are in for a rough ride over the next few years. Carrying 47.5% of the next six wells is going to be burden - especially when one considers a pipeline to sell production will not be available for another 4 years or so. I would much rather be in Falcon's boat with little to no dilution than is Tamboran's who will be taking on many more shares in an attempt to stay afloat. With the delay of APA building out a pipeline, I support Falcon's decision to cut back on the WI rather than a further dilution of our stock which would then reduce what Falcon might receive for the balance of its 4.5 million acres.
Also, what some fail to consider is that there is still risk in stepping out with these two new 3 Km wells - we have seen faulting in other parts of the Beetaloo and there is always that potential with these longer wells- for the JV's sake, hopefully that will not come into play but with Falcon's limited funding, I would rather see them take a conservative stance on the short-term horizon and stay focused on the eventual sale. Falcon doesn't need another 1H or 2H fiasco which their new reduced WI helps avoid. Tamboran ran seismic for the SS1H well but that was on a limited area which I suspect doesn't cover the blocks for the next two long horizontals. If this is the case, that would be a little bit of a roll of the dice in this new undeveloped acreage - something Falcon doesn't need at this point.
As many already know, I am one that tends to always support our CEO and Falcon's board. They have/consider the inside facts which we are not privy. To date I have found their decisions to be sound and beneficial to the stockholders. Until proven otherwise, I will continue to put my faith in these guys - I believe we are in good hands. GLA
B2B. If it was "blindingly obvious" I wouldn't have asked, and I have not seen the actual agreement. Have you? As far as "continuing to struggle", I'm not sure what you mean. I've been investing online for about 30 years and done very well overall. Penny stocks are a part of my investment strategy. Not a big part and most do NOT pay off. When they do, however, it is very exciting. I had hoped FOG would do that. As I've said, I'm now looking at a much smaller return. As far as Newt and wet water, some times I agree with them and other times I don't. For the most part I have always found them to be civil and rational. It seems that you and Mr POODS have become emotionally attached to this investment- never a good idea. It's not personal and there's no need to make any comments here personal. I have yet to insult anyone here despite what they say. If you choose to do that- well you just make yourself look bad.
The answer to your latest question 'can a buyer alter Falcon's decision re reducing its participation in the next 6 wells? Surely the answer is blindingly obvious and it would depend on the buyer {or a particular buyer} agreeing a price before drilling of the SS2 commences.
As for your earlier question I hope it's not too difficult for you to understand that a rational board of directors {like Falcon's} in this type of situation} always chooses what's best for shareholders i.e. to minimise share dilution and likely factor in under different scenarios the length of time before the asset is monetised.
Given our similar backgrounds I'm not surprised that Mr Poods and I are on the same page. He's very rational. Mr Longknife, quite frankly I fear you will likely further struggle if you find yourself disagreeing with Messrs Newtofo and Wetwater. As for Cavendish Securities I don't think they will change their target price until POQ announces his 90 day reading on the SS1 well at the end of April....at which time it might go up.
POODS. Just what I figured.
Thank you. Keep the faith. This is POQ’s retirement. You can bet he’s focused, as he should with the salary we pay him.
Good to hear from you Poods, your genuinely the only person on here where the old addage ' you can always buy cheaper' doesn't apply! I think POQ had made the right decision with the cards we hold, and this short term pain will benefit us all in next 12 to 18 months, if TAM can do it's bit! GLA.
I think some consider me a rational patient investor. If you will reread my note I hope it’s essence becomes clear. If the word infinitesimal is unclear, suggest you consult Webster’s or the Oxford’s dictionaries.
POODS. That's great! Maybe you can prop up the share price some! But why do you think this is a good decision?. I don't necessarily disagree- there wasn't a great set of alternatives, but how do you think this is going to help the FOG shareholders? And does anyone know whether or not a buyer of FOG could go back and up its pct in these wells?
The FOLGF board made a good decision and I have placed a sizeable order slightly under the market if you care to unload shares. POODS
They certainly seem to step on their own willy at each turn of success. I would hope that they would do another POQ shareholder call so that he could explain this latest "expert" move.....Ha ha ha! Would also bee good to know what Sheffy feels about this...i'm sure he had input.
WG, that was perfectly said apart from adding Newtofo, wetwater and a couple of others to the mix. Unfortunately this stock is going to steadily decline below $.10 cad and even then it would be an iffy buy given the latest move!
Born2Boogy is TheKnight from a prior board. A Falcon perma-bull who has lost his shirt, like all of us.
Is POQ accountable for Beetaloo’s geology? NO
Is POQ accountable for the fact that Falcon whimpered after stellar results? YES!!!! This is reality, no matter what any perma-bull tells you!!
B2B , which part of what I write do you find to be "rubbish"? Esp since I've stated it's my opinion. You seem to gloss over the fact that the market clearly dislikes what FOG has done- as well as what Tam has done- yet you only mention Tam. What do you disagree with?
You do write such absolute rubbish Mr Longknife. Given all the facts it ought to be obvious to all that the Falcon Board of Directors have carefully looked at all the numbers and made the right decision. Obviously if the shares had reacted a lot more positively to the SS1 news {i.e. had been trading around 30 pence plus last week} a different decision might have been made.
Conversely if I were a TBN shareholder I would today be increasingly concerned that Riddle is all about stroking his own ego and couldn't care less how much the company's shareholders are punished and diluted as a result. It was no surprise that first reaction down under to the news was to mark down TBN shares.
As for the not so clever article posted on this board earlier today clearly the author did not do his homework before he wrote the article since he had no understanding for example why Hess was sent packing by Falcon and why Origin's CEO as it turned out was more focused on the short term opportunity of selling his company on, rather than creating more medium/long term value. However what he did get right was his conclusion that 3 minnows are not going to develop the Beetaloo.
Seems he sures owes the shareholders some answers.....otherwise, he is a snakeoil salesman. Or, more of a bait and switch con artist. I've always giving him the benefit of the doubt on some of what he has said, but this seems to go a bit to far.
It’s all extremely disappointing. In the last shareholders conference POQ said with rates like this we will not have to farm down. But that is exactly what he did with respect to this area. I am not sure I can see a silver lining here and the market does not seem to think so.
Dprussky,
Without a doubt! There may or may not be a pot o gold at the end for POQ but his life along the way is pretty darn good! Why change it up? Like I stated, he's probably locked up the status quo for another 4-5 years. I said before the flow results were released that good or bad I'd be looking to cut my position down 30-50pct. Unfortunately, we had good news and I was hoping for at least $.20 US. My mistake. The old adage, "buy on rumor, sell on news" has never been truer. Unfortunately this stock can not even hold $.10 now. Any selling of over a few hundred thousand shares in the US will drop the price even further. The only plus side I can see is that w the good flow results (and assuming the 90 day flow rates stay good) the stock is worth SOMETHING, although I don't know what. I'd love to hear some better scenarios as to what is going on here as I am naturally pessimistic when it comes to penny stocks- and especially FOG.
Saw this today:
25 March 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has elected to reduce its working interest in the proposed Shenandoah South Pilot Project (“Pilot) from 22.5% to 5%. This optimises Falcon’s interest in the Beetaloo, since Falcon will only have to pay for 5% of the costs of the two wells to be drilled in 2024 as part of the Pilot but will still retain a 10% working interest in the enlarged area of circa 72,000 acres around the Pilot and a 22.5% working interest in the remaining 4.52 million acres.
This news confirmed for me. That FOG CEO and Board are completely inert and happy to maintain status quo for as long as possible.
Newt,
One glimpse of something positive happening might be scenario number 4 on your list. Possibly Sheffield might now feel "why are we carrying Falcon and I now need to come up w some more cash"? "Let me get someone in here". The problem is, this is where someone comes in and buy FOG cheap. Hopefully at least a double from here today but it could be much less. If a new buyer can't come back and say "let me in at the full 22.5pct", there is no real incentive to buy at this point.
We would have a corresponding stellar sp performance. Sadly, it looks like I'm wrong.
Fingers crossed we will get some increase in value as time moves on.
Very frustrating it is in fact part of the BODs job to increase shareholder value.
Atb,
Northern