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Apparently the options based on reactions to flow results were if SP strongly rises then small dilution, if SP in the same levels or lower then reduce participation in next wells. Thus I would say this has been a smart follow the logic chart.
Sure a SP strong rise and minor dilution would have been better, but unfortunatelly is not what has happened.
Another top up , 7.9p paid on 8p order target set on 7th on 15% day drop.
RNS 7am today further 10% drop today 5% spread.
Posters here in the early hours appeared to know the news already.
108 post in the past 18 days on this B.B. approx 6 per day , half as many as last noted.
In hindsight better if I had sold 3 times as many imatiredofthis on 8/2/24.
Not sure if fundamentals apply with AIM casino shares.
Shares in Issue 1.04b
Market Cap. £81.98m
Market Size 20,000
PE Ratio -23.65892
Earnings -0.331799
Dividend 0.00
Yield 0.00%
Short term pain for long term gain.
Agree
POQ has chosen to avoid dilution of the stock, our share price is too weak to raise, so a successful pilot programme will still benefit FOGs selling. We can sit and wait for Tamboran to prove up for us, without further weakening our 22.5%. I see this as a positive, and likely sell in 12 to 18 months if the pilot goes as well as we hope. GLA
I actually think the rns from fog this morning was pretty good and makes strategic sense
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.
Key Highlights
The election by Falcon to reduce its working interest to 5% will significantly reduce Falcon’s cost to participate in the Pilot.Falcon also retains the benefit of a further A$16.67m (US$11m) of gross carry that will be used to offset against the costs of the Pilot in 2024, thereby further reducing Falcon’s cost to participate.Falcon participated in the SS1-H well in 2023 at its 22.5% working interest which created a Drill Spacing Unit (“DSU”) of 20,480 acres.The two wells in the 2024 drilling program will create two new DSU’s totalling 51,200 acres in which Falcon will participate and retain a working interest at 5%.Falcon’s combined weighted average ownership and future participation entitlement of this enlarged area of 72,000 acres post the Pilot will be 10%.Falcon retains its full 22.5% participation interest in the remaining 4.52 million acres in the Beetaloo, net 1 million acres to Falcon.
Philip O’Quigley, CEO of Falcon commented: “Falcon’s election to reduce its participating interest to 5% in the Pilot is a prudent use of our capital resources as it significantly reduces our cost exposure. Post a successful Pilot, Falcon will own a weighted average interest of 10% in the enlarged area of around 72,000 acres around the Pilot and will be able to participate in any future development of this area, whilst still retaining 22.5% interest in the remaining 4.52 million acres. This election by Falcon demonstrates our ability to optimise our interest in the Beetaloo for the benefit of shareholders.
Falcon RNS out this morning
When does this agreement 'kick in' and is this the Irishman's flagging a sale of the company's entire interest in Beetaloo? Either way, he's becoming an irritant. Time for him to shut the FU and move on or sell the company
You just never stop pushing the kool aid! I figured you would have been way out front of this one with all your contacts you brag about!
Contrary to what some of our finer posters might say, Philip is not known for doing stupid things. Let's see what Falcon's NR allows tomorrow. I'm betting there is a logical reason to go non-consent on 17.5% but retain a 5% interest. Maybe we will learn more about the sole-risk-clause tomorrow - could be another chess-move.
Insane, the board should be cleaned out. Just stupendous.
Stock has been performing poorly, raise was kind of being baked in. But this is a curveball. We’ll see .
Wow, what a surprise! Is POQ taking a 75% haircut on his already bloated salary, that's a big fat NO! People should realize these penny stocks mainly serve the management and they will do anything to preserve their paychecks. This stock will be punished accordingly come Monday. It is a bit shocking they didn't do a capital raise before this move, as what they have done will essentially do the same thing to the stock. POQ is saying, how do you like me now. The man has NO shame.
Mr. Slick Irishman receives $600k annual compensation… for this?!? “Master stroke” indeed!!!
Wonder if we’ll hear something from FO on this tomorrow.
Disappointing to say the least.
Ok then. Def not what we were led to believe would happen. And TBN release before FOG. Interesting.
This is very worrisome news out of Tamboran today -- as Falcon will now have a tiny 5% interest in the next 138 wells to be drilled around the 51,000 acres surrounding the SSH2 Pilot Program well pad. Those next 138 wells could take five years to get completed and during that 5 years Falcon will get next to nothing in revenue for five long years.
What the heck is going on that POQ is basically giving up on the Beetaloo for that many years -- as I for one can't remotely think about hanging on for another five years to see any chance of revenue or a buyer. It is very doubtful that POQ will ever find a buyer in the next 18 to 24 months -- as any buyer won't get anything more than 5% of the gas until those 138 new wells have all been drilled -- sheesh.
• Tamboran has increased its working interest in the proposed Shenandoah South Pilot Project to
a minimum of 47.5% following a decision by Falcon Oil & Gas Australia Limited (Falcon) to limit
its participation to 5% in the Beetaloo Joint Ventures’ second Shenandoah South well pad (SS2)
and the two wells in the 2024 drilling program.
• The two wells in the 2024 drilling program will create two Drilling Spacing Units (DSUs) totaling
51,200 gross acres around the new SS2 well pad, where Tamboran and Daly Waters Energy, LP
(DWE) as 50/50% owners of Tamboran (B2) Pty Limited have agreed to pick up the non-consent,
increasing interest to 95%.
• Tamboran and DWE will carry Falcon for up to A$3.75 million gross (A$1.875 million net) for the
first well post 30 June 2024.
• The 51,200 gross acre area has the potential to accommodate 23 well pads (138 wells based on
six wells per pad, 3,000-metre lateral sections and 500 metre well spacings) and it is expected to
support the wells required to deliver gas to the proposed Shenandoah South Pilot Project.
Market not loving the news for Tamboran. Down 3% since release. Hopefully that inverse will be true for us and market will reward stewardship of cash and resources. If the two wells are commercial our value will climb significantly regardless so I guess it's more of forget about the share price until we have a sale. Good share appreciation can only help so in the meantime fingers crossed
Will be interesting to see what the market makes of this news. We are seeing the participation agreement play out. Two choices were to dilute and fully participate or not to dilute play at a level that can be supported by cash and carry. 138 wells is a lot of wells to be locked in at a max of 5%. But 50k acres in a lot of 4m is not much I guess.
Picture me shaking my head slowly. FO will participate at 5% on the next 2 wells. WTF? This after just being told we will participate and are fully funded. I’m speechless.
A non-profit oil and gas analyst? Never heard of such a conflict.
Https://ieefa.org/resources/beetaloo-10bn-pipe-dream-gas-producers
Very negative “financial look” at the Beetaloo but when you look at who funds this “nonprofit “ you see a lot of climate change activists.