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Title of this thread is "Origin on the Horizontal Capping", yet mostly just whiny chat about POQ's personal share choices.
Chat as you wish but at least start a new thread.
Certainly most lurkers like myself would rather view technical well data and insightful company news.
Cheers!
To obtain the options would mean an outlay of $600,000. By selling 4.5 million, he acquired 1.5 million shares without being out of pocket
He sold a crpload. He was GIVEN for free 6 Million shares. He decided that cash was a better investment, so he liquidated 75% of it. Saddest part: turned out it was a great sale!!!
Indefensible, yet Wet will find some warped spin to defend it. ;(
He netted 1.5 million additional shares from this transaction. With the full facts presented, did he really sell a crap load of shares along the way?
Ahhh...yes. Did forget about that. Full story here.
https://www.globenewswire.com/news-release/2017/02/21/925622/0/en/Falcon-Oil-Gas-Ltd-Director-Dealing.html
He sold 4.5 million on Feb 21st 2017 for 23 cents a share
Thanks Namu. As always I greatly value your input.
VM, can you link or show us where he has sold?
He does have 2,000,000 options expiring January 25th (next week) at a measly strike price of $0.15.
Should provide quite the catalyst to the discussion for all you POQ haters/lovers when he chooses to/chooses not to exercise said options.
Wet, POQ isn’t exactly “all in on Beetaloo”.
He made $1 Million cash salary/bonus last 2 years. He’s “all-in” on keeping Falcon capitalized to fund his outrageous salary.
POQ hasn’t purchased one share in the open market. Zero. It’s indefensible, yet I know you’ll find some warped spin to defend it.
Wet,
Yes natural fracturing is the gold standard that stimulated fracing poorly tries to emulate. But the natural fracing is problematic for mudding, as in"oops, where did our mud go". So, on one hand you have existing fractures that should be free flowing gas without fracing, but can be serious pitfalls for controlling drilling mud.
Obviously, I have no idea if this is the case, but it is a concern I have--perhaps unfounded. And, they may be running a tight hole, but human nature being what it is, it is impossible to prevent rig hands from suggesting to people one or two steps removed, to buy.
Darnit: Origin and rig employees have been forbidden to buy shares of Falcon until the results of the Kyalla are known - doing so will cost them their job. I am pretty sure this was the case on the Aumngee well - the volume and stock price prior to the announcement of a discovery showed no indication of what Origin was seeing on the EFT prior to the news release. Origin/Falcon,keep information tight which IMO is a good thing.
Does continuous gas shows necessarily equate to flares? In a conventional well that might be the case but I don't know on a shale well? You are not going to see a big flare until the well is fracked and the well has unloaded. I don't know what we should expect at this stage but then again they may be flaring a small amount of gas and its not a big deal.
I'm glad to see you point out to the board that the natural fracking is a good thing - I failed to mention that.
Thanks Poods - I just try to let people know what I am hearing. As I mentioned I don't have the training to fully evaluate some information but it makes logical sense that Origin wouldn't immediately redrill unless they had a solution at hand. Good for you on the additional shares of stock. I haven't added in a while - not because I don't believe the story - I just already have way too much as a percentage of my portfolio and enough to say grace over! I don't know POQ's personal position in the stock - just know he has sufficient shares to stay well focused on Falcon. I don't quote conversations but I can assure you he feels this is a 'once in a lifetime' opportunity and he doesn't plan on screwing it up! POQ is all in on the Beetaloo which give me comfort in my investment.
Poods,
Let me suggest that your anger at POQ has boxed you into placing your attention at the wrong target. POQ's non buying in the open market is drawing your attention from where it should be placed. We should all be watching retail vol. that presumably would be generated from friends and family of the rig workers. If the guys on the ground aren't whispering to friends and family that they should buy FOG, as things are looking really good, then I'd suggest one that is looking to the company news or banter on a BB should also be on the sidelines.
BTW, something that bothered me more than a little in the last press release, was the mention of continuous gas shows, but no mention of having to flare. If they bothered to offer a glimmer of hope/excitement with the mention of continuous gas shows, but held back they had to flare, well, to me that just doesn't seem to fit. And, one final thought, I have to wonder if at this point, they have figured out how to deal with the Kyalla's high degree of natural fracturing (which is a wonderful thing), or if the schistosity of the Kyalla will prove to be a tough slog that won't easily be tamed.
WW-
Appreciate your continued excellent input. Of course time will tell the answer, but based on a number of things, I added 100,000 shares of FOG this morning, bringing me up to 2.5 million. Don't know where we go from here, but promised to tell the board when I completed this 500,000 shares add. Don't think POQ has bought a share? Correct me if I am wrong.
Nerves: I am not an engineer but I was told that the Kyalla formation was naturally highly fractured and that is what caused the sloughing of the borehole walls. I was also told this could be corrected by using a different consistency of drilling mud - it didn't seem to be a big concern other than the cost/delay of redrilling the horizontal. As I pointed out on this board, the Kyalla is a bit of an unknown environment - never having been horizontally drilled before. Origin seemed to have hit a spot where the walls were sloughing off - apparently this did not happen right off and it became apparent after about 700 meters. If Origin didn't think they had the solution in hand rest assured they wouldn't immediately turn around and redrill the hole. This was an unfortunate issue but IMO it was just a 'learning experience' of being the first to horizontally drill the Kyalla.
Nerves,
"My question to anyone who knows about such things is what steps can Origin take to ensure the same thing doesn't happen next time?"
That's the billion dollar question. They shouldn't have let it happen this time. BTW, this isn't something that happens with any frequency, no matter how thy spin it.
Revise the drilling plan based off now known well conditions. Sidetracks really are not uncommon by any stretch of the imagination. Even for established operators in established plays. Things don't always end up like you thought they were going to be 2 miles below the surface. The fact that they are pressing forward is extremely encouraging. To me, at least.
Thanks for posting that, ITguy.
My question to anyone who knows about such things is what steps can Origin take to ensure the same thing doesn't happen next time?
Here is Origin on what happened with the horizontal being capped. Very good explanation. Starts at 38 seconds. Doesn't sound like a bad operator to me.
https://www.abc.net.au/radio/alicesprings/programs/rural-report/outback-nt-rural-report/11854010