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@newtofo,
reason Maverick is located ON Tanumbirini station is its proximity to Carpentaria Highway. Moving it would require new round of Environmental Management Planning - a process which takes a very long time with the current NT regulator. Cost a lot of money, too. In addition, they would have to get a clearance permit for the road and incur construction costs. The dirt road will be less accessible after rain.
Hope they will manage to negotiate and drill their first well.
Good question --- maybe send Tambo an email for clarification??
Or, do they need to honour the contract that was signed with the previous owner? Santos' issue was that they made changes and didn't inform.
ITguy -- the problem is that the proposed Maverick well is on Tanumbirini Station. Therefore, it is fairly reasonable to expect that there will be problems with the cow pasture owner for Tamboran to get access before December of next year just like with Santos??
But since EP136 is 100% Tamboran owned, Santos' deal shouldn't apply?
Ignore my last message Hardrock --- as I was able to open up the correct map and it clearly shows the Maverick EP 136 well as being "ON" Tanumbirini Station's pastoral land holdings.
This clearly indicates that either Tamboran will have to move the Maverick well about 20 km south of their proposed location or alternatively -- hope that WetWater is correct and that Santos is able to renegotiate with the cow pasture owner and get access sooner than the beginning of the next wet season.
Hardrock -- thanks for posting this link: http://strike.nt.gov.au/wss.html -- but my navigation skills are poor and I wasn't able to find the right button for "cadastre" or "pastoral properties".
You mentioned that the new Maverick well for Tamboran on EP 136 is "OVER" Tanumbirini Station -- so just wanted to know if that means the Maverick well is ON?? Tanumbirini Station or is the proposed Maverick well OVER the line onto the pastoral station below Tanumbirini?? If it is on Tanumbirini Station -- then it will be even more important to see if Santos is able to renegotiate access for much earlier this year -- like WetWater was indicating could happen -- as that should clear Tambo's position too.
Newtofo: I wouldn't fret too much over the Santos/Leaseholder situation - I have heard Santos intends to be in a position to drill wells this next dry season. There will be 'arrangements' negotiated to move the project forward. If I was going to fret over the situation it would be more about what Santos has to give up in the process. Any workout between Santos and the Leaseholder could likely set a precedent for negotiations in the Beetaloo Basin going forward.
Here in the states oil companies sometimes pay a crazy amount of money to non-mineral landholders. Upfront access fees, fancy fences/gates, paved roads for ranchers, yearly damage checks - all in the name of keeping peace with the non-mineral landholder. In a way it makes sense to work with these people - damages are a way of life and a good source of income for those who have no mineral interest - Santos needs to take care of this leaseholder but keep it reasonable. I've said on this board in the past that Origin/Falcon needs to pay damages for roads/pads/tank batteries, pipeline right of way, etc. Being a good 'neighbor' can go a long way when people start punching holes and building roads, pads etc., here, there and everywhere during the development phase.
Thanks Mr Hardrock for your update. In my own analysis I'm assuming that if results are positive at the end of the month TBN will want to go ahead with their well but will take extra caution with their paperwork.
Like Mr Newtofo I'm less excited with the minnow EEG . Even so with a market cap of AUD 214M (GBP 112M) this morning with the share price trading at AUD 0.34 cents their value is very similar to TBN's. Sadly for Mr Underwood investors down under will prefer to follow the Sheffield family.
@newtofo, if you enable "cadastre" or "pastoral properties" on http://strike.nt.gov.au/wss.html, you'll see that planned Maverick-1H location (https://www.proactiveinvestors.com.au/companies/news/970229/tamboran-resources-higher-as-gas-flows-to-surface-in-two-beetaloo-sub-basin-jv-wells-970229.html) is over Tanumbirini station. Same SA millionaire mob with an extreme NIMBY sentiment.
EEG well is ~2km shallower than Santos'. Lower pressure but makes it cheaper to drill (no BHA lost in hole, no sidetracks, etc); longer cased lateral length.
Hardrock -- if Tamboran is caught up in this delay with Santos and the cow pasture owner's agreement on NO drilling till next December (which is unrealistic as it is the start of the wet season) -- then that could explain some of the lack of price movement on Tambo's stock.
When I posted the three map links a few days ago -- it looked to me like the Maverick well on EP 136 was just below the Tanumbirini Station lands, but if it is on Tanumbirini Station -- then Tambo might be held up for a full year or longer on it's exploration plans??
This would also help to explain some of Falcon's price movement -- as Origin will not have any of those kind of problems going forward. Therefore, Falcon and Empire might be the only two drilling and flow testing next year. I don't want disparage Empire -- as a few here hold that one too, but so far none of the results from the Empire vertical wells have been anywhere near as impressive as the Santos vertical well -- nor the Amungee's update estimates on flow rates. I would think that this makes Falcon the best choice for a gamble on junior shale gas explorers in Australia??
Tamboran is facing an uphill battle with the landholder; Santos operations moratorium applies to JV. EEG.AX has large acreage position and permits in place. Astute and well-connected CEO keeping cash burn to a minimum; lowest operating costs (1/3rd-1/4th of Santos/Origin). No position.
Advantage of FOG is its small market cap.
Bit of press.
https://www.americanbankingnews.com/2022/01/13/falcon-oil-gas-ltd-otcmktsfolgf-short-interest-up-5523-2-in-december.html
hydro, my only question re your theory on Sheffield being a mystery buyer is I really have a hard time seeing a successful oil man wanting to take subservient position to Origin. If we started to hear some comments from FOG or Origin regarding a break away of FOG's subservient positon to one of a more self directed self actualizing company, then I might be able to give your theory a little more credance.
FOG, ...up over 50%, just since the beginning of January.
Nice way to start the year : )
I understand what newtofo is saying though, it would be nice to get some confirmation out of Tamboran, which has had very little trading and price movement lately.
I suspect part of it is that Falcon has been around for a very long time, and actively trades on 3 major global exchanges -London, Canada, and US. Whereas Tamboran is a relatively new publicly traded entity, basically just trading on the ASX.
In other words, I think most people don't even know Tamboran exists.
Although Mr. Bryan Sheffield, a well known player in the US Energy industry, certainly knows who they are, and his investment is a key endorsement for the potential of the Beetaloo, imv.
I wonder if some heavy-hitters have been accumulating Falcon recently?
GLA!
jmo