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Good to feel the lorrrve.. let's hope there are happy days ahead, patience and longevity is certainly is needed with this venture, let's hope we are nearly at the end of the road, with a new venture ahead for many if all goes to plan! GLA.
If it turns out as we hope, that is a splendid idea for those still around!! And TU for your note, as reading between the lines, I thought you were as you describe. Poods
Poods: Ha - "Patience is a Virtue" should be the mission statement of any Falcon investor! Like you I hold a large percentage of my shares in a private foundation. At this stage of life the final outcome of Falcon is not going to change my living standards one way or the other. My primary goal in this investment is the ability to increase a foundation's annual stream of giving. My other primary interest is the number of investors I have personally involved with Falcon - I really want them to do well with this stock - its a sexy story I have sold to many. Of course I like be right/successful also!!
I'm guessing you and I are likely on the same page on many things - I may argue with you from time to time but it's all in good spirits - sometimes fun, sometimes frustrating. After this is all over and if this investment is successful it would be fun to meet many on this board - even you, BO and Namu (whoever he may be at that time) :^) May we both live long enough to see Falcon through to the end - at times I wonder.
Spent enough time in corporate finance to say I agree the endgame will get what the buyer offers. It is in the interim the shares flop around due to several factors. If people are happy with the shares trading as they do, then we should not hear from them. But enough who are uncomfortable with price being down so much has created some pressure on a few, as has been mentioned from time to time. Frankly, the shares I have are not going to mean much to my son, except since he is the one who recommended FOG some 9 years ago, he hopefully will be able to see that "patience is a virtue". I am simply trying to get a more professional manner in the way our management presents itself. Since this is my first and last penny stock, perhaps, what we have experienced is standard. Poods
Poods: Sorry guy but not going down this road again. I have told you what POQ's issues were with the RS - those issues are the same as mine. I'm not saying you are wrong - just that some of us do not agree with you. Falcon is going to sell the Beetaloo to the highest bidder whether there is a RS or not. The share price at the time of the sale will be immaterial. IMO if Falcon needs any additional funds to see itself through to the end game those will get raised in short order. Also IMO you are going to make money on this investment whether you like it or not :^)
The irony of POQ's lack of appreciating the importance of what I asked is two-fold. First, if FOG indeed did not qualify for what I was asking, he should be truthful, and simply tell shareholders "the company at this times does not qualify for a reverse split due to ......whatever the proper answer is / was, i.e. insufficient capital, not enough shareholder, etc". If in fact the reverse split could be effected, I would have asked his assistance in putting me in touch with the seller and the block would have traded, if we had an agreement on price. The trickling selling of shares would have gone POOF. Poods
Well the meeting isn't important enough for the BOD, nothing gets done and shareholders travel from all over the world to get basically a short rundown that could be decimated by email. So skipping it, as most of the company officers do until something substantial can be reported is another cost savings. Lol,
Following are some cuts from an article in the Katherine Times.
NOVEMBER 12 2019 - 9:29AM
NT Government minister travels to America on oil and gas trip
Roxanne Fitzgerald - Katherine Times
Northern Territory Government delegates will head to America today to make a case for investment in the Territory's untapped oil and gas industry.
With the government facing an upcoming election and job opportunities at record lows, the race to turn the Territory around is on.
"Driving jobs and investment opportunities in the Territory is a major priority for this government," Minister for Infrastructure, Planning and Logistics, Eva Lawler said.
he will be joined by public servants and industry advisors on a nine day oil and gas infrastructure and digital investment attraction trip to the US with two things in mind: to strengthen international relationships and attract business to the Top End.
Discussions will be held with American industry about the opportunities and challenges relating to the onshore oil and gas industry in the Territory, with a strong focus on natural gas infrastructure planning, business attraction for natural gas-related petrochemical facilities, downstream gas processing and workforce planning for the industry.
The Minister will also visit an active well site, processing and fractionation facility, and a pipeline construction site.
Understand your comments and for certain I am a broken record, but only for the purpose to let people understand the abuse shareholders are taking, at least in my opinion and I vote accordingly. As to POQ and drinking, my comments to that point are based on others in the past commented on "going to the pub" with POQ. I do not drink alcohol myself so if POQ simply goes along for the PR aspect of his shareholders, he should be encouraged to "socialized with his shareholders". Poods
WW, can you ask POQ if he can move the 2019 meeting to early 2020 to suit BOQ? No matter if we skip a 2019 meeting all together. I'm positive BOQ would make an appearance to ask all his questions! Yes, that is loaded with sarcasm.
As for the asset retirement obligations, we have been there before. No, the cost isn't taken care of. Nor, should it be.
Looks like I need to bring POOQ back out too. :-)
Yes it would be nice if meeting was in late Jan. or Feb. Would be nice to know if we are still in Hungary and all reclamation cost taken care of and office closed and staff released.
BO: The board regularly utilizes video conferencing with its scheduled meetings. As with many AGMs there's just not much to be covered other than vote tallies. I'm sure if something meaty was on the agenda video conferencing would be facilitated. At last years meeting there were probably 3 of us who asked questions - mostly concerning the corporate presentation. Maybe '987' or whoever else attends can delve into the 'heavy' board directed question and report back.
I made the executive decision to take a pass this year - the timing with regards to the Christmas season wasn't a good fit this year.
Poods: Your right - I don't even want to rehash the reverse split, your lack of confidence of POQ or his excessive compensation package. For the sake of others less familiar with your disdain for Falcon, its board and POQ you might try to qualify many of your' factual' statements as "IMO".
Incidentally, with you statement " It is certainly easy to understand he gets bored doing so little; therefore, his interest in golf and drinking beer in the name of public relations." Curious - Do you even realize that POQ doesn't drink? Not even in the name of public relations so take that criticism off your list. He may play golf for public relations as many in executive leadership positions - if so good for him.
Good Grief Poods - For someone with such disdain for all the leadership/management of Falcon you still continue to buy stock - Amazing!
a few decision seem to need professional expertise beyond accounting, so suspect the board helps when asked or feels they need to add something
I agree the board should be present by video conferencing, in person or teleconference ! Or is this a one man show ?
Thank you for your inputs, which after many years of reading your comments, seem well-founded. I understand the board's position on the AGM, but do not understand why they could not at least be linked via conference call devices, so they could take questions? Let me repeat, POQ has done some things well such as the negotiations, particularly with Hess. But he has also failed on others. It is certainly easy to understand he gets bored doing so little; therefore, his interest in golf and drinking beer in the name of public relations. That too is part of the job, except in this case due to circumstances he has an inordinate amount of free time, has failed to heed good advice on the financial front resulting in excess dilution from not understanding the ramifications of doing nothing. I cannot totally fault him for this as he is an accountant and not an experienced oil and gas executive, who understood that "stuff happens" and did just as I predicted to him a number of times. It was my concern for our poor financial position that pushed me gain an understand of the requirements for a reverse split, which would have provided any opportunity for large investors to participate. The regulators I spoke to were apparently not in the position to answer my question and could not tell who could. I told POQ, shareholders should know if the reason for not recommending a reverse split was not his "opinion" on trading, but rather the fact the company the did or did not meet the financial requirements to in do a reverse split. He only dodged the question and in the end, simply would take my call and you see the miserable price today which reflect some poor decisions in my opinion. Probably more than you wanted to hear, but since I am too old and too far away to speak at the AGM, which (thank you for the description business portion of our annual meetings), which last such a short time.
FOG shareholders are indeed fortunate to have an interesting looking prospect. POQ was not part of the team that found the Beetaloo, which most of us know. It is his lack of energy experience and a complacent board of directors, who seems to fear POQ's leaving shareholders stranded, if he was asked to leave. This company is about BEETALOO and not POQ. The discovery has and will hopefully be attractive enough shareholders finally receive a return on their investments. POQ is entitled to a FAIR COMPENSATION package. For a company this size, his package is as I have stated ad nauseum, overly generous. We can survive without POQ, but not without BEETALOO. Poods
Poods: I don't know if you've been to a recent AGM. Last year was my first and I was surprised to there were no board members in attendance. When I cornered POQ later I asked him why that was and he said the board members are scattered throughout the world and the travel cost of gathering them would not be justified for such a short non-eventful meeting. - Buckeye - A fine example of Falcon conserving capital. All that occurred at the AGM was an announcement of vote tallies on the reelection of directors and 'other business'. If I remember correctly, after that 5 - 10 minute business meeting, the formal meeting was adjourned and was followed by the corporate presentation and then questions and answers of Philip/Gabor. My point being that there will not likely be any representative of the board in attendance to ask about POQ's 'excessive' compensation - I guess one could ask POQ or Gabor and see what kind of answer is given :^)
I think at this stage of the game you need to give it up on the 'excessive' compensation obsession. We are going into the final innings of Falcon and POQ's compensation, regardless of how one categorizes it, is not going to amount to a hill of beans on the final return to you and other stockholders - Of Course all IMO. I'm more concerned about the assets of the Kyalla, Velkerri wet or the Velkerri B and the final sell price.
Another answer for Buckeye you can cross off the list - Gabor is the geologist that works with Origin to determine well locations and how best to benefit from Origin's carry. Falcon doesn't have much say in the operations/drilling of these wells but they do have input as to where those wells are located etc. As an example, Gabor will be consulted after the Kyalla vertical TD on whether to drill the lateral or not. Gabor was consulted on the last stage 1 well that was cancelled and funds rolled into the stage 2 program. He will be consulted in which shale the stage 3 wells will target and where those wells are best staked. Gabor is still an important member of the Falcon team. I suspect he will be at the AGM to answer questions.
Buckeye - Cenkos and POQ have a very tight relationship. Cenkos is highly respected in the institutional investment players in London - they can open many doors for POQ and speak to Philip's character and leadership. That is how the infamous April raise came off so quickly and efficiently. RBC didn't do Falcon any favors. Their evaluation of Falcon was extremely conservative to a fault - at the time I remember making the comment that they couldn't see past the tip of their nose. I believe RBC was originally employed to help Falcon evaluate/price the Beetaloo for sale - after that 40+ page overly conservative report came out it was very apparent that these were not our boys.
Your comments and related questions regarding the AGM are the best I have EVER seen on this board. Perhaps, I would ask for an explanation from a representative of the board as why we pay POQ excessive compensation, including substantial options for his limited responsibilities. I hope enough folks can go to the AGM and create the long overdue discussion of internal operations. Origin will take care of their responsibility, good or bad. Poods
BuckeyeBuff, maybe we should set up a crowdfunding page to send YOU to the AGM!!
In the absence of that, here's a small tribute (although your record number of "likes" is tribute in itself). Hope the link works.
987 and whomever else might be in attendance at the AGM:
I agree with WW that in-person contact with POQ would provide better answers. One can gain valuable insight when looking someone in the eye, but I won't be attending and appreciate your offer to be the messenger and ask the questions of POQ. Hopefully, I'm not asking too many. Possibly another attendee or two might assist or have similar questions. Although other regular contributors to this board may have discussed similar questions with POQ, I believe asking them at the AGM would be more valuable to average shareholders. I've always believed hearing answers "direct from the horses mouth," alleviates many misinterpretations.
1. Why don't you know the large seller who is keeping the cap on the share price? This stock continues to be manipulated on all trading platforms. What was the disposition of the SweetPea shares at the conclusion of the bankruptcy and who currently controls those shares?
2. If Origin is deciding the Beetaloo fate, why is Falcon continuing to operate & employ those in the Budapest office? And specifically, why employ Gabor Bada, Head of Technical operations? Has he ever benefited Falcon? If so, how? On the website I don't see any pay listed for Bada or Bruce Lawrence, Executive Secretary. Are they being compensated with stock options?
3. What can POQ tell us about the largest shareholders and their intentions? Are they strictly investors? Will they act as bankers for debt rather than further dilution of shares, if additional cash is needed?
4. What is Falcon's perception of NICOLAS MATHYS and ZUG? Is his group ready to back Falcon if needed?
5. Why is anyone from the original Bruner team still involved with Falcon? Is it due to Canadian requirements?
6. How are you conserving capital?
7. I'm concerned about the Russian involvement on the BOD. Both Conrad and Mayorets appear to have been involved with Gazprom. Was this a condition for Renova/Lamesa/Vekselsberg 's investment? Possibly, a Falcon 'large' investor history should be explained.
8. We appear to lack consistency with any real investment professionals. What does Cenkos bring that prior groups haven't?
As a "leading adviser for O&G companies on AIM", what is their plan to further Falcon's interests? How are they compensated? What happened to the RBC analyst who was so high on Falcon's opportunity? Or ANY analyst at this time?
9, John Carroll, our non-executive director, Falcon Australia is likely our most important advocate presently. What is his role within Falcon? Is he akin to a lobbyist? Does he negotiate on our behalf? If so, with whom? Government entities, Origin, ???
10. Aside from info learned on this board from individuals who speak with POQ, when might we expect to hear directly from Falcon about further progress?