Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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18 April 2024
Falcon Oil & Gas Ltd
(“Falcon”, the “Company” or the “Group”)
Proposed Fundraising and grant of ORRIs to raise gross proceeds of approximately $8.5 million (£6.8 million)
Falcon Oil & Gas Ltd (AIM: FOG, TSXV: FO.V), the international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, is pleased to announce a proposed placing of new Common Shares of the Company (the "Placing Shares") at a price of 6p per Placing Share (the "Issue Price") by way of a conditional placing of the Placing Shares with institutional investors (the “Placing”) and proposed direct subscriptions for new Common Shares of the Company (the “Subscription Shares”) by certain new and existing investors at the Issue Price (the “Subscription”) in order to raise gross proceeds of up to US$4.5 million (c.£3.6 million) (the Placing and the Subscriptions together, the "Fundraising").
Alongside the Fundraising, Falcon Oil & Gas Australia Limited (“Falcon Australia”) has agreed to grant Daly Waters Energy, LP (“Daly Waters”) and a major US-based energy industry service provider overriding royalty interests (“ORRIs”) over Falcon Australia’s working interests in the Beetaloo Sub-Basin exploration permits in return for cash payments of US$3 million and US$1 million, respectively, as further detailed below. Completion of the grant of the ORRIs is subject to agreement of final legal documentation and to submission to the Northern Territory Government, Australia for registration.
The net proceeds of the Fundraising, together with the Company’s existing cash resources of c.US$4.3 million, the balance of Falcon’s net carry of A$3.75m due from Tamboran and the consideration from the grant of the ORRIs, if finalised, will primarily be used to fund Falcon’s share of estimated capital expenditure in respect of the work to be carried out on the proposed Shenandoah South Pilot Project (the “Pilot”) in 2024, including the drilling of two 3,000 km horizontal wells and the stimulation and flow test of two wells in the Beetaloo Sub-basin, Australia. These proceeds will also enable Falcon to fund its share of the cost of the planned 330km2 of 3D seismic survey around the Pilot area, which it is expected will be acquired during Q4 24 with processed results being available by Q1 25.
The Placing is being conducted through a bookbuilding process (the "Bookbuild") which is being managed by Cavendish Capital Markets Limited (the "Bookrunner") and will open immediately following the release of this Announcement and will be made available to eligible institutional investors. The Bookrunner is also acting as nominated adviser (for the purpose of the AIM Rules for Companies) to the Company in connection with the Placing.
Certain directors of the Company have indicated that they intend to participate in the Fundraising.
cont.......
18 April 2024
Falcon Oil & Gas Ltd
(“Falcon”, the “Company” or the “Group”)
Proposed Fundraising and grant of ORRIs to raise gross proceeds of approximately $8.5 million (£6.8 million)
Falcon Oil & Gas Ltd (AIM: FOG, TSXV: FO.V), the international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, is pleased to announce a proposed placing of new Common Shares of the Company (the "Placing Shares") at a price of 6p per Placing Share (the "Issue Price") by way of a conditional placing of the Placing Shares with institutional investors (the “Placing”) and proposed direct subscriptions for new Common Shares of the Company (the “Subscription Shares”) by certain new and existing investors at the Issue Price (the “Subscription”) in order to raise gross proceeds of up to US$4.5 million (c.£3.6 million) (the Placing and the Subscriptions together, the "Fundraising").
CONT.....
So at about 13:30 seconds of the earlier reported RAAS group interview with Empire, https://www.raasgroup.com/live/asxeeg-empire-energy-group-raas-interview-8-april-2024/ it turns into a love fest for Bryan Sheffield. I own shares in Tamboran, Empire and my largest is in Falcon. I think the final intent of Bryan Sheffield will be to consolidate all there companies under one roof upon further proof of the resources. Or possibly before that time if he wants it at a better price. I was upset with POQ for not proceeding with the initial next set of wells. But if I look at it now -- and not aware of any backend conversations -- he may realize the real value is in not diluting the company and maintaining our percentage of interest and then let everyone else pay to prove it all up -- and as the Empire board today stated --
------
So Sheffield & Liberty each get approximately 48,125,000 shares (I.e. AUD 7.7m ÷ 0.16 / sh) and there are 243,750,000 shares issued. Like to know who else shared in the balance of 147,500,000 shares.
by my calculations Sheffield's holding increases from 5.27% to 8.74% (i.e. 40,793,270 sh pre CR + 48,125,000 sh from CR ÷ 1,016871,148 TOTAL SOI (post CR)
He holds 12.98% of Tamboran. A merger is quite likely
------
If I'm not mistaken I think he owns more with Tamboran and Daly Waters as a 50/50 partner on the Beetaloo of Tamborans portion with our 22.5% up for grabs by someone.
I think it would be smart and cost effective to consolidate corporate overheads and manage the whole process under one roof. I wonder if any other company is interested too?????? LOL Interesting times. Still think it is a good investment.
DR SCRIMGEOUR: At Warrego near Tennant Creek Northern Iron have commenced construction of a plant to process the tailings there to produce magnetite.
NEWS: Are there any mines for rare earths and other critical minerals needed for electricity generation or storage?
DR SCRIMGEOUR: Arafura at Aileron are close to making an investment decision for the Nolans project.
NEWS: How much does the department spend on exploration and makes the results available to the industry at no charge?
DR SCRIMGEOUR: The Resourcing the Territory Program is funded at $9.5m. Of that about $3m is for competitive grants for the exploration industry. The remainder is focussed on generating the new data to stimulate exploration and we give all that away for free.
NEWS: The total value of mineral production in the Northern Territory was $4.4 billion last year. In the 2023/24 Budget royalties amounted to $367m. Apart from this, how much of the mining money stays in the Territory?
DR SCRIMGEOUR (at right): I don’t have the figures on that. The $4.4 billion is just the value of production, the value of material sold [not the costs].
NEWS: What was the best news from this year’s AGES?
DR SCRIMGEOUR: The diversity of opportunities and new discoveries of graphite and rare earths have been the main highlights.
NEWS: In Central Australia?
DR SCRIMGEOUR: No, the recent graphite and rare earths discoveries are more in the northern half of the Territory. However, we are seeing very strong interest in rare earths exploration here in Central Australia
end
https://alicespringsnews.com.au/2024/04/17/beetaloo-gas-to-change-nt-forever/
Beetaloo gas to ‘change NT forever’
17 April 2024
By ERWIN CHLANDA
The Territory’s $40 billon economy by 2030 “won’t happen without the growth of this sector” said NT Minister Mark Monaghan (at right), addressing more than 300 members of the extraction industry yesterday.
The other target with the same deadline – 50% renewables – never crossed his lips when he opened AGES 2024, the 25th annual conference in Alice Springs.
Mr Managhan said gas from Beetaloo is “on the cusp of changing the Territory forever” as Empire Energy and Tamboran Resources are expected to make their final investment decision on pilot production activities this year.
The Beetaloo Basin, about half way between Alice Springs and Darwin, controversial because of the fracking there.
According to Ian Scrimgeour it is believed to contain more gas than the Ichthys field which is estimated at more than 12 trillion cubic feet (TFC).
The value of a one TCF contract delivered over a several year term would be $9 billion to the purchaser. That would put the value of the Beetaloo gas at $108 billion.
Dr Scrimgeour, head of the Northern Territory Geological Survey for more than 15 years and recently awarded a Public Service Medal, is the highly respected organiser of the AGES conferences.
He gave an overview of the mining industry to the Alice Springs News.
Which new mines, gas or oil deposits have the money and are ready to start operations in the The Centre in the current year?
cont.....
A fair raise by EEG to the tune of $47m. It's certainly an expression of confidence
Wasn’t that wrong https://app.sharelinktechnologies.com/announcement/asx/d62cf51c0f180271a93ff923171b2771
Looks like it was spot on
TBN Diretor David Siegel has bought 3 MM more shares of TBN in last week. Obviously it is not FOG, but a good signal nonetheless. https://www.investi.com.au/api/announcements/tbn/61832ccc-67b.pdf
Thanks good to know.
@gonoles, this error-ridden message from one "Holdtight" is wrong on many levels. It pretends to be from the press release; it is not
Posted on Empire board
$30.8m at 16c.
EEG is Australian oil and gas company holding 100% owned andoperated assets with shale gas targets in located onshore Northern TerritoryBeetaloo Sub-basin and central trough of the McArthur Basinc.
This deal comes on the back of yesterday’s news that EEG hascompleted the sale of its US assets for US$9.1m. Followingcompletion of the sale, upfront cash proceeds of US$5.9 million were receivedby EEG and the existing US Macquarie Bank loan of ~US$4.6 million was repaid infull.
Cornerstone support hasbeen obtained from US investors including binding commitments of:
· US$5M from Bryan Sheffield,who was previously Chairman, CEO and Founder of Parsley Energy Inc., a majorindependent shale player in the Permian Basin, Texas.
· US$5M from Liberty Energywho specialises in hydraulic fracturing services and will bring their knowledgeand expertise to Empire’s Carpentaria project.
o Each of Sheffield and Liberty Energy have signed royalty deeds(each royalty deed entailing a 2.25% overriding royalty interest over EP187 forconsideration of US$2.5 million each). Royalty is calculated in accordance withthe NT Government net-back with deductions limited to 30% of gross revenue.
Verbal commitments from major Australian and US institutions havealso been received pre-launch, so I suspect the book is fully covered. Clearlythere is plenty of interest in the Australian shale assets.
Don't think the sale of US assets is what has the trading halted for Empire. Says they are halting trading until Wed.
They had already announced the completion of the sale of the US assets earlier.
So I think something else is the reason trading is still stopped.
Link to Empire Article:
https://www.proactiveinvestors.co.uk/companies/news/1045237/empire-energy-completes-sale-of-us-oil-and-gas-assets-receives-us-5-9-million-upfront-payment-1045237.html
Empire’s managing director Alex Underwood said: "The Empire team is delighted to have successfully executed its US asset divestment program.
"Empire will be a pure-play Beetaloo/McArthur Basin-focused developer while retaining a free-carried interest in shale rights in the United States at little to no cost to shareholders.”
Full focus on Beetaloo Basin
He added: "In 2018, Empire was carrying US$38 million of debt against its US assets, supported by only US$4 million of EBITDA to service that debt. Empire sold its Kansas assets in 2019 which reduced the US debt, and this transaction results in full repayment of the US debt and return of over US$2 million in cash to support Empire’s Beetaloo-focused strategy.
"Empire can now focus its full attention on the development of the world-class Beetaloo Basin, which in the success case will provide the people of the Northern Territory with sorely needed energy security and employment, royalty income to the Northern Territory Government, deliver large volumes of gas into the chronically undersupplied Australian East Coast market, and provide energy security for the broader Asian region via LNG export.”
Waiting to hear why?
Still looks like a healthy flare and I do not notice any discernible difference. Did anyone else notice any changes worth noting? As many of you have no doubt seen, there are lots of articles our in the last couple weeks on the amount of electricity being consumed in connection with AI. More nat gas fired power plants would obviously create additional global nat gas demand and a boost for the Beetaloo. GLA!
Hello Poods. I hope all is well with you ! Yes I finally did get filled...BUT this was a market order. it should have been filled instantly and it was not. It took 45 minutes for a fill.....which as I have said before is ridiculous
* day 78
Did you get your shares later in the day
Be patient. By days end if your limit competitive you should be filled
POODS
So I put in an order this morning for 200000 shares at market and even after a half an hour it's not filled. This is ridiculous
Frackme
... If oil and gas was still a thriving industry and not in wind down mode then maybe Falcon could do better but the reality is there is likely 20-30 years left in oil and gas at any significant level (as it will go on at a reduced level for way longer) and any buyers will know that Falcon can't unlock the value in the asset and the longer we have to give up stakes in drills thr value reduces. ...... no worries today we consume more stones than the people in the stone age. Another example: black coal is the dirtiest of all and 18th century. But reality is that mankind has never burned more coal than today. We have not reached the peak of coal consumption and listen to people who sing the song of the hydrocarbon age. No worries at least mankind will need mor gas the next 50 years is the other prognosis with a cristall ball.
"... have been on both sides of a few deals in my time but every deal is different and what you really want in any deal is competitive tension between two interested parties. ... "
100 % agree. And to create such an environment POQ should tell every man and his dog the Beetaloo FOG story. to get a competitive tension . The higher the share price the higher the take over price.