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The NR tells us that Tennyson Securities have been effectively asked to stand down after little more than six months in post. They were unable to deliver. It's a statement too by the Board that outside the US there's no appetite for projects like the Beetaloo.
BS and his partner have given the Board sufficient money and time to sort out its exit in an orderly way and I expect there will be a lot more focus in the next 12 months or so on bringing on board private equity and/or family funds who are based in the US, and are more credible partners than the 3 minnows to Daley Waters. Meanwhile It's very easy to judge who is going to come out on top in terms of the Beetaloo. in the next couple of years. The Falcon board with its emphasis on an an exit will win hands down over TBN .
Meanwhile it's very nice that our close friends/partners will give us so much cash for an ORRI in the 51,000 acres in the pilot project. It bodes well too that they are willing to step forward to acquire shares before the 90 day result on the SS1 well is announced next week.
Hopefully I can meet some of you again at the AGM in June.
It all boils down to the next two 3000km wells. If they prove out BS will try and buy out/merge before any other suitors are involved -- but if other suitors are sniffing around it may go much higher. My guess is no one is offering at this time other than BS and after the next two wells -- we will see more. Anyone have an update of how much BS owns from all three companies now?
And this is just for the costs related to the next two wells and related costs in 2024.
glad it was only a stellar find. we could be in the **** if it was stupendous. came into shares late, retirement, and really wish i hadn’t bothered. we put a lot of faith in someone we don’t know on the most bent of markets aim. honestly the horses less bent. maybe the gurus here can see an advantage and if so please share. i’m a gambler / investor by nature but this share will the last i let someone make decisions on my behalf. no point selling. lol prob worth topping up. but no faith anymore.
Especially with the good performing test production currently. How can you sell so cheap with this good well test results?
I’m waiting for some of the regulars here to proclaim a “master stroke!” by the Slick Irishman for diluting us at 50% of the pre-results share price.
Gonoles,
With all respect, we have NOT always said the real value is in the buyout. (Although the ultimate value was in the buyout) We all thought that good drilling results would bring a substantial uptick in the share price. We couldn't have been more wrong. Since the GREAT results, we are now offering shares for half the price we had BEFORE the great results. This business is definitely rigged to benefit the big players. The company can't do anything without outside help (money) and they'll "money" is dictating the terms- and they don't benefit us. If there was ANY sort of competition for FOG maybe we would see better results but clearly there isn't at this time.
I think the master plan is to make one company after the next couple of wells are proven out. Smart bets will probably buy and we will see some value. But as we have said all along the real value is the buyout not the sp. you have to prove it out first.
Oleo, He's certainly working towards that goal! I said it and was basically laughed at but I see him taking over this company for well under $.30/share OR I see us sitting on the sidelines for years until there is actually some major revenue that people can't ignore. To get there though we will have to keep diluting. I reiterate, there is no reason to buy Falcon any time soon for a premium. I hope I'm wrong.
"it turns into a love fest for Bryan Sheffield."
Gonoles, yes especially when he can take over FOG for 6 pence per share.
It is what it is: POQ does not work for us long time share holders.
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 --
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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
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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.