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Looks like zero interest in all the rhetoric around resumption of drilling. Turning into a bit of a joke by not putting a date on a restart. Should expect northing more as the history of this stock price has been abysmal at best. Suffering from a credibility crisis.
mass exodus on the tsx-v
Hm, volume is still soooo low... maybe it’s more petro selling before any actually news.
Not only TSX, but in US too. Funny, over 400K traded, and down for 7%. Not a lot of money,but head scratching action for sure.
Just another day of something in the Market that doesn't make sense.
Look at all these Applications for Compensation, which will all likely get approved. Been watching this dance for months. Attorney's don't want to take falcon shares for compensation I can tell you that. Interesting thing is some of these are starting to say "Final Compensation"
https://www.docketbird.com/court-cases/PetroHunter-Energy-Corporation/cob-1:2016-bk-20197
ALL-
What is the basis for the comment shares are to be given to the attorneys as compensation? It is my understanding from the occasional filings the bankruptcy court has been liquidating FOG shares. The last statement on this subject seems about a year ago and the status at that point was they were down to about 5% of total FOG shares still to be sold. We have certainly seen a steady supply of shares in the market and assume most of those are these shares controlled by the court referee? Does anyone have an update on the number of remaining shares? POODS
My comment was - "Attorney's DON'T want to take falcon shares for compensation I can tell you that."
My point being the liquidation continues to pay these attorneys IN CASH.
No idea the share count left. Since they have been able to sell them since last July, I would imagine they are starting to get somewhat close to exhaustion. The selling is controlled by the Trustee at this point, not the Court.
Anybody have the Trustee's phone number? If so, I will call and see what can be done POODS
It's obvious that price progress will be impeded by this distressed selling...a pain up the arse
There are virtually no buyers of the 1 billion shares out there, thats the problem. Crumbs are trading each day!
Yes, I mean yesterday about $6K traded in the US.
Typical day $10K-20K. Nobody is interested.
No Body is interested.....even with all the positives rolling out......because this may now be the worse small cap entity on the planet when it comes to marketing what they hold, what we hold. For the price to be enhanced information must be put out to therefore create demand for said commodity. With the politics now less of an issue i.e. greenies pushed aside, the Aussie gov openly supporting the growth of the NT and other gas resources, and what we already know as contingent this stock has every reason to be on the radar of investors.......not to mention what is likely to soon be an add to in contingent resources. Moreover, the Aussie plans to extensively grow the NT economy de-risks to some degree the infrastructure cost concern. Come on POQ .......let's get to selling this baby on a more specific level........create some interest and therefore demand.
I spoke with the trustee today who was polite and informative. There are ~47 million shares remaining to be sold. Buyers have as we know been scarce. I suspect my last million share purchase was the most the trustee has been able to sell in quite some time. I have not decided what if anything to do at this point. If you have any serious interest or suggestions let me know while I do some more work. POODS
Very interesting thanks Poods, any sense on if they were actively trying to sell?
Poods,
Thanks for sharing that info. Those shares will certainly throttle any upwards price movement that we could expect from positive developments. It would be wonderful if Santos or Origin or Inpex cold negotiate a deal as part of their strategy of investing in the Beetaloo, so we don't see those shares coming back as active traders.
there is something about getting all the money at ones.... I wonder is there is an opportunity here for falcon to buy all the shares back at the significant discount...
dprussky, I'd guess only if POQ, takes a salary holiday for a year and goes all option only compensation. Perhaps then we could afford it.
Thanks to Poods for the information. Could someone please refresh my memory as to how many shares there were originally?
Poods, keep us informed on how Peeds is doing with her urinary tracked infection. lol
Hi Nerves -- Petrohunter had approximately twice as many as the receiver is currently holding -- so somewhere close to 10% of total shares at one time.
dprussky etal-
I have waited awhile to reply to comments following my recent note after speaking with the trustee. My first response with some personal comfort is the idea POQ / FOG might be interested in purchasing those FOG shares. It is hard to imagine POQ presenting this to the board, because he would be shooting himself in the foot, as the funding of such a purchase, would greatly reduce the number of years he can continue enjoying his more or less "free ride". Origin might be an idea, but do not know if that is even contractually possible. Secondly, at some point there apparently was a bid made for all or most of the remaining shares, but nothing came of it.
The shares, as we all know have dropped over the last years to near record lows compared to all-time highs of many years ago. FOG has been victim of falling energy prices, a bankrupt large shareholder having to sell. POQ's roadshows are not the fundamental reason the shares trade where they do. These PR trips gave him something to do, running the share price up in soon cases, and then at the meetings with little to excite continued buying, caused the sellers to sell into a weakening market. That said, POQ continues to collect a generous compensation package, which he apparently has not offered or been asked to reduce.
The common shareholders are as in all companies "holding the bag", good or bad, as the case may be. The positive in the FOG situation is some apparent decent reserves. Now, we can only wait for COVID to get behind us and drilling to resume. As to the remaining block of shares, I believe a bid near the current price would succeed. The question is whether there is any additional interest. So, I am trying to figure out if I want to do anything, or if someone reading this update comes up with a reason to do something. Time will tell. POODS
It’s very simple; first and foremost, we need to officially move forward with the completion of the kyalla well. And then, positive results from said completion. Only then will interest increase.