The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Train wreck is right, just read the extensive drilling planned by these guys. Origin/Falcon have turned into the laughing stock of the Beetaloo. They have managed to crater any interest judging by the lack of stock buying, nobody believes their vision anymore and for good reason. I believe they are planning an exit strategy, I cant see any other reason as to not go full speed ahead.
If you read this press release it uses the phrase, expected 2021 work program. The word expected is problematic to me at this point as no timelines have been put forward so far. Could it possibly be that they may do less than previously mentioned, I wouldnt put it past these clowns!
You can have Philip Oquigley for a bag of crisps, as since he left providence hes destroyed Falcon oil and gas, seems a common theme with these clowns!
Just take Texas and Alberta for example, Texas drills 800-1000 wells/month, Alberta 4000 wells/year. We have drilled 1 well in 3 years, every other place on the planet managed to carry on through Covid, although less drilling activity, you would think they would ramp it up to make up to make up for lost time for the moratorium and covid, but NO they dont. I know its not apples to apples, BUT. Only 1 new well this year and revisiting 2 previous wells, wow. With the Kyalla more than likely a dud.
Looks like its turning out to be a Beetalooser, the history of this stock is abysmal. It doesnt matter how low this goes, people will not accept management has consistently dropped the ball here. Keep posting weather reports, flare sightings, truck convoys, road conditions etc, instead of looking at the real problem, execution. 9 years of excuses are slowly being seen in the stock price, you can only string people along for so long. Another laughable drilling program this year which will most likely do nothing for the share price! Meanwhile back in Ireland, golf season is just getting warmed up!
Meanwhile, over at the Empire claim things are slowly edging upwards, and I wonder why that is. Its called COMMUNICATION!
Remember $9.5 million cad payment coming which is potentially another downside force for the stock. $4 million dollar premium for a two year extension, EXTORTIONATE. They must be running out of shoes to drop, they just have to be, wouldnt you think!
Stebol, I can tell you most people here arent trading this for a couple a bucks, most have been hare many years and over a decade for some. This dog and pony show rambles on forever, another shoe will drop soon and someone else will come along and say its all in the big picture, just wait a bit longer Mr sunshine state must be drooling with all the cheap stock out there!
Meanwhile, Empire comes out with positive , concise, forward looking news releases. Falcon has a $9.5 million cad debt coming due August 22nd 2021, the stock was worth $.22 cad in August 2019 when the debt of $5.7 million cad first came due. A 2 year extension cost a 66% premium while we have watched the stock cut in half during this time, sound like a good deal. So,one of two things are going to happen, 1. Pay yet another extortionate amount of money to push off the payment once again, a 66% premium based on last time would add roughly another $6 million cad to the debt owed, bringing it to $15.5million cad, or 2. Complete another 85,000,000 stock dilution to payoff the debt now, which would have only been 45 million share dilution back in 2019 based on the price now and then. The original deal was done in April 2019, so expect yet another shoe to drop in the next couple of months unless im missing something.
Allows Falcon to exercise its 30% share of the call option up to and including 31 August 2021.Falcon to pay US$500,000 to the TOG Group for granting the ExtensionThe cost of exercising Falcon’s portion of the call option increases from US$4.5m to US$7.5m.
The Extension granted to Falcon does not change the rights or obligations for Origin under the original call option agreement.
Philip O’Quigley, CEO of Falcon, commented: “Falcon had originally envisaged the call option decision would follow the completion of the Beetaloo work programme under the 2014 Farmin Agreement with Origin. In consideration of the delays to the work programme due to the moratorium on hydraulic fracture stimulation in the Northern Territory, this two-year Extension enables Falcon to further progress the Beetaloo work program, allowing Falcon make a more informed decision with the additional work completed while providing greater financial flexibility over the next couple of years.”
Like I said before, they will always look after themselves. You have to cut them some slack, this stock keeps hitting lower highs and lower lows, epic, I dont see why management shouldnt reward themselves. Just wait for the next dilution, because its coming, 100% guaranteed!
NT, Your right I didnt specifically refer to Bigones comment, I apologize. That payment should have been paid by Falcon on time, we know why it wasnt. POQ needs a float to keep his never ending gravy train going. I suspect some type of dilution once again before this particular fiasco is rectified. Just hope the share price recovers before the inevitable happens.