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That is word for word last years financial statement. Changed the numbers but seriously I think white out was used. Lol . Poq and Ann to busy to modify the text ? Of course last year he said strong balance sheet, ect. Then followed it up with more dilution.
So how much money did they lose after getting 1/2 billion ? If I remember from years ago they agreed to spend almost 3 BILLION with their partner. Bet they lost a lot ,laid off workers and will still end up banckrupt.
That values the Beetaloo at over 7 billion dollars . 1.5 billion for Falcon's share and another just over 5.6 plus billion for Origin's share . You can buy some of the best producing fields in the world right now or partner with a cash strapped mid major and own proven commercial fields, so any buy out of Falcon when you don't need to gamble would never get a board of directors approval. All companies have drasticly cut, some to zero exploration budgets. I can't think of any scenario where this stock can move any way but down for say 7 months then come back and buy at 5 cents.
You see here that the numbers don't match with the cash they have on hand ! Origin gave Falcon enough money to keep going but they can't reach the end goal. Falcon will give back every penny to Origin plus some just to keep going a few more months ! Then POQ will be faced again with more dilution; they won't be able to tap the equity markets in a recession and then they will be left with giving up another 7-10% of the Beetaloo. Again if our leader would buy on the open market that would be a good sign but he knows he will always be able to buy cheaper or get everything for free . JMO
I sold everything cause new lows coming JMO. I own 1 stock a gold miner on LSE OTC and Canada Pure Gold . If Corona doesn't hit them it could double before December .Bought 10000 and have an order for 16000 more at .51 cents. Symbol LRNTF. Very risky. Australia didn't take Corona seriously till April and dire consequences coming all Oz stocks may get hit hard soon. JMO
Found a company that owns 4 times the land of Falcon in the Beetalou trades at $2 , pays a 13% dividend only has 1.8 billion shares out. Estimated to make 10 cents this quarter. Yes Origin hit a 52 and maybe all time low of $2.01 symbol OGFGF. OTC US . Instead of having a company with a billion share out plus who knows how many more options will be granted to insiders. I believe they can issue 10% of total . Origin controls the project and will probably own it all one way or the other, cheap. Falcon is at their mercy with only enough money to "try" and get something done. Origin will get the money back through partnership payments plus some more of the property with next installment. GLTA
I brought up all these points years ago. Remember Hess left us 37.5% of Beetalou plus rights to require acreage. They would drill 5 wells. We lost the acreage Santos is on plus the right for falcon to keep 405 kilometers of EP 98. 9 years of POQ and we have lost over 15% of the Beetalou that's left! Plus Santos property and 405 kilometers of EP 98 . The price of natural gas has went down 66% and drilling costs are totally unimaginable. The day our treasurer received the options I was ****ed; kept asking what is she doing? POQ gives no validation to his words, put some money where your mouth is! Do you believe in this property or you just milking us ? Basically loosing 1/3 of the property and seeing gas worth 1/3 less and costs skyrocketing. Plus 6 more months before any results. 5 cents is coming.
These wells are costing more than Falcon received
Remember how many times POQ told us we are completely covered. Just last year no need to raise money. I told you Origin is taking over by delays whether intentional or not. Easy to see that he is totally incompetent. I seen each of these steps and
Falcon has 22.5%. I said they had to raise money by either selling more shares, very hard to do or giving up more equity in the Beetalou. They chose to reduce their stake by 7.5 % plus still have a billion shares to split the 22.5% buyout. Anybody reading this as a positive is wrong.
I have been saying for years that Origin has been in arrears, POQ let them off the hook for not finishing the exploration contract. Proved in court by the NT gov't. that exploration was allowed as promised on all properties. What is different this time? POQ , will let them skate again. Plus how much more is this" extremely expensive well ", as Origin put it, going to cost ? Wasn't the first well over $24 million ?
Never, even at the historic lows, no buying, but he will tell you he has confidence but won't risk a dime. Of course with his outrageous salary and being granted cheaper and cheaper options there is no need for performance. I thought for sure he would of bought the last week or two but he probably saw what was coming and also knows raising capital is getting near. New all time lows ahead. Will Origin spend money when every major cutting exploration budgets? Glad I sold at .1371 cents!
Nice to see the purchases from so many of you. I have to wait the 30 days to buy back in for tax reasons. Just watching and reading about the number of CEOs buying their stocks aggressively. They are leading a stabilization effort plus easing stock holders concerns by showing their faith in their companies. One reason I bought Williams is the direct purchase by insiders at higher prices. I would not be surprised if POQ finally purchased a million or more shares on the open market. Besides drying up some of the float, it would show faith in the Beetalou and I think it would firm up and maybe even cause a modest increase in the stock price. Again stay healthy !