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Yes he could. First Origin had a contract and timeline to finish stages promptly which POQ let slip by. Origin should own zero of this property! Hess could not fulfill their contract and Origin got pass after pass. We should have had a commercial well years ago. But POQ didn't enforce the letter of the contract. Amungee should of been finished before the ban. Origin failed! We were told year after year you could not drill in the desert, now we are drilling in the desert during the rainy season. For years I've tried to understand why POQ has allowed Origin to violate a firm contract with deadlines that should end could have been adhered too! This CEO has dropped the ball over and over again. What is happening to the Hess warrants ? How many more shares can be issued because of POQ?
The thing that has potential negative consequences: the cost overruns when I ran them on Amungee were substancial . Can't remember exact numbers now ,might be able to retrace my steps but I believe it was over 68% higher. Hopefully they have a better grasp on cost now and we won't see anything near that number; if we do that 13 million is shot . Not being negative; I'm still accumulating shares but the risks are still out there . GLTA
A capital raise is not out of the question it was said yesterday that it takes about 2 million a year to run company and I have seen estimates of Falcon's share of the next round of drilling to be about 5.5 million without overruns. With 13 million more or less, in the bank, it is very real possibility for a new offering . That is why I would like to see a long horizonal and great flows , the Amungee wasn't commercial at it's flow rate.
It will be interesting to see what happens to these warrants as they are in the money ! With Sweetpea selling , tax selling and fiquiring out what will happen with these warrants , plus no news on flow test till probably April. I think slow steady share buying may be rewarded, that is what I am doing and JMO. I gave up trying to understand the decommissioning provisions for Hungary and why or why not we still have an office there or employees.
I think POQ did announce the start of the horizonal in an indirect way; the November 20 th press release he stated that the JV has decided to immediately start the horizonal drilling and a previous post I believe in August stated that the horizonal leg would take approx. 30 days or more. That's why I believe we are close to half way done with the horizonal. The post also says Origin is prepared to test during the wet season. So assuming these facts are correct and a 90 day flow test the end of March looks good to me.
Ultra on the day it drop to 10 cents there wasn't 100,000 share blocks, I pick up 17500 shares, go ahead and laugh but maybe look at Level 2 and see what 's available, also with no commissions a 5000 block costs as much as a 100,000 block nothing! If patient, I'll get to where I want to be and in a lot cheaper. GLTY and Happy Thanksgiving
I can't remember how many years ago Exxon came in, but this is the most optimistic I've been since then. Plus it couldn't work out better, cheaper share prices to accumulate. Pick up another 16500 , will continue as capital is available to put in low bids hoping for the sellers to dump. JMO but I think you should buy now through end of March.
The tax selling should be starting, the chance to protect huge record high stock prices against a 50% loss in Falcon, plus the, hopefully, final stages of stock liquidation from Sweat Pea, should give buyers a good bargain buying opportunity. I plan to increase my holdings .Hopefully I can pick up more shares like on the 10 cent dump day recently.