Member Info for BorntoBouggie

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Excuses, excuses don't wash with me and don't wash either with many others. I can't possibly think what Bryan Sheffield thinks about all this...!! on the hand TBN's advisors will want to tell him that they have pushed through these squalid terms in order to reward Tamboran shareholders like him, but if that's the case I don't think they had fully realised that Bryan Sheffield was also a victim here as the largest shareholder in Falcon Oil and Gas.

The problem here is one simply can't overlook the fact that this is a rather squalid deal where Falcon shareholders have been short changed by some of the Directors, in order that they can be inappropriately rewarded for jobs not so well done or not done at all.. The fact that that the Russian company Gasprom is caught up in this as well only adds to the urgency that independent parties should be asked to relook at the proposed merger terms and the propr[ety of 'the special gifts'.

What should Falcon shareholders do now?

Don't waste your time with POQ Small shareholders perhaps should consider writing to Mr Layman who has also the ear of Scott and Bryan Sheffield. Larger shareholders should consider too talking to their broker ; their newspaper like the Globe in Toronto, the Wall Street Journal in the US or the FT or Guardian in the UK. Larger holders will look as well into how best to present their case to the UK Takeover Panel and make it clear to Cavendish Securities that they have a duty of care in this situation, and should look for a remedy with the cost to TBN fairly reduced by a reduction at least in part in the proposed gift to some if not nearly all the Falcon Directors.

Small shareholders can always sell their shares in the market but BEWARE [see paragraph below]. It's not practical for larger shareholders to sell in the Market. Also all shareholders at this time, as long as they hold onto their shares, are entitled to receive improved terms whereby they no longer have to give TBN shareholders a 4% accretive gain on their shares and let TBN get away with not compensating Falcon shareholders for their reduced ORRI on future Beetaloo Sales Revenues.

In the short term before this nonsense is sorted out shareholders should understand that Falcon shares are worth more than what was currently intimated by the Company yesterday in the NR. The Falcon share value will go up and down in line with TBN share price. The TBN share price which closed a bit over USD 22 on Monday is trading 35-40% higher on the NYSE this afternoon at over USD 31 which means the equivalent value of Falcon shares has risen 35-40% too...!!

Meanwhile I don't think that Scott Sheffield, Bryan Sheffield and other sensible members of the Sheffield family , or other TBN shareholders like Liberty and H&P , or any party who might be currently considering a farm out deal with the enlarged TBN, and/or the Northern Territories would want to be dragged into a legal battle with GASPROM and others due to some not very clever people being wrongly driven by greed and the crass stupidity that they might get away with it.

Finally do not rule out either that the current situation that Falcon shareholders now find themselves in will prove the catalyst for another party looking seriously at the pros and cons of another party entering the fray.

I thought it might be helpful to lay bare what has happened and in what way all Falcon have been wronged given the terms of TBN proposal.

First, the Russian shareholder, a Gasprom nominee entity, has been offered cash but not a share equivalent & all other Falcon shareholders have been offered shares only, in the enlarged Co. if the deal is approved [by 50% of the shareholders who cast their votes when the time comes. This is inconsistent with UK Takeover Panel rules.

Second, [& I feel let down by this] given that the Falcon board was no longer properly functioning, recent market talk that the chairman had gone at least partly AWOL, a second director had not despite her role not been in the office for quite some time [for legitimate reasons] and a junior accountant has replaced her, and a third director who is 77 years of age is in hospital after a very serious motor accident in Canada, without WIFI connections and receiving speech therapy and other more serious treatments, a takeover or merger might be a good & the right solution solution. I argue this too because those persons I'm not referring to above also got the company into a bit of a hole because they took their eye off the ball.. What surprised me me most recently was that no one wanted to raise [in]directly how Philip was coping without his Finance Director who was pregnant again & looking after her young baby & he personally did not seem to have the skillset to prepare properly anymore a new presentation or post whatever he was currently talking to, on the Co. website.

Given the above I take issue that all Falcon shareholders have been let down & have been offered less shares in the enlarged TBN, than they are entitled in 2 ways - firstly as TBN admitted yesterday morning in London in their NR that the offer was 4% accretive to TBN existing shareholders, ,,,& second when they told investors last night in the US [in writing as well on Slide 6 of their 30 September presentation] that the deal terms did not factor in the different royalties that Falcon and TBN owe to Falcon's previous partner Origin when future gas sales commence in the middle of next year.. ...Falcon shareholders realise of course that their Co. has NIL liability to Origin, but TBN under their agreement with Origin, must pay a 5.5% royalty in cash on all future gas sales for their 38.75% share, Bryan Sheffield's DWE 38.75% share and Falcon's 22.5% share - described of course in this convoluted way in order to confuse the Markets...For whatever reason TBN m'ngment have wrongly IMHO gone along with Falcon management's request that Falcon's shareholders be short changed & as a quid pro quo Falcon directors & executives should wrongly in many cases be given a gift in the form of TBN share options. I don't think Cavendish Securities in their role as Advisor & Co NOMAD on AIM in London come out too well in this either.

PS Is Philip considering too taking his £800k redundancy payment & picking up his new TBN c

I think to understand fully the interim CEO's opinion people on this board should read his two responses on 21 minutes in TBN's 15 September US presentation.

As for Villamaria, one can reasonably conclude Mr jfhealy that taking the trouble to describe to him the protection the board of the company derives from the full powers over granting a deed of arrangement is not a good allocation of time.

Looking back at TBN's US presentation on 15 September and today's Q&A with TBN's chair and interim CEO the news has definitely turned a corner. Riddle has gone. Scott Sheffield and Phillip Pace are firmly in place and as if by magic we have three 10,000 feet horizontal wells drilled and 2 already cased and the third will start casing next week. We have confirmation too that fracking and 39 day testing on the SS4 ought to come in before Christmas and info on the SS5 and SS6 in the 1Q next year [and fingers crossed] the SS4 well as well.

Meanwhile the TBN presentation waxes lyrical on the multi layered opportunities in the Beetaloo and the fact it compares so favourably with Pioneer's Wolf Pack and the Marcellus in the US. No surprise therefore there were a couple of questions on the highly desiccated state of the rocks [high water retention] which is suspected to be one of the main reasons behind the gas incline rather than decline in the SS2H. If this trend were to be further proven in the next 3 wells over the next 6 months or so potential values would climb more.

In the meantime despite drill times coming in at 25-27 days, TBN on the call reiterated their 19 day target [referring to bit designs, further limiting on non-productive time and batch drilling. They further took time to mention Santos returning to their acreage [where TBN have a 25% stake] that is adjacent and east of the Beetaloo Basin, real potential from siting AI facilities on the Beetaloo Basin, mention of both mid-Velkeri 'B' and mid-Velkeri 'lower B' on Slide 10 of the presentation, and increasing supply shortfall in the NT and the most populous areas of Australia. They repeated too their continued success working closely with the Native Title Holders and the Northern Land Council, and the Northern Territory Government .

TBN has pre sold to the East Coast whereas BTR intends shipping its gas to Darwin. Hardrock is therefore surely right to conclude IMHO that Inpex amongst others is now keenly waiting for the results, decline rate and estimated IRR on the Carpentaria 5H.

In the meantime I encourage people on this board to access and read the report on BTR published down under this morning by Blue Ocean Equities, including the conclusions that they reach that are based on the significant progress that the partners are making in the Beetaloo Basin. We also have later this week an important TBN conference call.

Looking at today's BTR's [Empire Energy presentation on slide page 8, the figure stated is 200 TCF and the source of this figure [a 2014 geology study] is shown on the bottom of the same slide

I don't think that's quite right ITguy. So far only vertical wells drilled. Next phase are the horizontals and thereafter the fracking and the soaking. One 30 day test result before the end of the year was I recall mentioned at the AGM.

In the meantime Dick Stoneburner, Scott Sheffield and Bryan Sheffield are heading up the team for the partners on the c.400,000 farm out

The BTL [Empire Energy] presentation [see BTL website] made down under today is very good indeed, and resonates well with issues that POQ told investors last month during discussions at the AGM in Dublin. The supply issue in Australia itself and the price premium in Australia [and additional premium on LNG exports from Australia], compared with say Henry Hub are not new. but what most investors did not fully appreciate was that Falcon [like BTL but unlike TBN] still retains the right to sell its gas to all parties, and obtain the best price - locally and in overseas markets, .......and just how big is the stacked play for the partners in the Beetaloo Basin. Like POQ in the Q&A last month , Underwood is very good in his presentation at spelling out some of the detail.

Get real ILongknife. I don't write rubbish Don't you have anything sensible to do with your life...You should not really be investing in stocks and shares.

You must have a heart of gold Mr Newtofo. to waste time commenting on the fool's rather clueless comments.

I fully agree Mr Wetwater. If I did not know otherwise, I would strongly believe that these comments intentionally set out to be misleading.

Very good point Mr Wetwater on the voting on the various resolutions at the AGM. yesterday in Dublin. I fully endorse too Mr Newtofo's summary of the Investor Meet session in the afternoon.

The AGM itself was well attended like last year, with very good discussions with POQ as he went through his new presentation. The meeting strongly welcomed the board changes at Tamboran and there was strong consensus amongst all present as to the list of positives our company could now reasonably envisage. The fact that the Meeting did not finish before 1 o'clock is an illustration why many of those attended expressed after the Meeting that they were pleased they had found the time to attend.

This is clearly all too difficult for you to get your head around Mr Longknife. You don't have the first first what are the issues, so when the problems get sorted you unfortunately have some mental bloc how to discern what it means.

Personally i , and others on this board, can comprehend why people Lile you dabble in stocks and shares. Fortunately you are a small holder so when the shares bounce a bit more to your 20 cent level you take your advice , sell up and leave the rest of us in peace. In the meantime like others I'm outing you firmly on Ignore.

Tamboran [TBN] and Falcon have significantly moved in the last 90 days from former policies of highly dilutive share issues to almost anything else as the only basis for keeping either company in their exploration plays in the Beetaloo Basin. Falcon led the way on this, and the recent moving of the some of the deckchairs on the lawn point to TBN now following suit.

Falcon's funding needs in the 18 months or so is no more than USD 10-15 million and part at least can be raised, if they wish, through selling more royalties as and when its values can be hardened as and when [we all hope of course] the Partners are able to firm up in the next 6-12 months achievable rates of return on their horizontal wells....TBN under new management [with further changes I suspect in the pipeline] is on course for making an important pivot. Previous nonsense to become another player, the equal of Shell Oil or Exxon, has been shelved. The company will now become a lot more focused. More emphasis therefore will be on better husbanding of cash and less waste on unnecessary diverting of resources , senior management PR and G&A overspend. Instead, by upgrading the team, one can now reasonably expect TBN's new management will rewrite their budgets, and reduce in the short term how much land they intend to farm down, and be much more strategic in the process....allowing too the Falcon B of D to have the option to piggy back 'in part' on any deal that Scott Sheffield and son Bryan have a much better chance of achieving.

Looking ahead to early Summer 2026 and the latter part of next year, if the exploration programme can at least partly meet everyone's expectations to the extent [for example] Bryan Sheffield and/or others can successfully raise significant new money through a mix of private equity fund raising and structured bank finance. monetisation of Falcon's assets becomes an increasing possibility, ....at prices too, [given the situation that the Russian shares remain blocked], are worth a lot more than is sometimes discussed on this board.

Rightly or wrongly the Market is increasingly coming around to the idea that the Beetaloo is a very rich oil and gas field at many levels through thick seams [e.g. Velkeri B and Velkeri C] across its whole four and a half million acres, with porosity and other figures very positive too. Economics are good and so is the economic environment. Given the demand/supply situation down under and across the whole region, there ought to be a lot more confidence following the removal of the previous TBN negative overhang, that prospects for all the players in the Beetaloo in the Northern Territory could finally be on the cusp of a transformational phase.

I'm hoping the AGM can attract as many people as last time. I hope too current shareholders take full advantage of the Directors' Q&A at 11.00 ET [i.e. tea time locally] in Dublin on 27 August.

I don't rate you Mr Oleo. Most people on this board don't rate you either.

If you feel you have a coherent message to give may I humbly suggest you turn up at the AGM in Dublin at the end of this month.= assuming you are still a shareholder,, And when you attend, don't hide at the back of the room, be willing to stand up and state your views and see what reception you receive.

May I humbly suggest you take note too on how the millions of votes are cast for each resolution at the AGM at the end of the month, and accept the democratic vote.

Verry good analyst report published by Cavendish Securities in London this morning, highlighting the importance to Falcon of the two new appointments to the TBNs Board of Directors. Previous concerns over future funding of the Beetaloo Basin that had been overhanging the project he argues are now much reduced..

At the current price, the analyst writes, Falcon shares are only valuing their assets in the Basin at c. GBP 80 [USD 107] per acre. The analyst no surprise expresses confidence that in due course when TBN do their farm out this will be shown to be a substantial discount to market value. In the meantime he retains his target price for the shares at GBP 0.32 [USD 0.43].

Hap

Happy to see some buying in London in the last 48 hours. This partly reflects the shares in London trading at a discount to the markets in North ]America. I'm considering hopping over to Dublin now for the AGM on 27 August. I recall last year's event was very well attended and very informative.

In the meantime many of you will find it interesting to read the latest article in Hart, published today which comments on Vital Energy's 12 well multi stacked 120,000 feet play, using a U ten horse shoe pad in the north west of Midland County. The article highlights the signicant savings that will be captured through this development. From what we've discovered so far in our Basin, we might be on for similar savings as well.