Member Info for BorntoBouggie

I think you are right Northern Magic. Any time [as early as Monday or Tuesday] next week the 90 results on our c. 1700 metre horizontal well will come through. It will make no difference to Mr Longknife and one or two others on this board ,but we will get a bit of a fillip if the decline rate continues to be minimal. Given all the mistakes he made and his total contempt for fellow board directors and his shareholders, Riddle had a lot of cheek to hang on for his redundancy money. Throughout his tenure Underwood and POQ's reputations in comparison have significantly improved and we reward for us will come through with Scott Sheffield and Bryan Sheffield promoting our acreage in the Basin as and when positive frack results come through fro the next exploratory wells.

A very well argued case Newtofo.,,,,!

The Market believes that less than 10 shareholders own 51% of Tamboran shares. The bloc played their part in finally making the board changes.

Getting someone now like Sheffield senior into the chair is another [very] positive move, and will facilitate whatever happens next - most likely a farm down deal with a well respected name - and when the latter occurs at the end of the year or early next, we are going to leave very quickly long behind us the current sub USD100 per acre valuation of Falcon shares on the Market. What's more it will be the catalyst of what inevitably happens next to Falcon. But everything of course still remains dependant on rates of return that can be earned on our 3 or 4 kilometre horizontal wells....

I believe Mr Fracme is making another good point. The Market however would still agree with what Mr dprussky is saying because they would add to the shareholdings of Liberty and H&P.

My understanding is the Market agrees with Mr dprussky that the 'Sheffield group' have more than 50% of TBN but disagree somewhat on the make-up. The important point however is Mr dprissky is making a good point.... Mr fracme has also correctly defined a standstill agreement that includes in this instance a restriction clause on a non solicited offer for Tamboran until 2028 and restrictions too on how it will be able to raise more money to participate in mor investment in the Basin. What happens next for them [like Falcon] is dependant on the next 3 exploratory wells, but if the new wells generally deliver, new investors will almost certainly conclude that Falcon shares have the most upside, based on current market caps/enterprise values, share of the Beetaloo Basin and ORRIs. What's more the Market will want to factor in as well potential further changes in the numbers after the next round or two of funding when Tamboran's share of acreage will fall further..

Mr James ,it simply means that the 'Sheffield Group/' has amongst other things agreed not to make a non solicited offer for Tamboran until 2028 as a quid pro for changing the balance if directors on the Board of TBN

Mr James ,it simply means that the 'Sheffield Group/' has amongst other things agreed not to make a non solicited offer for Tamboran until 2028 as a quid pro for changing the balance if directors on the Board of TBN

The market is looking for additional evidence Mr Blue Wiley from one of our 3 kilometre horizontal wells on rates of return from the Velkeri B, evidenced by f[ow rates and decline rates. As for the workings of the checkerboard and how Bryan Sheffield and POQ outsmarted Riddle in this agreement and in the original partnership deal, can I suggest follow Wetware and Newtofo's comments.

Look out for too drilling and fracking results from Beetaloo Resources [nee Empire Resources/EEG] in the adjacent Basin to the Beetaloo at the end of the Summer , which hopefully will give the Market a helpful steer on values of lower depth acreage in our acreage .

Falcon in the meantime does not have to raise significant sums of money in the next 12 months or so, since it has zero liability to fund the next 3 expensive exploratory wells despite them to us in [roving uo acreage values. After that we'll only do so if the hew play can be accretive in value. In the meantime it has now higher alternative value assets to trade to fund working capital needs if it's needed, whose value has been raised by the reduction of risk previously perceived overhanging its operating partner TBN.

You are very kind indeed Wetwater and same too Newtofo to have the patience to take the time to explain facts and figures in this type of investment on this board..... No surprise brokers down under have very much welcomed the changes at the top of the TBN [and confirmation that more will soon follow], appreciating too that former concerns that the so-called 'operator' of the 4.6 million acre Beetaloo Basin have been considerably eased. The Sheffield family, with so much commitment now to develop this play, are increasing market focus on our play, and as and when they achieve at TBN successful fracking of a 3 kilometre horizontal well, there will be many more parties who will want to join them and take a slice of the action.

Given what has happened over the last 2 years and where we are now, and assuming success of one or more of the next 3 wells planned, on fundamentals Falcon shares ought to significantly outperform TBN shares on the basis of comparative enterprise values and acreage. What's more Falcon has lower ORRIs than TBN and is clearly more attractive at this early stage with a 22.5% stale, unlike TBN, in almost every DSU. Most parties will prefer too to enter into an investment with Daley Waters as the operator.

As most people see this, the Sheffield family are in control of this big play but they know that whatever next steps they have planned to work with parties they are comfortable with, they will have to move sooner rather than later once individual rates of return become clearer and bank finance can realistically substitute for equity in future. It's fortunate too that Falcon unlike TBN that has a handful of major investors who own more than half of the company, has a very diverse share register and the continued suspension of the 18% Russian shareholding which protects it from a low ball offer. Any takeover will require a directors' approved deed of arrangement, and parties will want to commit before the end of next year, otherwise postponing their move, as Newtofo rightly pointed out, will increase competition and the necessity to pay a premium. IMHO some larger investors may also have an option of investing in future directly in a private equity fund.

Mr 805lo let's just simply agree that whatever the time period, in my case certainly longer than yours Falcon Oil and Gas has not been a good investment. It's not a share that can be easily traded on either side of the Atlantic in any meaningful quantity. For larger investors it's in reality very similar to a private equity investment. Accordingly; on the basis that I own shares like you in a company that owns very valuable acreage in the Beetaloo Basin I am happy to look forward instead to the prospect of monetising my asset in the next 12 months or so . What's more, unlike other situations the board of Falcon have the ability to fend off any low bid for the Company resulting from the c.18% Russian shareholding being suspended by the US in 2018.

I'm surprised how little Mr 805slo and Mr Oleo have understood what has been holding back development of the Beetaloo project. Many on the TBN Hot Copper Board have got it wrong for so long too. Like it or not the TBN board changes are good news for TBN and good news too for Falcon. .Rather than sound off therefore on all your confused ideas may I humbly suggest you should look forward instead to anticipating a lot of good news coming our way in the next 12 months.

Some of the chaps Wetwater on this discussion board struggle a lot with the issues. There's increasing acceptance that the Beetaloo Basin is an exciting asset and a very valuable asset. It's no surprise therefore that Riddle has lost his job since he failed to manage Tamboran [TBN] in a way that was clearly not in the interests of most of his shareholders. In fact his shortcomings ought to have been obvious almost immediately when. In October 2022 .TBN entered into the all equity huge asset acquisition from Origin and weighed down with further multi billion capex commitments on the same deal. Riddle lost existing shareholders almost 50% of their holdings overnight, but piled up further losses for for most of them through dilution in one fund raising after another. To put it simply the man IMHO was driven too much by his own ego. His preference too often to mislead the market won him no friends either, particularly down under, nor were international investors impressed by the company accounts which regularly showed overspending in G and A.I can't believe that the TBN board were too impressed either that the Riddle gang were too easily distracted rather than focusing on their drilling programme.

Many of TBN's problems since October 2022 was not good news for Falcon. The share price reflected this. It has to be really very positive news now how events have played out, and only a pity it has not happened sooner. Fortunately POQ and the Board have done much to protect Falcon's position [and the Daley Waters board has done the same for their shareholders]]. Falcon does 't have the burden of drilling very expensive exploratory wells but we now have a new partner with the highest reputations in the market, on our side proving up for us the value of our asset and giving us next year the ability to successfully monetise our asset.

I share with Hardrock, Wetwater, Newrtofo and KMJliveson that last night's news is an important turning point for the shares. Continuing slow decline on the flow rate on our latest well is very good news undead but it's surely trumped by Riddle getting himself finally the boot by his continued unwillingness to comply with other directors' wishes. It's also very welcome news that the former founder and CEO Scott Sheffield,of Pioneer Natural Resources [which was sold last year to Exxon for c. USD 60 billion] is returning to the Beetaloo [he was previously a non exec director of Santos] on the TBN board, and there's further expectation too that others with Pioneer experience will be joining soon as well.

I'm rather surprised that this event did not happen a bit sooner but I'm very happy indeed that it has done so now. At a stroke it has relieved considerably any previous concerns over Beetaloo funding risk and is the news that the NT and the Federal Government down under would have wanted to hear most in the last year.

As to timing now as to when our enormous asset can be monetised, that will be increasingly dependant on expectations as to when project finance can partly fund development of the Velkeri B and C areas in our 4.5 million acre Basin. Most entities will want to wait until it actually happens. Entrepreneurs on the other hand will want to jump the gun....and that possibly means the starting gun on an ultimate sale could be possibly fired as early 30-60 days after successful drill results and slow decline rate on our next 3 kilometre horizontal well next year.

Are you really not so overly bright Mr Longknife as you are trying to make out.

Not only do you portray a total misunderstanding about what's been crimpling progress so much since the minnow Tamboran took over from Origin in October 2022, you clearly don't have the means either of recognising the transformation we may now experience with the checkerboard agreement and the farm down agreement that TBN must now enter into to remain a player in this venture.

Falcon management now have the option of not only choosing where it wants to invest but with whom it wants to do business with in the 4.5 million acre Beetaloo Basin. It also makes Falcon a far more attractive investment relative to Tamboran, for a whole host of reasons including Management's strategy to maximise returns for all shareholders rather than stroke the egos of a couple of Directors, which it achieves through the series of option agreements it entered into with its partners.

I see this, like other larger investors here, as a pivotal moment. We now can await eagerly results from the SS2B well, the 3 new 3Km wells that H&P will drill. along with Empire's 3 km well, in 2H 2025, and what are the results of the Tamboran's forced farm down of Beetaloo acreage in the next few weeks.

No more Riddle gang interference in half our acreage with the BS team taking over their operating partner role. We can look forward too to seeing who is going to be TBN's farm down partner and on what terms their new partner insists on.

In the meantime funding for three new wells, and their drilling and their fracking in 2H 2025, is now in place, and are all intended to help the Market to assess the value of our acreage, We have too Mr Underwood's Empire team, on the our eastern border, similarly assessing the value of our shallower acreage, and most important, previous levels of uncertainty that have overhung this project for so many years at long last are beginning to clear.

Falcon has retained its 22.5% stake in almost all the 4.5 million acres of the Beetaloo., on the doorstep of increasingly under supplied markets in Australasia and east and south east Asia. Falcon's management have also successfully created an opportunity for Falcon shareholders to make a decent return at these levels on their investments, and continue to have .the means to fend off any low unwelcome bids.

Confirmation that the Riddle gang has messed up on a 3 km well. and the fracking on a second one [REDUCED FROM 3 km to 1.7 km} is only beginning now, so is already many months behind the original schedule....is what it is. Poor TBN shareholders really ought to be unhappy with all this. The big headline here is a lot more dilution at a price even lower than last year, and to rub salt in the wound a 100,000 bloc of the best acreage is being gifted to BS. I'm very pleased the checkerboard is now been signed, but I have to say that the TBN CEO is still not considering his position continues to surprise me.

Meanwhile I'm very pleased indeed that BS values Falcon's acreage at least double its current share price and more likely more since our Directors have not been so liberal giving away royalties on the land. Furter good news is Riddle is almost certainly toast before the end of next year whether he's successful or not.

Cont....

will hinders the company generating any commercial sales in 2027 and unable therefore to maintain its bank covenants Even if BS , Daly Waters et al are still a little hesitant the Fed govenment and the NT down under .will be increasingly pressing fall the partners to put the Beetaloo funding issues onto a proper footing.

Before some of you get wrongly positively excited and get taken in by spin nonsense from the TBN gang, have another close read of the onerous borrowing terms that TBN entered into with MacQuarrie bank at the end of last year. The fact that are very expensive cost over runs on the SS2 and SS4 wells and worse stillfar less data to support a further cash raise to fund the 4 wells and pipeline during the course of 2025

The position of TBN and Falcon are so different. If TBN doesn't have the money theit Beetaloo partner can simply take over their share for a nominal sum. Falcon on the other hand will always have options. Falcon cannot be forced to invest money in something against their will. Moreover they have no limit on the amount of patience they may require to ultimately get paid off equitably for their valuable 22.5% share.

Sorting out the pretend Beetaloo operating partner has always been the problem here. Hopefully we're now a lot nearer getting this matter resolved even if TBN continue to be not fully straight with the market next week.

Well said Mr Gonoles. What you say is an accurate reflection of the situation. Messrs Wetwater and Newtofo have been reading the tea leaves well here too on this issue

Tamboran {TBN} and the Riddle gang are a total disaster zone. Almost certainly vital information, not for the first time is being withheld by them from the market. Under different circumstances, given that every penny raised last year has gone down the drain and been wasted, Chapter 11 for TBN would probably be a blessing for all concerned. ...Looking after TBN shareholders, Liberty and H&P, are the only complications that BS et al are probably wrestling with when considering their optimum alternative strategies. Personally I was not surprised when the Australian institutions would no longer back the company after it became clear how much they had over committed themselves post the Origin deal.

Falcon shareholders must prey for BS encouraging a more suitable partner to take out the Riddle gang. But if the latter are still not going to depart quietly and for reasons only known to themselves why they believe they have any future in the industry, the lack of any endorsement from BS et al will surely very quickly crystallise this situation.

TBN and Falcon might have a shared interest in the Beetaloo but one company has been badly managed with no idea how to husband one's cash resources; the other prudently negotiated a series of clever safeguards with its partners in order to ensure it could earn just reward for its shareholders. Large shareholders and the Board are increasingly supportive of POQ and the Chairman who continue to get all the big calls right. ....The protection the company board has, under the takeover rules, to fend off any unwelcome low bids is an another major plus point.

Hopefully Falcon's new operating partners will be sorted out during the second half of 2025 under the terms of the checkerboard agreements,. appreciation for the company will also suitably increase given the the local demand/supply situation down and in east and south east Asia, technical advances and previously not wasting money on the TBN downtime and the G&A, silly mistakes and very expensive exploratory wells.

Wetwater's dates look about right. - the SS2B 30 day figure will be announced near the end of May and the SS3 30 day figure at the end of August. Currently the SS2 5 week soaking is underway and the 'repair' work {overseen fully by Liberty} on the SS3 has now started. A lot of people are increasingly not very happy with our pretend operator Tamboran - more broken promises, more delays, and the 4 well 2025 programme {like the 2024 programme} not only going to be late {again} but seriously curtailed as well....Quite frankly it's probably fortunate that those in charge here {who must be a little embarrassed by all this} are very likely looking into putting the finishing touches to an urgent solution to all this.

Wetwater is 100% right too to sing the praises of POQ and the Falcon board for their brilliant strategy to nearly fully protect Falcon shareholders since September/October 2022 from the catastrophic blunders of the other lot. It's one thing to lose the confidence of the capital markets in Australia. It's quite another when the same is reoccurring in North America and you are unnecessarily adding to the cost of the venture.

Tamboran are no longer in a position to show 30 day and 90 day figures for even one well never mind two in 2025 before they pass the begging bowl around again for more money. Another share issue is out of the question {Tamboran's business is deeply flawed}, and sadly for them Macquarie rate EEG's management so much higher than Tamboran's. Quite frankly I'm not very sure either that it's going to be so easy for Tamboran to do a successful farm out deal. IMHO, what makes it so much harder is Tamboran's existing deal with Falcon which could potentially significantly depresses the price TBN might be able to obtain. Moreover many believe too that it's inevitable that many parties will want to talk to others as to why Tamboran has such a poor record working with others..

As for Falcon, IF Liberty can do 'the business' our company ought to increasingly benefit from new heavyweight partners proving up for us new parts of the Basin., not necessarily just in the Velkeri B and C in the deepest areas of the Bason.