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The board and larger shareholders in Falcon, Fleurs do not share your opinions on POQ.. End of story!!

Next time you want to spout on this subject kindly factor in that it's somewhat inappropriate to describe Falcon as a Canadian company, and ignore the fact that Falcon's Head Office is in Dublin and not in North America. Furthermore it is grossly unfair that you ignore that our executive Directors' day to day living expenses are not in USD and CAD but in Euros,and if any comparison needs to be made a comparison with going rates should not be made with those in Canada.

It's very disappointing indeed that there has been operating failure in the last 3 wells drilled. Being told the TBN CEO continues to learn on the job does not impress me either.. .

But his crass behaviour towards investors and the US market will in the end hasten his demise. Why did he find his third two-part question on the conference call so difficult - his answer to the first part was plain wrong and his waffle on the second part only drew more attention to the issue.

Why did Riddle hold a conference call on the quarterly results but not issue the quarterly numbers until after the call?

Why did Riddle and his team go to such lengths to mislead the Market that he hols a 47.5% interest in the 'postage stamp' area TBN are currently focusing on? Why too did Riddle seek to hide

Very good Mr ITguy., 10/10. Conversely it doesn't say too much about many of the others on this board who were either too lazy to change the heading on their posts or simply, don't know the difference between a company's AGM and any other type of meeting. As one wise ow[ pointed out to me, should anyone have been really too surprised that it was Longknife who first called it an AGM and yet again misled the board and got his knickers in a twist.

The SS2 well commenced before the end of August. Estimated drilling time was confirmed at the time as circa one month. When the Q&A was put into the diary earlier this month there ought to have been reasonable confidence that Falcon would be in a position to provide follow up to whatever the Riddle gang at Tamboran would have told the US market earlier. That did not happen.

If a disaster would have occurred one would have expected shareholders would have been informed. It would have been more sensible too if the Board would have then considered delaying the vote. That didn't happen either. On the contrary one could have picked a few positive vibes from reference to the newly appointed banker and the outline of a plan {however brief}, if the SS2 and SS3 go well, of a US funding in 2025.

I was surprised no one wanted to comment on the penalty imposed on Tamboran of 3,125,000 new shares being issued to Bryan Sheffield next Thursday and make enquiries what further penalties would occur if Tamboran fails to comply with the checkerboard agreement. On the other hand what surprises me most is why no relief is being expressed by many of you that the Falcon board so wisely decided to limit their investment in 2024 and 2025 to 5% only in the small area where the Operations team are drilling....Alternatively surely there must be a few of you {other than the very well informed Mr Wetwater} who can calculate on their fingers how quickly Tamboran is getting through its cash pile and at current rates won't have anything to tell the Market before it can commit to its 2025 programme.

In the circumstances if the Board is counselling discretion at this difficult time I for one support their decision and am content.

That's a pretty sarkey remark Mr Longknife. You are always very quick to sound off on this board. It would be a lot better if you learned to look up the facts first.

For the record every member of the board of Directors have bought shares in Falcon Oil and Gas

Very wise thoughts Mr Wetwater. I see the ultimate upside but like you I also share your concerns.

As for the comment by a poster as to why our Directors don't go into the Market and buy some of our Company's shares, it's regrettably just another one of those that highlights people's ignorance, in this case around insider dealing rules.

There are a handful of investors who comment on this site who have much larger holdings than the rest. They are much more sophisticated, tend to speak regularly to analysts in the US, Australia and the UK, can read accounts & cash flow statements and like any other similar situation, have greater access to Management when they want to clarify a particular issue.

Unlike many on this board these investors are not overweight in any one stock or one sector, and are fully conversant with the different roles of an operator and a passive investor. What's more the teams that often support them fully understand the different takeover rules in the different markets and how such rules are affected if a bloc of shares, in this case the Russian shares, are effectively frozen.

We have an additional problem in this particular play because so many don't understand or cannot comprehend how one company can be challenged so much by the failings of another {e.g. TBN}.

Too often small investors like most of you, don't have the means to find out what's the position and they ought therefore be at least more appreciative that the CEO and other directors in this instance put themselves up to answer so many of our questions. If you want to know more about the contributions that our Chairman and Tom Layman are increasingly making alongside POQ in the US., you will surely have another chance at the end of this month.

No one can buy this company {unlike TBN} unless they can gain the approval of the Company's board of Directors. As and when the board does receive an acceptable offer and the Board supports it, the bidder under a deed of arrangement will need to gain over 50% support of all the shares that vote yes or no to accept.

The checkerboard agreement between the current operator {TBN} and Bryan Sheffield et al is important to understand and once it gets rolled out will significantly improve Falcon's position. The results of TBN's US listing if nothing else, has cast a negative vote against TBN's operator status. Its inability to husband cash and all its mistakes in the last 2 years, which have not only delayed this year's programme but also effectively highlighted their increasing challenge to finance next year's 2,3 or 4 well' drilling programme and any plans they have for the rest of the decade. As and when therefore TBN has to sell down its interests in the 3 blocs in the Beetaloo outside the envelope where it's drilling, not only will the NT and Federal governments down under jump for joy, so will Falcon as their prospects will have been significantly improved.

A lot however still hangs on the results of the 2 very expensive wells that will continue to be drilled over the rest of the year and early next. Given the increasing roles of H&P and Liberty, progress is not quick but fingers crossed their expertise will help deliver at least similar results to what was achieved earlier in the SS1.

BS is the playmaker here. I say watch this space..

Thanks Schlemeil. It's worth reading and downloading the whole article.

Ah my favourite poster Mr Longknife. Best advice someone should give you is stop looking at the share price every half hour unless you are looking to buy some, and put all your efforts into crossing everything including your hands and legs and preying we get good results in 1Q 2025 on the SS2 and SS3 wells. In the meantime as wise Mr Wetwater opines, let's hope Philip can give us a good update at the end of next month.

Dear DPrussky can I kindly suggest that you find the time to listen to the Tamboran CEO doing his presentation last week when the company announced their company's latest quarterly figures....and some of the answers he gave in the Q&A...? Even though most of the questions were rather tame and the analysts didn't follow up when the answers given were not adequate, no one could hide the fact that the company can no longer count on raising any more money from the NYSE....And do you think the analysts were really fooled by Tamboran when not admitting to the US market that they no longer are overseeing the drilling and fracking operations on behalf of the partnership in the Beetasloo Basin?

The analysts know too that project loan finance for this Australian minnow quite frankly is also unrealistic, so asset sales are their only realistic option.

I'm guessing Oleo and some of the other experts on this Falcon board don't follow too closely what's going on either. What was the reason for Tamboran delaying the start of the drilling of the SS2 and SS3 wells? How will TBN be affected when 30 and 90 day readings are not going to be available until the end of the 1Q 2025.? Why is Tamboran assuming it will not now drill 4 wells in 2025? Surely it's a good thing that BS' friends are going to use local sand in future rather than do what the Tamboran team did previously and import the product at great cost from China?

Personally I'm very pleased that Becktel are going to do some useful work in the Basin. I'm even more pleased that under the partnership deal that Philip negotiated for Falcon's shareholders the output from their study will likely further enhance the value of our 22.5% stake in our 4.5 million acres in the Beetaloo at no cost to Falcon?. In fact I bet the Falcon board and the company's more sophisticated shareholders are equally chuffed that we're getting a super deal already from the arrangement whereby our partners are funding so much of the cost of proving up the value of our land holdings in the one million or so acres that are so similar to the postage stamp area where Liberty and H&P are currently working on together?

Reading some of the posts on this board, some of you might want to ask POQ in his next Q&A how well the Company is protected from an unwelcome bid as a result of the frozen former Russian shareholding in the company and so many shares under nominee names; and what Philip means when he says the company will only be acquired through a board approved deed of arrangement.

Well said Hardrock. The Tamboran IPO is pretty disastrous. Only USD 70 million has been raised after expenses, well short of what is needed for the 2 wells this year and 4 wells next year. Notwithstanding that there's still lots of dilution for existing shareholders and increasing fear for the company about what are they going to do at the end of 2024 when they are forced to come round again for another handout.

It's going to be interesting too to learn how much Bryan Sheffield's stake has risen as a result of all this. Meanwhile shareholders won't be too pleased once they realise the Riddle gang may well have to sell at least one of their 3 blocs in the Basin outside their current drilling area.

Hi KMJ very good comment. Obviously I pressed for you the recommend button too.

I will be a lot happier to add further comment once we get the TBN IPO out of the way next week. In the meantime like you I have no sympathy whatsoever for some of those grumbling old geezers, some of whom have compounded their losses trading in and out Falcon and TBN.

Like you however I'm increasingly confident Falcon's value will sharply rise by the end of the year benefiting inter alia by greater appreciation that BS and Daly Waters are Falcon's new operating partner in key parts of the Beetaloo. After Origin, and TBN who made too many mistakes, this will be a game changer; and I'm confident the Falcon team, {with the Sheffield family's help} will successfully monetise the company's assets....

What a pity Mr Smallfish you don't have access to the Formentera material. If you really think the Beetaloo is all about the small area around our Shenandoah South well then fine but don't be surprised either when you are rightly called out.

One of these companies thinks it wants to become an Exxon, the other is planning for an exit. It's as simple as that.

The Australian institutions clearly decided not to back the Riddle gang , and even though the company will establish itself in the US, the whole process will have proven very costly {and dilutive} to existing shareholders.

In the next 7 days or so, before the end of the month, I expect we'll have a further update from Cavendish Securities. The analyst's focus will be more on the next two 3 kilometre wells and the potential accretive value to Falcon's >one million acres in the Beetaloo. Assuming all goes well too next week, Tamboran will prove helpful {along side Bryan Sheffield and family and friends} in raising the profile of our company Falcon Oil and Gas. What's more the analyst sees 'the checkerboard' agreement at the end of the year further improving the outlook for our company.

The votes were announced at the AGM and no surprise those who do not share the collective view s of the Board were drowned. 24 persons attended the AGM at the Conrad hotel.. At least 3 parties had more than 5 million shares.

The whole meeting was very positive. Spirits had been particularly buoyed prior to the meeting by confirmation of the news that the Tamboran IPO is planned for early next week. Previous to that some people on this board had clearly not grasped that the whole Beetaloo project was not in a good place, South Africa was also raised just before the Meeting started and no surprise that generated a lot of laughs.

Plans for Bryan Sheffield's company to become the operator in large parts of the Beetaloo before the end of this year with Falcon as its 22,5% partner, and recognition too that there is circa one million acres at similar depths with similar geology outside the small area where we're currently drilling was hammered home again and again during the presentation. Management was also very positive about the other areas in the Basin too.

We learnt that the Northern Territories and Federal Government continue to be very supportive about the whole project but we're now reaching the stage that if the project is going to now seriously advance the big boys with deep pockets need to come in more into the play.

Fortunately for us the Falcon Board has successfully husbanded our limited resources and there's little doubt the message has been successfully hammered home that we have the patience to wait for an offer that recognises the value of the company's assets.......and on that note the next few months with the drilling and fracking of two 3 kilometre wells {SS2 and SS3} should be critical catalysts.

Mr James asked earlier this month if anyone was attending the AGM in Dublin on 18 June. I intend to attend along with my good wife as both of us are shareholders. I understand Mr Wetwater intends to attend as well. I'm hoping some of the Irish holders who live in or in the suburbs of Dublin will also make the effort to join us at the Meeting too, and the well respected Cavendish Securities analyst finds the time to come across from London .

Before then there are at least two key issues that I would like to see resolved. Can the Riddle gang successfully complete their IPO on the NYSE. And second, was the AUD 150 million IPO only achieved with the help of a major intervention from Bryan Sheffield's Daly Waters, his private equity fund Formentara and some of his partners down under including H&P and Liberty. Current TBN shareholders will also know that they won't be able to push on with 4 more wells next year without the risk a further round of dilutive fund raising early in the 1Q next year..

Whenever the IPO is finally launched, I foresee the replacement of the Riddle gang by a team appointed by Bryan Sheffield as the operator in the postage stamp' later this year, and in at least 3 of the six areas that the rest of the Beetaloo has been split into, This will be viewed very positively in the Market for Falcon. I further see TBN finding itself in a corner again later in the year when it finds itself forced to sell and give up its operating status and 38.75% ownership in one {or more} of its 3 blocs that it held onto earlier this year in the share out with Daly Waters. Whoever buys Falcon in due course {with its 10% stake in the 'postage stamp', and 22.5% stake in all six blocs of the Beetaloo covering circa 4.5 million acres}, and the NT and Federal Governments in Canberra, are going to be increasingly pleased by evolving events this year.

In the meantime it's very disappointing that the enterprise value of Falcon is much less than Empire Energy Group {EEG}. On the other hand I clearly 'get' why the Australian broking community can't bring themselves to offer support to the Ridley gang.

I'm firmly in the Wetwater and the Newtofo camp when it comes to Mr Smallfish. I put him on ignore some weeks ago. I don't therefore get upset with a lot of the nonsense he writes on this board.

As for Falcon's future, matters are going to become a lot clearer once we find out how Tamboran is going to tackle its funding challenge.

The NR tells us that Tennyson Securities have been effectively asked to stand down after little more than six months in post. They were unable to deliver. It's a statement too by the Board that outside the US there's no appetite for projects like the Beetaloo.

BS and his partner have given the Board sufficient money and time to sort out its exit in an orderly way and I expect there will be a lot more focus in the next 12 months or so on bringing on board private equity and/or family funds who are based in the US, and are more credible partners than the 3 minnows to Daley Waters. Meanwhile It's very easy to judge who is going to come out on top in terms of the Beetaloo. in the next couple of years. The Falcon board with its emphasis on an an exit will win hands down over TBN .

Meanwhile it's very nice that our close friends/partners will give us so much cash for an ORRI in the 51,000 acres in the pilot project. It bodes well too that they are willing to step forward to acquire shares before the 90 day result on the SS1 well is announced next week.

Hopefully I can meet some of you again at the AGM in June.

The answer to your latest question 'can a buyer alter Falcon's decision re reducing its participation in the next 6 wells? Surely the answer is blindingly obvious and it would depend on the buyer {or a particular buyer} agreeing a price before drilling of the SS2 commences.

As for your earlier question I hope it's not too difficult for you to understand that a rational board of directors {like Falcon's} in this type of situation} always chooses what's best for shareholders i.e. to minimise share dilution and likely factor in under different scenarios the length of time before the asset is monetised.

Given our similar backgrounds I'm not surprised that Mr Poods and I are on the same page. He's very rational. Mr Longknife, quite frankly I fear you will likely further struggle if you find yourself disagreeing with Messrs Newtofo and Wetwater. As for Cavendish Securities I don't think they will change their target price until POQ announces his 90 day reading on the SS1 well at the end of April....at which time it might go up.

You do write such absolute rubbish Mr Longknife. Given all the facts it ought to be obvious to all that the Falcon Board of Directors have carefully looked at all the numbers and made the right decision. Obviously if the shares had reacted a lot more positively to the SS1 news {i.e. had been trading around 30 pence plus last week} a different decision might have been made.

Conversely if I were a TBN shareholder I would today be increasingly concerned that Riddle is all about stroking his own ego and couldn't care less how much the company's shareholders are punished and diluted as a result. It was no surprise that first reaction down under to the news was to mark down TBN shares.

As for the not so clever article posted on this board earlier today clearly the author did not do his homework before he wrote the article since he had no understanding for example why Hess was sent packing by Falcon and why Origin's CEO as it turned out was more focused on the short term opportunity of selling his company on, rather than creating more medium/long term value. However what he did get right was his conclusion that 3 minnows are not going to develop the Beetaloo.

You are wrong Mr WillowGrove. And for the record so are you Longknife = so very wrong indeed.

I stand four square with Mr Newtofo on this. I like too Mr Wetwater's earlier comments. Moreover I'm very confident that the list is a lot longer than you think Mr Smallfish. For the record there is quite a few of us who have reached the same conclusion as Mr P:oods.

Part of the problem for people like me and other larger investors is there is almost a dearth of shares on offer on AIM In fact if one was only trying to buy three quarters of a million shares it would push up the stock 30-40 per cent and one would struggle to fill the order..

The shares are very, very cheap right now, in reality the cheapest they have ever been since Bruner first came to London in early Summer 2006 to talk to a few of us at a private lunch arranged by Carina Corbett at the Claridge's Hotel in London. Everyone should realise that after the recent NR the Falcon play has been significantly de-risked. Personally I have now pencilled in a minimum take out price of 50 pence on AIM {USD0.60-0.65 depending on currency movement}, end 2024 early 2025, and if all goes well in the next 6 months or so none of us need rule out 75 US cents or more particularly if POQ can get more than one party wanting a slice of the Beetaloo prize at the end of this year.

Nevertheless I still say what would be the icing on the cake in the next few months {or before the end of the year}, were if Bryan Sheffield were to confirm what in practice is already the case that his team intends to formally take over the operating role from the current Tamboran management team.

Agreed Mr Hardrock....One can clearly gather a lot by what was said and what was not said in the Q&A and put in writing and left out in the NR. It's always good to have a read of the latest accounts and notes to the accounts in the light of our CEO has shared with us. The latest as near all of you have witnessed says a lot about POQ's style which tries to ensure that he does not over commit or over promise because he's acutely aware there's increasingly the risk in this sector of problems come out of left field. That's what he's delivered over the past 10 plus years and that's why the board and shareholders including Bryan Sheffield have backed him.

There was no mention of any amendments to the partners' agreement so we can confidently glean the board's time horizons don't stretch to building pipelines etc required for the pilot delivery. I read into that the Company is focused only on raising sufficient funds - around USD 14-18 million dollars - to fund their 2024 programme. {It also makes sense that if you raise new money in tranches, the second tranche almost certainly could be raised at a higher price}.

There's no announcement yet on additional reserves, preferring instead to wait for 90 day test results on the SS1 well to increase current confidence levels in the flow rates in the deep areas beyond 85-90% to 95%. That's why the board will also be additionally keen to fund in full the first two 3 kilometre horizontal wells as it will further encourage the slide rule guys to pencil in and/or confirm little more than one year payback times on the new wells and higher probability of commercial development.

If the partners can achieve equivalent similar flow rates over the next 2 wells {i.e. >18mm per day} if nothing else this will ensure many of the larger US players will sit up and take notice and there will be increasing interest from the south, south east and east Asia sovereign wealth funds. I'm therefore increasingly confident that POQ and his team can monetise the company's asset in the next 12-15 months.