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Cont.
- Are we to believe stating that current board members plan to invest in the offering is in any significant way a benefit? Their track record does not support that belief. How much cash have they ever put in?
- What changed since Falcon's dilution last month, requiring further dilution? Weren't the same needs known at that time?
- What has Cenkos accomplished for Falcon, even before the merger of Cenkos Securities and FinnCap, rebranded as Cavendish? They'll likely make more in fees than existing, LT shareholders with this private funding.
- AIM appears to make the pink sheets in the US and hot Vancouver trading look like the NYSE.
- If things don't work out soon, legal expenses could become large. I sure hope Directors & Officers insurance is in place.
- There have been some seemingly knowledgeable investors on this thread who have made emotional investments in Falcon, rather than reasonable, fundamental investments, including me. I feel for those who continue to add still larger stakes. Fortunately I've remained disciplined and have not added to this continually, speculative stock.
- There are also at least a few defenders of POQ and his minions, who have recently become silent. The 12 month high of $0.16 now looks like a pipe dream, despite the huge Beetaloo potential and having Brian Sheffield interested, but at what price? As previously reminded Sheffield is looking out for Sheffield. You're mistaken if you believe he cares about Falcon shareholders.
- To date, most of us LT shareholders are underwater and remain bagholders. I think Sanydune makes valid points with his reminder to ignore this board.
- Hopefully the next news from Falcon will be about the successful test completion. Good luck to all.
Good advice Sandydune, but having said that I need to vent.
In the late 70s or early 80s there was an infamous stock prognosticator (really a great actor selling stock a tip newsletter) named Joe Granville. He'd likely call all of us Falcon shareholders 'bagholders'.
When alerted to Falcon news today I thought I was going to read a positive statement concerning the 3000 m results. WOW was I Wrong!!!
- Following my normal investment criteria I never should have put any money into Falcon, but was introduced, visited and met a seemingly 'real team' of O&G staff, including geologists, attorneys, accounting staff, marketing staff, et al in the Denver office. Huge potential in Hungary, SA and then Beetaloo, so bought some shares. Now there is POQ, Anne and buddies of them seemingly hanging on for their salaries and providing little credibility. Bd member Smith has been there since the beginning and is probably awaiting his eventual payday. Nally and Layman were supposed to add professional acumen. All receive options, but have not added any value to shareholders. Which of these folks actually have their own skin in the game?
- I might have missed it, but I have never seen a company begin a news release with:
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
- What happened to the long term institutional holders like Burlingame, Renova, Persistency, Mathys, et al?
But as those of us in Falcon since the Bruner days, nothing should surprise us. It's always been a speculative investment that recently showed much more promise finally, for a good return. Whether it's a potential financing/dilution, or getting the recent traders out, or a potential problem with the well progress (not evidenced with Tamboran), we as shareholders won't know unless the company provides an update. Unfortunately, I'm not hopeful of one, but would certainly appreciate it.
Good substantative posts Newt. Cam, I share many of your concerns. Gingerale, everything should be more positive, but Falcon's history has not been shareholder friendly. Potential dilution is a major concern. As BigOnes always said:"you can always buy Falcon cheaper." As most others speculated we should have seen a better share price move on such positive news. Regarding Healy: He never adds any substance and instantly responds to any negative Falcon commentary & has proved to be a company shill, extremely defensive of POQ. I believe there's an 'ignore' filter you can use, but I get a laugh when I see how quickly his defense appears.
OC99-Good to see your comments, rather than the usual 'way too positive, in the know posters', always willing to provide Philip cover. I too have been in since Bruner and a share price high of $6.24 in May 2006, when there was nothing but his BS. Now we look at $1.00 as accptable, when there's an actual underlying asset??? Obviously the potential dilution of a raise is a big damper on today's stock activity, especially following the recent % run. Being down today after confirmation of the anticipated good news is a huge disappointment! Philip may be OK waiting another few years with his $600K+ Falcon income, but I'm just hoping to realize investment success while still above ground.
Huge block sales in both US & Canada reported a minute before the close is definitely NOT a good sign. I've appreciated the technical inputs, but I note that the usual Falcon cheerleaders are currently missing, as is POQ on a day the share price dropped 25%. Over the lost decade that many have endured this stock, Big Ones has been the most accurate: you can always buy Falcon cheaper!
GTL & HAPPY HOLIDAYS TO ALL WHO WERE SANBAGGED ONCE AGAIN !
Just read some of the recent comments. I typically don't comment, but the reality of Friday's AGM is POQ, the board members who actually took the time to attend, & his advisors scheduled a 45 minute virtual meeting, but only need 40 minutes to attempt to placate shareholders. I don't know how many shareholders tried to register to participate, but there were very few, aside from the Falcon shills. I don't believe they wanted anyone on the call who might ask questions they didn't want to answer. I found it ironic & hope the difficulty of Joe Kelly to communicate on the AGM is not a sign of things to come, since he has been chosen as the 'expert' who will get us to the finish line successfully.
I read this thread fairly regularly, but rarely chime in. Shareholder from the gitgo & remain extremely disappointed. Have continued to hold, although I should have known better. DAVY, Cenkos and any of the other analyst/investment relationships have never benefited Falcon. Major firm analysts have been missing for more than a decade, so there's been no independent credibility demonstrated for attracting institutional or private equity. Of course the Bruner debacle never helped.
Poods - if I recall your financial industry experience correctly, I'm surprised you have added to your holdings. Today's release lacked time frames for any of the planned activities and did not encourage any new large investors. Why throw ~$50K at this highly speculative company, when there are other opportunities available? I suspect that your corporate finance experience might have detected that Falcon's BOD is closely held. I don't recall any changes, since the Bruner days. The current list of largest holders hasn't changed. Looking at the trades in London, you're the exception. Most trades are very insignificant & likely from absolute newbies. Selling pressure from the bankruptcy continues. You've been absolutely correct re POQ's overcompensation (FOG.L shows it's been reduced to $485k), Ann's position using Quickbooks could save $224k. I'd assume director Greg Smith could provide bookkeeper services when preparing quarterly filings and be compensated with additional stock options (they're always available).
Newt, et al. I appreciate all of the geological and petro expertise, but I agree with Longknife that little will change until results are in. BigOnes, unfortunately for the rest of us, you've been the most accurate.
Apologize for the ramble, but today's PR really set me off. Have a great weekend. Stay Safe & Healthy!
Briefly: regardless of your beliefs and love for all, continued political commentary will quickly devolve this chat site. Peace & love were commonplace decades ago. In our current environment, political commentary will quickly erode the quality of this site. Deep breaths & suggestions to relax might not work for those less sanguine than you.
Each of us can probably state our case for our preferred candidate. It's bad enough listening to the polarized reporting repeated hourly as 'breaking news'. But checking for updated Falcon comments and reading one's bias does nothing positive for shareholders.
Aside from checking the https://www.cenkos.com/who-we-are/about-cenkos and other pages of their url, I don't know much about them. It would be interesting to read their Falcon research report, but it requires registration. Looking at https://www.cenkos.com/transactions it appears that they have never done a deal of the magnitude of what many on this board believe it will take to buy Falcon's Beetaloo interest. The largest deal appears to be a bit under 400M, so closing a deal hopefully in the Billions doesn't sound like it's in their sweet zone. POODS, do you know them?
Been involved since the company began trading. Aside from naming the new group, there's not much here. My immediate question that came to mind: is the new ownership group in any way related to Bruner? Is it another entity he has, or one of his cronies, who know the potential and possibilities of imminent test results? The only positive I take from this release is that the new group put cash into Falcon shares that had been overhanging the market. Based on current trading it does not appear to be increasing interest in Falcon. As usual it's likely that the approximate 40-50% move up in October was caused by those who knew this announcement was coming. I hate to put shade on this, but we'll need to read about positive test results, before I consider this month's move to be caused by short term traders aka 'pump & dumpers'. With few exceptions, trading volume did not begin picking up until the beginning of October. I'm still waiting to read a substantive news release from POQ.
I-O
I hope you get to speak with POQ.
RTW: "FALCON has been a ride from HELL" might be the understatement of the decade.
I have no special relationship other than being a shareholder, but I've gotten fairly prompt return calls or email replies from POQ. If the email address poquigley@falconoilandgas.com doesn't get you a response call one of these. They've worked in the past.
Phone + 353 1 676 8702 (O) and 35387 814 7042 (this might be his cell)
Hope this helps you.
BorntoBouggie: Many participants on this board have patiently lived through more than a decade of Falcon histrionics, from Bruner through POQ. We've witnessed share prices more than 60x current trading, when there was literally nothing more than promises. I agree about empty hype from Origin & Falcon, but the dearth of regular management, or Cenkos updates are troubling (even understanding Origin's senior position).
I'm wondering where you found information re: that "Management and the Board have taken responsible action on remuneration and bonuses in recent periods."
I quickly perused the Mgt Discussion & Analysis ending 3/30/20. Although pages 19-20 show a decrease in G&A from $459,000 to $403,000, the breakdown of expenses shown on page 20 do NOT indicate " that Management and the Board have taken responsible action on remuneration and bonuses in recent periods." Rather, payroll and related costs increased to $216,000 from $201,000, while all other line items decreased. The other exception being 'consulting fees'.
General and administrative expenses decreased to $0.40 million in 2020 from $0.46 million in 2019.
From the report the main changes were as follows:
• Accounting and audit fees: Costs have decreased period on period due to management’s on-going attention to cost
containment.
• Consulting and legal fees: The overall decrease period on period is due to management’s on-going attention to cost
containment.
• Investor relations: One of the main focuses of the Group’s management is to actively engage with its shareholders
and investors. The decrease for the three months ended 31 March 2020 in comparison with same period in 2019
relates to Cenkos’s appointment as NOMAD and sole broker.
• Office and administrative expenses have decreased in the period due to a reduction in filing fees with the relevant
stock exchanges.
• Travel and promotion reduced period on period due to travel restrictions imposed by COVID-19. Certain levels of
travel and promotion costs are due to the international geography of the Group’s assets and investor base.
I assume that most on this board would not complain about a $485,000 salary + options, nor $224,000 for accounting that could be mostly done with Quickbooks (although the requisite filings ARE likely a significant part of Anne's time, they still don't warrant her pay).
Historically, long term Falcon shareholders have probably endured more with this stock than any other investment they have ever made. 2021 can't come soon enough! At that point, we should learn whether Beetaloo was worth our wait.
Stay Healthy & GLTA !!!
Regarding Simply Wall Street check some of there other missives. They are basically boiler plate commentaries, with a company name and some data thrown in. This is not a service for real investment advice.
I, like many here, believe POQ is OVERPAID, but so is Anne Quinn, CFO. I don't begrudge them for their compensation. Many on this board could perform at least as well as POQ has and would appreciate milking that salary forever. Quickbooks, rather than a CFO, would have sufficed to date. Blame compensation committee directors Smith, Mayorets & Gilbert. BTW they are the same directors for the audit and reserves committees as well. That is common for companies of this ilk. Benchmarks tend to be more accurate for 'real' companies.
I don't know how most posters found this thread on the LSE, but as in my case, suspect it was recommended by POQ.
BigOnes & Poods: hang in there. I'd much rather read about real concerns affecting the company and hence share price, than read repeated defense of POQ. NOTHING is going to affect Falcon's share price until we read about the successful results in the Beetaloo. Until then, it's all mental masturbation & ego (some believing more knowledge than the rest).
Let's hope we receive positive results, sooner, rather than later. Good luck to all.
In answer to a few recent questions and comments, Falcon is a hugely, speculative company that NONE of us has any influence over. Even if everyone on this thread pooled their votes we would not be a pimple on a gnat's ass, versus the largest listed owners of stock. If the Falcon website is accurate, Lamesa/Renova, Burlingame (owned 125,231,739 shares, now owns 48,772,302 shares... that's 75,000 fewer than in 2018), Persistency PE had 59+ million shares and are no longer listed in a list of significant shareholdings. Considering the number of shares already sold, I'm surprised the share price has remained fairly stable.
From the Falcon website: as of the close of business on 31 October 2019 (the “Record Date”) there were 981,847,425 Common Shares, issued and outstanding. "To the knowledge of Management and the Directors, as at the date hereof, the only persons who beneficially own,directly or indirectly, or exercise control or direction over, more than ten percent (10%) of the issued and outstandingCommon Shares are as follows: Lamesa Holdings S.A. (3) 157,083,634, 16.26%."
PANAMA, REPUBLIC OF PANAMA--(Marketwired - July 11, 2017) - Lamesa Holding S.A. ("Lamesa Holding") announced today that it has acquired beneficial ownership of 157,083,634 common shares (the "Shares") in the capital of Falcon Oil & Gas Ltd. ("Falcon") from Renova Assets Ltd. ("Renova"), a company acting in concert with Lamesa Holding. Lamesa Holding and Renova effected the transaction pursuant to a share sale and purchase agreement dated July 11, 2017, pursuant to which Renova is transferring the Shares to Lamesa for aggregate consideration of CAD$65,078,745.3 or CAD$0,41 per Share.
Additionally: We still haven't gotten out from under the Bruner influence (SweetPea) that is still overhanging any upward potential. And, Burlingame (a hedge fund) lightened up by ~ 75 million shares. How many more are they ready to sell? I don't know whether Persistency changed names, but that would have been another 59 million shares that should have affected the price.
Continued
5. Considering the current natural gas 'depression', how might you foresee the timing of future negotiations progressing? And over what time period? POQ's Answer-The following is a quote from RBC with regard to Australian gas producer Beach Energy We like Beach's focus on East Coast gas with long-term pricing in the $8-10/GJ range providing a 'sweet-spot' for producers, who can operate at healthy margins, all the while satisfying consumers and government alike. The long-term nature of contracting gives Beach a degree of pricing safety to offset more volatile oil exposure that is becoming an ever more prominent part of the portfolio.
My recent observations:
This announcement back in January '19 is confusing: https://www.proactiveinvestors.co.uk/companies/news/49666/falcon-oil-gas-completes-purchase-of-sweetpea-stake--59145.html Until someone can identify the current holdings by SweetPea and any other Bruner associates (including which exchange they might trade), along with the court orders from the bankruptcy case in Denver, it appears there are probably a lot more shares overhanging normal trading. Whenever the drilling, testing, and other empirical data are released, we might witness an up move. However if there are still tens of millions of shares that 'might still be court ordered' to be sold, I'd be surprised to see a significant move, unless & until we have a buyer.
Part 1Newtofo, et al- Just had a few minutes to check this board and found your post from 29 Jan '20, re Hess and POQ options exercised? Around the same time frame I had emailed POQ about some questions. As a shareholder, I would have liked answers to all of the questions. Here is the email exchange:
Philip,
It's been a long time since I've emailed you, but have been following the news releases and the LSE blog. Considering all of the delays and disappointments with Falcon's shareholder value, I thought today's LSE post was pertinent and worthy of asking you directly:
Hess and POQ options exercised?
If anyone can dig deep enough -- it would be good to know if Nicolas Mathys exercised the 10 million Hess options and whether POQ did the same with his options. Both of these options have now expired, but there has been no news as to whether they were exercised - with the resultant increase in Falcon's bank account. I have tried INK on the TSX -- which is where Falcon insider action is supposed to be posted, but there is nothing listed in the past six months This might be because the Hess options don't represent an actual insider trade -- but the POQ's options should be shown if exercised??? POQ's answer- No Options or warrants were exercised by (I assume this answer was for both not exercising their options)
Also:
1. do you have any idea of the number of shares still held by SweetPea or any other organization in which Bruner was involved? POQ's Answer-The last reported number we have from Petrohunter was 61,708,000 as announced on 16 Jan 2019. They may have sold more since this but we have no way of knowing unless they inform the company.
2. if additional funding is needed by Falcon have the largest shareholders shown interest in providing what might be needed as debt, rather than further dilution? POQ's Answer-No comment
3. do you know whether the actual members of the operations team have experience with horizontal drilling? POQ's Answer-Yes
4. Based on your recent quote:
Falcon Oil and Gas CEO Philip O'Quigley said:"While it is unfortunate to have encountered these operation difficulties, which will add to the time and the cost to drill the horizontal section, the joint venture partners remains as optimistic about the potential of the Kyalla and we look forward to updating the market with further updates in due course."
when might you expect the next significant update? POQ's Answer-Just issued a press release this morning
Correction: the Suriname basin is off the coast of South America, not Africa.
https://oilnow.gy/featured/guyana-suriname-basin-ranked-2nd-most-prospective-in-the-world-for-oil/