Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
IT,
Wow, that's pretty unusual. I imagine the Green Coalition is ****ting a brick over it. I wonder if all of the study and documentation on environmental impact was so onerous that even a Politician understood they were choking the golden goose, and are determined to change the industry's perception of the political environment in the NT.
Poods, Wow, let's just say we look at things differently, and BTW, I've been investing in the E&P sector for 30 years.
Usually the best people can hope for is "The CEO sounded optimistic".
From my point of view, I want to hear that Origin has a plan to break off FO's share of the Beetaloo for a farm out to a Major OIL producer, thus allowing FO to sell their position unencumbered by Origin's massive wasteful ignorance and the purchaser wouldn't be held hostage as a minority holder by the Origin Clowns. Failing to provide such guidance I want to hear EXACTLY how Origin handled the frac and completion.
Poods,
Sorry to hear about your wife.
Oil,
Occam's razor, Ockham's razor, Ocham's razor (Latin: novacula Occami), or law of parsimony (Latin: lex parsimoniae) is the problem-solving principle that "entities should not be multiplied without necessity", or more simply, the simplest explanation is usually the right one.
I don't believe their lack of successful completion is the strategy for a buyout of FOG. POQ's update just shows how fatigued and burned out POQ is, and that should be no surprise, as he's sat and just twiddled his thumbs for years.
Furthermore, Origin has certainly damaged the well at this point by their failure to clean up the frac fluid, I refuse to believe they would do that on purpose. It would make far more sense to clean up and test and then buy the results for ages in the corporate bowels of bloated Origin, under the heading of "studying the results". Nope, what we are seeing is pure incompetence.
Camelot,
"does anyone really believe that they are that incompetent"
Yes, I think there are a majority of industry professionals that believe they are that incompetent. The only ones that wouldn't say it are those that are under contract for services, and of course, they would opine that Origin is a lean mean exploration machine.....
dprussky,
Hmmm, well, I'm not placated by a Participation badge.
fluers,
No matter who owns the 22% FOG currently owns, they will be in the same position as FOG as a minority shareholder sitting in the backseat as the clown bus drifts down the highway. The only way a new owner of the 22% could be in the drivers seat is if they negotiated a breakout of 22% of the entire prospect and then set off E&Ping on their own. Frankly, at this point I'd think Origin would be very receptive to this arrangement as they have demonstrated rare and unique talent to not only spend years trying to drill a one month TD well, but they have done so in a model of bureaucratic excessiveness.
Long,
Would you buy FOG's position and let Origin continue as they have? Because that's what the scenario would be for any purchaser of FOG'S position. Now, maybe someone could come in negotiate a deal to buy 50% of Origin's prospect with the idea they would pick up FOG's shares and take the lead in the exploration. That could work and maybe the only obstacle would be up his posh seat on the gravy train.
Long,
No, I'm not selling, just no market for it, so I've moved to the pile of lost causes that are saved for tax loss mitigation, which is probably FOG's best use.
Havy,
I don't think any serious company would be rushing in to farm in with Origin until they see how much farther Origin is going to devalue the play via their incompetence. In a best case scenario Falcon is screwed no matter what. Origin will continue to drag its feet, screw up and continue along like they are getting more data and spending vast amounts of money. The cores they sent off to Alberta....that worked out. It is just is one continuous clown circus. Origin treats the Beetaloo more as a hobby than a business and there is no down side for them to drag this out for years, and maybe in the mean time Santos or Empire will bring in some economic wells for Origin to copy.
jfhealy,
Not to worry about this being your first experience with fraccing. It's also Origin's.
Our best chance is for Origin to have an honest self assessment, come to the obvious conclusion they shouldn't be in the E&P business, sell their holdings to a competent operator and we get carried or bought out in the deal.
So, they've been puzzling over this problem for over a month and I don't know what they are going to do. POQ couldn't even be bothered to release a more definitive news release filling in Origin's slap up the side of the head. And, reflecting on POQ's shock at how his 500 BBL's /day cleanup upset the Market, I'd have to say I'm not impressed.
Okay, on an entirely different tact, here's an executive thumbnail on the current state of affairs in the Vaccine arena.
I placed my bets early days, and I don't think it is too late for bets to still be put down.
Adenovirus vaccines and boosters.
CanSino’s, J&J’s Covid-19 vaccines may be stifled by pre-existing antibodies while AstraZeneca’s, ReiThera’s may need booster
www.clinicaltrialsarena.com/...
"Despite its advantages over other vaccine technologies for Covid-19, adenovirus vector vaccines are likely to be tripped up by pre-existing antibodies to the vectors used and the need for a second injection to boost protection.
CanSino Biologics’ Ad5-nCoV and Johnson & Johnson’s AdVac platform-based vaccine use a human adenovirus vector, but a significant chunk of people may already have neutralising antibodies against the vector, decreasing efficacy prospects. Phase I Ad5-nCoV data is also underwhelming, adding credence to the issue of pre-existing antibodies.
AstraZeneca’s AZD1222 and Rome-based ReiThera’s Covid-19 vaccines are also adenovirus vectored but use nonhuman vectors. However, AZD1222’s recent animal data also leave questions about its utility to prevent virus spread. A possible way to improve efficacy is to add a booster shot down the line, perhaps using a different adenovirus vector or even a different vaccine technology. Perhaps AZD1222 only carrying SARS-CoV-2’s spike protein may not be enough."
"Adenovirus vectors also trigger a stronger inflammatory response compared to mRNA, DNA and protein subunit vaccines, Ertl noted."
"But the drawback with adenovirus-vectored vaccines, in general, is that one can get a maximum of two doses over a lifetime; any more than that and the immune system could generate neutralising antibodies to attack the vector, said Dr Kathryn Edwards, professor of paediatrics, Division of Infectious Diseases, Vanderbilt University School of Medicine, Nashville, Tennessee."
jfh,
FOG and Origin are on the complete opposite end of the spectrum from successful E&P's. If your standard of measure for POQ's successful CEO ship is having a company run by an outsider that needs technology savvy management and doesn't hire it, partnered with a large bureaucratic utility that knows more about sponsoring sports teams than oil and gas exploration and production, then I see your satisfaction. If you want a real E&P company with real project management talent, I'd suggest you are miles out in left field.
Longknife,
Although everyone tiptoes around the obvious, I'll just point it out once more. If Origin is flaring there would be a whole lot more excitement and trading. The only thing that keeps people from pointing out the obvious is we are dealing with Origin and they have apparently hired all the morons in OZ that were overlooked by everyone else, so there is a slight hope things can be fixed and we won't see an indefinite hiatus whilst Origin debates whether to P&A or re-enter and go deeper.
I've hoped the mob at Daly Waters would be tweeting about it, but, they aren't prolific tweeters.
BC,
The POQ/ Origin **** show continues with nary a moment of brief self reflection. For this crowd there are no time lines, and there is no penalty for failure.
jf,
Maybe we'll see more gas flows sooner than later, but right now 500 bbls of flow back frac fluid is somewhat less than what our well water flows at per day. POQ's news release was ill conceived in its brevity and he did us no favor by crafting in the manner he did. We need more info.