The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Things were little light at work today so I build little image that maybe has proof that we had nice big flare on October 20th. one Pixel = 10 meters
https://stocksfog.s3.amazonaws.com/beetaloosight.png
Origin plan to farm down was not discussed, but they were going little too fast for me and I was not able to keep useful notes, But current issues with the well were discussed and great detail which was really helpful, basically the well was flowing very good and production casting was installed but later on it got clogged with heavy water and stoped as the pressure in the well end up to be higher then formation. They are moving forward with the work ASAP, but we did not not have clear time line but I suspect it will be happening after the holidays. My biggest question for me was not answered... we are currently in the stage 2 of exploration and timeline of completion was not disclosed. I also picked up that Origin may slowdown with their exploration as there are many other companies start doing the work and they may take wait and see approach.
Oleo here is the link. Also it was one satellite photo from October look like it had flare right above black squares in the left bottom, but it went away and never showed up again, so now we have explanation we did have flair but it stopped
Dec 9th https://api.soar.earth/short/6264r1a9o
I think there is very big interest to join this particular AGM across two maybe 3 continents since it is virtual. My hope we will get some clarity, vision, some specifics around contract and timelines. I will certainly join, but looks like I will not be able to ask questions directly, which somewhat disappointing. My hope all of us join the call and get an opportunity to review the answers here almost real time.
Looks like we need submit the proxy thing in US.... anyway I was hoping to get some good q&a going even if it is through email
Furthermore, if you have obtained a US legal proxy from your financial institution, please e-mail a copy of the legal proxy to uslegalproxy@computershare.com prior to the meeting.
I followed discussion about the tubing and everyone saying that Origin has been failing at their job. I disagree Origin has plenty of time deliver so why spend the money, if you can just wait and see that gas/condensate will push the water out. It is delay but if we want to get this production they need to follow the cheapest possible route and not necessary the fastest. I also do not think the time pressure from Falcon farm out is there anymore. The old Falcon presentation used to have time and number of wells, but since re-negotiations this info has been removed and we truly do not know what contract terms are set for Origin/Falcon and if there is new timeline. I am assuming there is, but that is kept confidential.
Assertion that minority partner does not have any input on the work that is done by operator is not correct everyone has to agree on way forward, since there is monetary impact. So if you want to blame Origin on the tubing you also have to blame Falcon, since they did signoff on the work program.
Now interesting things, Origin is looking for the farm down, that is bit surprise but also interesting as we have the final report out from the government and their NT/Beetaloo investment strategy (sorry link is no longer available) . I say it is invitation to government to take minority interest in the project and for the Origin/Falcon to recover some of the costs. It maybe a bit of the push on Falcon to give up their interest and sell it to the Feds… but I do not think this is the hard pressure but more like an option to consider. So that is maybe our best opportunity to sell the asset now, so if that is case POQ has lots of work ahead (confidentiality of the farm out agreement makes a lot of sense as you do not want others to know the timelines and costs)
I say there is a lot of heartburn going forward for everyone. But we are very close to our goal will see if any of this metalizes next year.
Here is pic of our site in Beetaloo https://api.soar.earth/short/sr6o9a2r46 it is low res but it Is insane you can actually see the site
I found site satellite images which are low resolution and it does not look like there is flare as of Nov 14th. I compared it to October 20th. Another set of images ~ Nov 19th
Coordinates for the site Lat -16.34 Long 133.651