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Healy:
I don't recall saying anything DH.
I was merely asking a question so that I would be more familiar with the financial situation so as to make a decision as to when to buy back in.
Perhaps it is you who should be on the ginger ale. Obviously what you are on goes to your head too easily.
Don't worry, I won't be posting again with abusive people like you around.
Thank you for the comprehensive reply, newtofo.
I was not aware of all the finer details of the various transactions.
I had just hoped the cash was sitting in some contingency fund or other, that might be diverted for future cash flow.
Your explanation puts that one to bed.
As cash is now so low, I suspect Mr. Sheffield will come to the rescue an buy in for additional 10% stake at a discounted price around the 10p mark. He paid 14p last time, but he may not be so generous this time.
I myself will be buying back in once this financial puzzle is resolved.
Can someone elaborate for me?
On 28 Feb 2022, just after the placing, FOG had a cash balance of over $18M.
At year end, Dec 22, it had a cash balance of over $16M.
We don't have year end Dec 2023 results until April, but we are told recently that there is now a cash balance of $5M.
I note that expenditure on General and Administration has been in the region of $3M for the two prior years, so probably the same last year.
So can anyone tell me what the balance of about $8M was used for last year, as I thought that everything being done was on free carry up to now, with about $2M left in that pot.
Thanks Longknife. Most appreciated.
I will be keeping an eye on FOG and should a decent opportunity arise I will buy back in.
There is too much uncertainty as to what will happen or which way it will go at the moment.
There is no gas to forward sell. Only the prospect of gas in a couple of years, and with all the financing needed and the potential political hurdles that might be encountered I don't see any hope of that option.
As for raising money through a placement. I doubt anyone would be interested other than Mr. Sheffield. But why should he buy more FOG when an easier option to increase his footprint would be for TAM/ Daley partners to increase their share of the JV by offering a farm down free carry on the next two or three wells to FOG. They don't need to raise additional capital as they have already raised enough funds to proceed without FOG. But FOG is worthless if it fails to follow through to the start of pilot production, and they know that.
The 22.5% that FOG currently has will fall to 17.5% or even 15% of the JV. Hence the big fall in share price AGAIN.
I am very disappointed.
I bought in at 8p two years ago; it went to about 11p and then the AH2 fiasco came upon us. I managed to sell out at a small loss at 7.9p
I bought back in at 6.5p last August, fully expecting to get 15p on the good results just announced. They went to 13.4p but immediately fell back having failed to achieve my target. I even put a sell order on at 13.3p in the hope it would recover yesterday, to no avail.
So, it looks bad now. Massive dilution in any event.
So, I have sold at 10.1p just now for a 50% profit in over 6 months. That will do.
Willow is not far wrong. Only one winner in this company.
A good point he makes too. Why does POQ have such a paltry shareholding if he has had faith in the company?
Good luck to those who still live in hope though.
Looks like a decent flare to me; so by my reckoning it has been going for around 3 weeks and we should have the 30 day test results next week some time.
The rise in the share price is less than I expected at this stage, but that is probably due to the generally weak stockmarkets. I still think it will get to 15p shortly, at which point I will sell my holding in the hope of buying back in later.
When it reaches this level there will likely be a capital raising at a discount and then the price will drift back as it did last time.
You people do go on speculating about every little detail.
There is a massive flare. The flowback pond shown in December was at first clean, but was full on the second satellite shot. There was a hint of a flare and clearly the flow back and clean-up was really fast. We missed the clean-up flare during the satellite dead time.
The well was shut in to build up pressure for the 30 day flow t3st which has now begun.
Good!
So I co e back to my original point. The shares will rise tomorrow. Hopefully in a few days or so to 15p UK at which point I will sell.
Reason! FOG needs money to stay in the game. Dilution at a cut price.
Or sell down more by farming out again to our loss.
Falcon needs money to participate in the joint venture.
It will cost a fortune to raise it from existing small share holders.
So the only real option is to farm more down to the current big boys, TAM/Daley, for a couple more free carries on the next wells Tam have planned. That's why the share price has fallen.
Only an opinion.