Member Info for Longknife

Oleo,

I don't necessarily disagree but this says there were 125 wells w 15000' lengths. We have never had a well that long and can complete maybe 1-2 wells/yr and most of them have problems. How long would it take us to get to that point?

Newt. It was page 96 I believe but starting on 92 there is a lengthy description of the negotiation.

As you know, I have no sympathy for POQ. I choose to believe that he was just incompetent rather than believing something nefarious was going on. The fact that the shareholders were not made aware that the bond payment requirement was coming up or even that it was a possibility shows negligence on POQ's part. He had ample opportunity to warn the shareholders about it, and frankly to make arrangements for it. Just my humble opinion.

Given the info from the proxy below, it seems that POQ may have had a last min plan to try and raise the money for the APA bond. Given that he was willing to sell the company instead for a 40pct premium while it traded at very low levels, it must have been a very desperate move indeed.

" Mr. O’Quigley informed Mr. Stoneburner that Falcon wanted to pursue the third alternative (pursuant to which Tamboran would acquire Falcon at a 40% premium to Falcon’s then-current trading price but Falcon would not receive any board designation rights or board observers), and advised Mr. Stoneburner that the parties would need to reach an agreed form on a term sheet relating to the business combination by September 25, 2025, the date on which Falcon’s proposed transaction to sell a portion of its working interest in the Beetaloo Basin to a third party buyer was expected to become final."

Be Apx 10 years for me. $.68 would be a good return by itself but if you take into account oppty cost and the fact that we're not even close to that number...

Also not where many of us had tht/hoped wed be.

Ok but in American money it will be worth $.687/falcon share.

Would be $.687 US dollars. Hoping for more than that but probably not likely.

Newt. We've been hibernating for years! And there's likely years more to come.

Sounds like maybe that's why there was zero interest in this stock in the US today. Let's hope for much better results when our results are announced.

Newt,

That's about $.46US for each Falcon share. If it was today I would probably take it as well but a long way from what I, and I know a lot of people, had hoped for.

And of course that's assuming the buyout goes through. If anyone felt that confident about TBN going to $67 and the buyout going through, it would be a good time to buy Falcon- IMHO.

Newt- exactly right. Another chance to get a well completed and not done. All the other problems were allegedly Riddles fault so this one must be........Stoneburners? Sheffield?

Thank you Blie!

Ahhhhh. Thank you Blue. So FOLGF in the US is def NOT Falcon Australia?

Sections 1.67-1.69

It's not the AI. It's in the report released.

Can anyone explain sections 1.67-1.69 under disadvantages of the deal? It seems to say that we lose potential upside in the beetaloo but that we could purchase shares on the open market in TBN. I'm under the impression we will receive shares automatically in TBN. This is what AI says about the sections.

• 1.67 — If the proposed acquisition (where Tamboran Resources Corporation (“Tamboran”) buys FOGA and thus acquires minority shareholders) is approved, then non-associated (i.e. minority) shareholders lose direct ownership of FOGA. As a result, they will no longer participate directly in any future upside from development of the assets — for example, if the assets in the Beetaloo Basin succeed and generate value, minority shareholders would not have a direct stake anymore. 

• 1.68 — But the report argues that this disadvantage is not as severe as it might appear because minority shareholders could choose to re-invest — by buying shares of Tamboran on the open market. By doing so, they could regain (indirect) exposure to the same projects and upside. 

• 1.69 — Therefore, the expert concludes that while direct ownership of FOGA is lost, this exit — via the deal — lets minority shareholders exit under terms “more favourable than any realistic alternative under the current structure.” In other words: under the current setup (without the acquisition), those minority shareholders have limited liquidity and little chance of benefiting substantially. With the acquisition, they get a concrete payment and the opportunity to re-gain exposure (if they choose)

Can anyone explain sections 1.67-1.69 under disadvantages of the deal? It seems to say that we lose potential upside in the beetaloo but that we could purchase shares on the open market in TBN. I'm under the impression we will receive shares automatically in TBN. This is what AI says about the sections.

• 1.67 — If the proposed acquisition (where Tamboran Resources Corporation (“Tamboran”) buys FOGA and thus acquires minority shareholders) is approved, then non-associated (i.e. minority) shareholders lose direct ownership of FOGA. As a result, they will no longer participate directly in any future upside from development of the assets — for example, if the assets in the Beetaloo Basin succeed and generate value, minority shareholders would not have a direct stake anymore. 

• 1.68 — But the report argues that this disadvantage is not as severe as it might appear because minority shareholders could choose to re-invest — by buying shares of Tamboran on the open market. By doing so, they could regain (indirect) exposure to the same projects and upside. 

• 1.69 — Therefore, the expert concludes that while direct ownership of FOGA is lost, this exit — via the deal — lets minority shareholders exit under terms “more favourable than any realistic alternative under the current structure.” In other words: under the current setup (without the acquisition), those minority shareholders have limited liquidity and little chance of benefiting substantially. With the acquisition, they get a concrete payment and the opportunity to re-gain exposure (if they choose)

No real price appreciation though. Wondering what would happen if you tried to dump almost 2M shares?

Heavy volume in the US too. 1.79M shares. I'm guessing no coincidence.

.00687 shares of TBN for every Fog share

Remember the days when all the POQ supporters kept telling us how much better of an investment FALCON was compared to TBN? I think that went on right up until the day before the announcement of the buyout. As it turns out POQ was completely incompetent and I guess they finally realized this. I will vote yes because we don't really have a choice. If the buyout goes through at the price TBN is getting us for we will always know what the price of an old FOG share was. If TBN gets to that $150 mark then I think we are at approximately $1 US. (I'm not even sure what a CND dollar is worth right now but I don't think it's $.75 US)

I think in the next 5 years or so we may see TBN get to $50 but if it does, I will take a big chunk out. A double over 10 years will have to be enough. Too much time and money wasted here. Ultimately, I think BS is just using TBN and FOG to do the heavy lifting and then he will make a fortune w DW. Not sure, outside of a white night rescuing FOG, what other choice we have.