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Volume on the TSX is over a million, more than double the daily average and the exchange has only been open a couple of hours.
Volume on AIM double the daily average at over 800k.
FOLGF as you say, James, is lagging in terms of volume but not price increase. Been a while since we saw double digits.
All very welcome, whatever the reason!
JamesL. the curious thing is that Santos is down 1.47% today while our volume is going crazy.
Does anyone have any idea (or care to hazard a guess) what Origin's long-term plans are for the Beetaloo? Are they planning to go all the way into production or sell once they've finished proving up?
Knowing that they'll need outside financing, does it make more sense for them to, say, sell the Kyalla (if it's commercial) and then have sufficient funds to go it alone (with us as passenger) on the remaining area?
I would be quite satisfied with the idea of selling the Kyalla either to Origin or along with Origin in the short-term, getting a nice one-off dividend, and then selling out the remainder of our interests in 2 to 3 years time once we've established the size of the entire elephant, not just the toenail (to paraphrase David Close).
Longwait, my guess is that Falcon is now going to cruise along in the back seat of Origin's vehicle and let them make the decisions.
We've already established that it would be tricky for Falcon to sell to anyone but Origin and at some point Origin will either be farming out or selling part of their interest in the acreage as they won't have the resources to bring it to production alone.
In the case of a partial farm-out, Falcon could potentially sell its interest to either Origin pre-farm-out or alternatively sell direct to the farm-in party, or if Origin sells part of the acreage, Falcon sells too.
The only basis for my guess is that it seems the most logical and least-complicated way to proceed and the fact that Falcon was willing to relinquish control of the timelines indicates that they feel confident in leaving the "driving" to Origin.
The motto of Q comes to mind here: "Where We Go One, We Go All".
I just by chance came upon this campaign http://stopnakedshortselling.org/ which I hadn't realised is the single biggest drain on the US economy (and presumably in other countries too) and is currently going unchecked and unpunished, with the fox guarding the hen house. Companies are being wrecked.
Given the lack of logic to our share price, I wondered if Falcon might have been a victim here? It has always puzzled me that in the early years of my investment, when Falcon was pretty much under the radar, the share price used to move as you'd expect. I remember being pleased when we started getting attention from analysts, thinking this would be good publicity for the company but literally since then there's been very little rhyme nor reason to the SP. And this even before the forced bankruptcy sale.
The guy running the campaign has a good history of getting things done so I wish him success against this pretty much unreported crime - even if Falcon isn't one of its victims, very many companies are.
Create the problem. (Global pandemic)
Await the people's reaction (do something , save us)
Present the solution (which was the desired outcome in the first place).
Problem Reaction Solution, the modus operandi for centuries. Why change a winning formula?
dprussky - never thought of it before but it actually makes perfect sense and could be the reason Falcon also relinquished some of its rights to Origin, putting itself very much in the passenger seat.
We know that selling our 22.5% to anyone but Origin is going to be complicated so maybe the idea is just to piggyback on Origin for the entire ride. It's not so different to the scenario we've all discussed before, about selling out to Origin with a cash lump sum and Origin shares. This way we're free to sell a portion of our holdings at any time and also
stick around for the long-term.
If this IS the reason for the recent farm-down, personally I'm very happy about it. Say what you like about POQ, he has a history of good deal-making.
I do have one question though. Is the capital Origin's putting up enough to take us through to production or would our 22.5% be reduced even further?
I forgot to say that when I saw my trade listed as a sell I nearly had a heart attack, thinking I'd hit the wrong button and actually sold when I intended to buy. But no, my trading account shows it was a buy.
Something weird going on with the exchange/share trade listing. I bought 19900 at 9.21 this morning and it's showing as a sell. Funnily enough, the sale went through at the sell price (at the time) of 5p rather than the higher buy price.
So no way of knowing which of the listed trades are actually buys or sells.
Not to mention that the shares I bought on Monday never showed up in the trade listing at all.
Whatever happens to the share price now I'm done. Hitting that buy button this morning took the very last reserves of those "nerves of steel".
I had been hoping that we'd learn more next week at the AGES seminar where Origin was giving a presentation but I now see it's been cancelled.
Seems a bit over the top to suspend operations in such a remote area, where they're probably safer than most places right now. How does it work on site, as a matter of interest? Are the crew there for weeks on end till the job's complete or do they travel regularly back home while the operation is ongoing?
My guess is that Origin won't make an announcement until the fracking is complete as IMO it's better to keep it under the radar, so as to ruffle as few feathers as possible. I wouldn't be surprised if the next news release is to tell us about the 24 hour flow rate. Of course, however spectacular that may be it's doubtful it'll make much difference right now!
I did, Rocktheworld. £2k worth. Not gonna lie, it wasn't easy hitting the "buy" button but having slept on it, I have no regrets.
Be greedy when others are fearful, be fearful when others are greedy and all that!
Thanks Newt, that was very enlightening.
I've been doing a spot of research and in case there's anyone like me who didn't know the legal implications of holding shares in a nominee account (as is the case in the UK for anyone buying shares via a brokerage account). In a nutshell, if there's a takeover bid and it goes to a shareholder vote, we're not eligible to vote. Our shares are held in pooled accounts in the name of our broker. Falcon doesn't know who we are as individuals. Just wanted to share as I can't be the only one who didn't know this. There's a very detailed explanation of this here https://www.sharesoc.org/Guaranteed_Votes.pdf
In conversation with a friend today (who is an investor in Sirius Mining) about the difficulties invididual shareholders are facing in voting for or against the proposed takeover, I started thinking ahead to the time when we are voting ourselves on a buyout of our Beetaloo interests.
Every year prior to the AGM I've had an email from my US broker with a link to place my vote on the various motions. But it's now occurred to me that this has always only been from my US broker and I've never received anything from my UK broker - where I hold most of my shares (I have some in FOLGF and the majority in FOG).
From what I've gathered today, it appears that UK brokers don't contact shareholders asking them to vote, it's up to the individual shareholder to jump through a number of hoops in order to do so. In the case of Sirius, a lack of knowledge about the procedures has led to the majority of them being left unable to vote.
The fact I've never been contacted by my UK broker to vote on the AGM motions leads me to think that things in the UK aren't as straightforward as in the US. I don't want to end up disenfranchised when it comes to a crucial vote on Falcon's future so can anyone shed any light on the UK procedures for voting in such cases, please?
Falcon's 30% share of 85TCF would be 25.5TCF so my thinking is that could possibly be where the 25TCF in the article comes from - even though it says the partners are chasing 25TCF the piece is primarily about Falcon and their interests.
25TCF in the Kyalla would be MOST welcome, of course, but I don't think anyone knows how many TCF they're "chasing" there at this moment in time.
Wet, Shalamar9 posted the entire article from the link that schlemiel posted from the Times UK.
Schlemiel - numbers aren't my strong suit either so can't help with that aspect but seeing as Falcon is incorporated in Canada and we were told that the Sweetpea shares would be liquidated on the Toronto exchange - do the UK regulations have any bearing? Surely it's the Canadian regulations we need to be looking at?
Thanks for this, schlemiel.
Since only one other speaker apart from Origin is showing "to be confirmed", I'm guessing she'll only be presenting if there's positive news to impart. I can't imagine they'd be keen on the spotlight if they encounter problems with the 2nd horizontal.
I'll be checking that link on a regular basis to see if the "TBC" suddenly disappears!
Thanks for posting that, ITguy.
My question to anyone who knows about such things is what steps can Origin take to ensure the same thing doesn't happen next time?
Wet, the poster was Phoenixexplorer who only has 5 posts to their name.
https://www.lse.co.uk/ShareChat.asp?ShareTicker=FOG&share=Falcon-Oil&page=40
Wet, I copied and pasted the board member's write-up of the 2018 AGM into a text file but don't remember who the poster was. Perhaps they'll come forward.
Based on your comment, I can only surmise that the sentence
"This is important as most sales/acquisitions are based on the actual share price prior to announcing the sale. "
was the writer's own opinion rather than something Philip actually said.
I'll copy and paste the entire 2018 AGM report from which I took this paragraph if you'd like me to?