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When checking the AGM 2019 report I referenced below in my reply to Otd2000 I came across a similar report from the 2018 AGM that I'd saved at the time but had no recollection of doing so - which is slightly concerning!
Sadly I'm also not sure (Newt, maybe?) which of us it was who attended the 2018 meeting and wrote the report so I can't give credit.
"POQ also said that a lot of work will be done by management to raise interest to potential investors in the project with a big job of work to do to increase the share price. This is important as most sales/acquisitions are based on the actual share price prior to announcing the sale. It is standard practice that the sale price will include a premium paid in excess of the share price." End of quote.
Obviously with the current SP this is very concerning but also means that if POQ is true to his word (and I have no reason to doubt him) then once we have some concrete flow test results he'll be banging the drum far and wide. I assume that his reason for not doing so up until now is that it's much easier to sell something proven rather than something that's merely probable.
Otd2000, here's a copy and paste of part of the excellent report from one of our members (187etc) who attended last month's AGM which answers your question.
NEWS WILL BE ANNOUNCED after the first 24 hours of the production test. For clarification, this will be the first 24 hour period after the flow rate has stabilised. This is expected to be in January but more specific guidance was not provided. Results on the full 90 day extended production test (EPT) will also be announced. It was stressed that the flow rates on the first 24 hours and the full 90 day test may not be the same.
At this stage it is hoped that by the end of April the rig will be moved to the Velkerri site to test the Velkerri Liquid Rich (VLR) opportunity for a repeat of the same process. It is unlikely that the rig will be moved before the end of April due to the difficulty of moving it during the wet season.
Anyone have any idea how it would work if we were to sell out to anyone other than Origin? Would the suitor have to sign a cooperation agreement with Origin? And does our agreement with Origin give them any say in who we sell to?
Looking forward to having these kind of "problems" to discuss in 2020!!
987 etc. hope all is well with you. I know I speak for everyone here when I say we've been eagerly awaiting Part 2 of your excellent report from the AGM. You were going to cover the Q and A session.
I'm sure you have other things to do but whenever you have time we'll be not-so-patiently waiting!
Thanks for the weather forecast link Newt. I was horrified to see the max temp of 43C which is even hotter than Vegas in July - the hottest I've ever experienced. My sympathies are with the workforce in what must be unbearable conditions.
I understood Oleo to mean that you can tell the quality by look and smell even BEFORE you send it to the lab so for me the insult levelled at him was unfounded.
45 metres in each means a total of 90.
BuckeyeBuff, maybe we should set up a crowdfunding page to send YOU to the AGM!!
In the absence of that, here's a small tribute (although your record number of "likes" is tribute in itself). Hope the link works.
https://media1.tenor.com/images/2fb66a9a400f581e30f4c2052ee45e07/tenor.gif?itemid=5103039
We are getting well and truly shafted. This is a lot more than investor fatigue, methinks. Just wish we knew what was going on.
Is it a) outright manipulation by a party hoping to demoralise us so much that we'll accept a lowball offer, b) Viktor Vekselberg offloading shares before his assets get frozen or c) Sweetpea's shares being liquidated due to the bankruptcy.
Or maybe there's even a d) that we don't know about.
What I DO know is that this sucks with a capital S.
I don't know how to do it, schlemiel or I wouldn't ask but if it's not too much trouble could you check a couple of other comparable companies on AIM and see how many MMs they have? 11 does seem excessive but a comparison would be good to know just HOW excessive.
Sclemiel the EMP from Origin that Vegasgal posted earlier today states that activities are planned to start in late 2019 so yes it does appear that they're planning to drill through the wet season.
WW said
"At that point Falcon sells what it has in proven reserves and contingent resources or spends additional funds drilling a couple of more wells in 2021."
I know we can only speculate at this point but is there any likelihood of a third option, i.e. Falcon sells what it has in proven reserves (if the Kyalla turns out as we hope) but keeps the contingent resources in Velkerri B to hopefully prove up in 2021? That would give us shareholders some cash now and Falcon plenty of cash to pay its share of the drilling in 2021 without further dilution.
Or is it unlikely that a potential buyer would go for that scenario?
WW, that is VERY disappointing news (news to me, at any rate) as I was still labouring under the misapprehension that we may end up in the happy position of proving up two shale areas. Although a commerciality claim might well be better for the share price, even if just on one area.
Is there any chance we could sell the commercial shale (if it proves to be so) and hang on to the rest for further exploration? Or would that be too convoluted?
And to Newt, I can suddenly recommend again, on both computer and phone. Hope your "ban" has been lifted too!
Assuming Origin did take us out with a cash/share package - how would this work for UK investors as they are only listed on the ASX as far as I can see? Please tell me we wouldn't be looking at opening a brokerage account in Australia?
Thanks Margaritaman - that was great detective work. Good video. I'll see if it will let me post the link - I think you need a certain post count to do so.
http://originenergy.com.au/agmvideo
Stingy James L, thanks for the reply and for the laugh.
The "recommend" button seems to have a lot in common with our share price. Totally random and no rhyme nor reason behind it!
It's weird, Guernica, how some can and some can't. Could someone who's still able to recommend please chime in and let us know what device and browser you're using?
TDA, I've never been involved in a buyout with those conditions but I DO know it's an option in such cases as ours. The "chunk" of shares would very much depend on the quantity of resources we'd proved up at the time. For example, if the cash price would've been, say, $4 per share (just plucking numbers out of my head here) then we could get $2 in cash plus $2 worth of shares in the buyer's company, leaving us free to cash out and be no worse off than had we taken the $4 in cash, or alternatively, hold on to the new shares and (hopefully) reap the rewards over the coming years. That way we could participate in whatever the ultimate find turns out to be without waiting until (many of us) are in a retirement home!
For myself, that would be the preferred option - a smaller amount of cash in hand sooner, plus the prospect of ongoing dividends for the rest of my life.
Newt, have logged in on my phone for the first time and STILL can't recommend which knocks out my previous theories. Maybe all posters with user names beginning with N are blocked from expressing their opinions or maybe they think we've been too free with our appreciation in the past and we've run out of "likes"!
Poods and WW, I totally agree with both of you. I'm certain POQ will do all in his power to dissuade shareholders from accepting any offer that may come in before the 4 wells are completed. He's said so often enough.
It's also clear that to get the full picture on our vast acreage will require more than 4 wells. That's why my preferred option would be a low cash offer (low to me would be $2 per share, incidentally) plus a chunk of shares in the buyer's company. That way anyone who wanted to cash out immediately could simply sell their newly-acquired shares whilst anyone else could hang on to them for greater profits and ongoing dividends in the future.
And to Newty - this is the first time I've been logged in for a while (been here of course, only really need to log in to post) and I've also discovered that the "Recommend" feature you were talking about isn't working for me either. I was on another ISE chat board and saw people saying the same thing so it must be browser/cache related as obviously some others are still able to recommend. I'm on Safari so I might give Chrome a try. Don't like clearing the cache too often as I then have to log back in to every site I visit. Just wanted to let you know you're not alone!