Member Info for Oleo

Subject: Concerns from Long-Term FOG Shareholders (Open Letter)

Dear Chairman Nally,

We are writing to you today as a group of long-term shareholders of Falcon Oil and Gas (FOG) who are concerned about the company's recent performance. While we remain optimistic about FOG's future potential, we believe there are some key areas that require further clarification.

Positive Developments:

• We acknowledge the promising geological potential of the Beetaloo Basin and the positive well test results achieved by Empire Energy and Tamboran Resources.

• We welcome the recent investments made by Mr. Bryan Sheffield, Helmerich & Payne, and Liberty Energy. These investments demonstrate confidence in the basin's future and could be highly beneficial for FOG.

Areas of Concern:

• We would appreciate a clearer picture of FOG's specific strategy for capitalizing on the Beetaloo Basin's potential. How does FOG plan to leverage its assets in this emerging play?

• What exactly is the status and plan for the South Africa asset?

• Why does the CEO of FOG not proactively promote FOG?

Request for Transparency:

We urge the board to provide a comprehensive update on FOG's development plans for the Beetaloo Basin, the South African assets and its overall financial strategy. Transparency and clear communication are essential for maintaining shareholder confidence.

Thank you for your time and consideration. We look forward to your response.

Sincerely,

A Long-Term FOG Shareholders Group

Oleo (847K), Ontario (714K)

Yesterday, @apikur_oil called for tripartite meetings with Government of Iraq and Kurdistan Regional Government officials.

Today, we acknowledge the swift, public response from Iraq’s Ministry of Oil and look forward to scheduling joint discussions to restore oil exports

I got 847.000

10 million shares are round about 1%.

So I guess a few percent.

But I would put the big longtime share holders in Cc in the open letter.

Frankfurt was open today with 0 FOG shares traded

In Canda I have seen about 50.000 FOG shares traded.

(Today, 27th of May, is not a representative day for the volume because the US stock exchange is closed as well.)

Good idea dprussky.

When I read this on this web site today:

Recent Share Trades for Falcon Oil (FOG)

Date Time Trade Prc Volume Buy/Sell Bid Ask Value

No trades found

We longtime shareholders should get motivated to become active.

I have seen CEOs, working 10, 14 hours per day, often in the office of the company. Alway a full calendar and a good structered schedule. It is a question of work ethic.

An Australian friend told me that often small companies, mostly not successful and with a CEO who is not visable are called life style companies.

POODS,

you wrote about POQ and golf.

Is this a joke

or do you definitively know that Mr. POQ is playing golf during working hours?

The good old BP Baron Browne said, it is the job of the chairman of the board to kick the CEO.

1) I would like to discuss if we write something like an open letter to the chairman of FOG?

2) I would like to discuss: In the case we want to escalate, if we can file a lawsuit against Mr. POQ?

In my opinion somebody has to pay as well when the longtime holders do not get a fair price for their FOG shares just because the CEO did not do his job as it should be done.

Iamtiredofthis

No, this would be too easy.

The problem is that POQ does not do his job. He is not promoting the company , the company is not in the news (although there are enough positive news for a good newsflow). as a result there are not enough buyers and investors for Fog in the market. And worst: with the low shareprice we see a too high BS dilution and the low share price is a bad starting point for take over talks.

Mr. POQ is giving away the FOG shares like confetti to his future boss. Why to give it away for 6 pence when you could give it way for 3 pence as well?:

" ....Falcon Oil & Gas Ltd (AIM: FOG, TSXV: FO.V), the international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, is pleased to announce a proposed placing of new Common Shares of the Company (the "Placing Shares") at a price of 6p per Placing Share (the "Issue Price") ..."

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And to make his future boss even more happy. You see, the price of 6 pence was too high for Mr BS. So he was offered another sweetener for the deal:

".... Falcon Australia has agreed to grant:

to Daly Waters, in consideration for a cash payment of US$3 million, an overriding royalty interest of 6.0% in respect of the area around the Pilot development, measuring 51,200 acres, in which Falcon has a 5% working interest, and an overriding royalty interest of 1.3333% in respect of the Remaining Area;.... "

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I am wondering how the big old longtime holders of FOG can allow POQ the too cheap dumping of FOG shares and assets?

LOL, if you give me this job I promise you to be at least 2 hours in the office per working day. One hour talking with the operator TBN and one hour per day I would try to promote this bird with this massive resource which will follow the same path of development as other shale gas basins as the Vaca Muerta or the established shale gas basins in the US. And I would do it for the half salary Mr POQ is earning .

In the mean time I think that it is wantonly negligent for the company to keep this passive Mr. POQ in his position at FOG.

FOG is not the operating company in the Beetaloo.

I worked together with colleagues in an oil company who worked in the joint venture department . A very small team for many different assets, operated by other oil companies. FOG has got only one operator to keep in touch.

So this is a very easy job for POQ. Lets say Mr POQ is an ambigious guy and spends one hour per day for this part of his job. What he is doing for Falcon during the rest of the day? It is obviously not promoting FOG.

This guy is on the board of Falcon

"Mr. Nally was appointed as Non-executive Chairman and to the Board of the Company in September 2021. Mr Nally has over 45 years’ experience in London’s capital markets including 18 years at Cenkos Securities PLC, a firm he co-founded in 2004. Mr Nally was an Executive Director and Head of Natural Resources at Cenkos, where he helped to build, develop and give strategic advice to a number of successful companies in the oil and gas sector. Prior to this, Mr Nally was a partner and director at Williams de Broe and an individual member of the International Stock Exchange of London."

There was big hope that he will help Mr. POQ to promote and to sell FOG. What went wrong in Ireland?

Due to the "very hard working public relation genius" POQ, there was according to this website only one executed order with a value of about 50 Pounds. What is wrong with this guy that he is not promoting this company?

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https://oilprice.com/Latest-Energy-News/World-News/Australian-Producers-Warn-of-Natural-Gas-Crunch.html

https://edition.cnn.com/2024/05/14/americas/venezuela-essequibo-guyana-csis-intl-latam/index.html

venezuela expands military presence at guyana border in ‘perpetual prewar footing,’ says report

by tara john, cnn

4 minute read

updated 12:36 pm edt, tue may 14, 2024

venezuela continues to build up military infrastructure and hardware close to the border with guyana as president nicolas maduro and his supporters scale up their threats to annex an oil-rich piece of guyanese land.

in a report shared with cnn, the washington-based think tank center for strategic and international studies (csis) warns that while the venezuelan government “has little to gain and much to lose from a full-blown conflict” it continues to play “a dangerous game” over its claim over the densely forested essequibo region.

“the constant drumbeat asserting ‘the essequibo is ours,’ alongside the creation of new military commands and legal structures to oversee the defense of the region, is helping to institutionalize a sense of perpetual prewar footing,” it wrote.

tension over the region, which amounts to about two-thirds of guyanese national territory, mounted last year after a venezuelan referendum in which voters assented to creating a venezuelan state within the disputed region. guyana had called the move a step towards annexation and an “existential” threat as the specter of armed conflict loomed over the region.

cnn previously reported in february about an expansion of operations at venezuela’s anacoco island military base despite both countries agreeing in december to pursue a diplomatic avenue to resolve the conflict.

© mapbox © openstreetmap improve this map

punta barima

anacoco island

using satellite imagery and social media, csis found that the expansion of anacoco island’s military base has continued. a bridge is seen being built across the cuyuni river to connect the venezuelan riverbank to the island, which has been a point of contention between the countries after it was awarded to guyana in an 1899 ruling by an international tribunal. venezuela annexed it in the 1960s.

el palito refinery of the venezuelan state oil company pdvsa is seen, in puerto cabello, venezuela, on february 10.

related article

us to reimpose sanctions on venezuela’s oil and gas sector

the island’s airfield has expanded and now includes a small control tower, csis writes. satellite imagery from march showed an area next to the airfield with more than 75 field tents, “enough for a battalion-sized unit of several hundred personnel.” the field tents have since been relocated to the southern side of the airfield “demonstrating the base’s continued ability to provide logistics and resupply for a sizeable military force continuously for over a month,” it wrote.

meanwhile, by the coast, at least two iranian-built peykaap iii (zol***har) fast missile boats are seen at venezuela’s small coast guard station at punta barima

Https://www.linkedin.com/posts/ted-cross-tx_oilgas-permian-vacamuerta-activity-7196135256968646657-ifJZ/

I always thought that the Australian Beetaloo will beat the Argentinan Vaca Muerta

Oil production in Argentina’s Vaca Muerta play has breached 300,000 barrels a day, following 5 years of breakneck growth. After November’s election of Javier Milei ushered in a more business-friendly national government, many are wondering how high production can rise.

On well performance alone, the Vaca Muerta looks like a world-class play. The Vaca Muerta, unlike the Permian but similar to the Eagle Ford, has both a gas window and an oil window. Recent wells in the oil window outproduce the Permian and Bakken by over 26%, thanks to lower decline rates. The gas window has not seen as much recent drilling, but wells there perform similarly to the Marcellus, making over 4 BCF in their first 18 months (normalized to 10k’).

It’s thanks to this strong well performance that operators have been able to grow production despite higher per-well costs than found in the Lower 48. Vista Energy, in their May 2024 investor presentation, quoted their 2023 average from their Bajada Del Palo Oeste block at $14.3MM D&C per well.

How does this growth rate compare to shale plays in Lower 48? The Vaca Muerta took ~5.5 years to grow from 50,000 bbl/d to 300,000 bbl/d, three months faster than the Bakken took. The Bakken, as the first unconventional oil play in Lower 48, is probably the best analog for development pace, even though other plays are more similar geologically. Supply chains have to be built, knowledge bases established, and offtake/infrastructure constructed.

The Eagle Ford, DJ, and Permian went much faster from 50k to 300k bbl/d, taking 1 year, 2.7 years, and 2.8 years, respectively. It’s worth noting that the Vaca Muerta has accomplished this while having most of its development operated by YPF, which is majority-owned by the Argentine government since 2013, another big contrast with the Lower 48, where smaller operators could collectively accomplish a lot, quickly (not to mention the great rush to hold leases by production).

When you look at the running room left in the Vaca Muerta, it’s obvious that the play is still very early in its development. The play has around 3 million acres in the oil window and 2.6 million acres in the gas window. Blocks that have seen development are