Member Info for Origin789

Sorry, POQ, not POK!

Hi Oddie, I'd like to ask POK about the issues around the re-branding and reverse split, the cost of doing this, and where the money is coming from to pay for this.

The 250-1 reverse split may be the reason the price is falling, seems people just want to sell and cut their losses, despite being in a good position with a 22. 5% share and heading into production - which is what POQ previously stated we couldn't afford to do.

Thanks IT, that's good news, flow results expected in Q1 2025, and production in H1 2026, subject to approvals etc..

00:02

Thanks for posting Schlemiel, hoping that lil ole foggy comes good. Ill second Marshys comment concerning Newtofo, I sure miss his posts and his positive outlook. The was no need for others with a less rosy view to be so damning.

Thanks for posting Schlemiel, going that lil ole foggy comes good. Ill second Marshys comment concerning Newtofo, I sure mi

Thanks WW, good post, I believe that POQ has done the best with the cards he holds, we are hanging in there, with minimal raise / dilution, so we are still in with the game. GLA.

Thank you for posting the article Schlemiel, thats an encouraging read, much appreciated.

Many thanks to Oleo for taking the time to write the open letter on behalf of many here. Best wishes to Poods for a full recovery.

Very disappointed to read today's RNS, hard to find the positives of this raise and the timing.

Link to Empire Article:

https://www.proactiveinvestors.co.uk/companies/news/1045237/empire-energy-completes-sale-of-us-oil-and-gas-assets-receives-us-5-9-million-upfront-payment-1045237.html

Empire’s managing director Alex Underwood said: "The Empire team is delighted to have successfully executed its US asset divestment program.

"Empire will be a pure-play Beetaloo/McArthur Basin-focused developer while retaining a free-carried interest in shale rights in the United States at little to no cost to shareholders.”

Full focus on Beetaloo Basin

He added: "In 2018, Empire was carrying US$38 million of debt against its US assets, supported by only US$4 million of EBITDA to service that debt. Empire sold its Kansas assets in 2019 which reduced the US debt, and this transaction results in full repayment of the US debt and return of over US$2 million in cash to support Empire’s Beetaloo-focused strategy.

"Empire can now focus its full attention on the development of the world-class Beetaloo Basin, which in the success case will provide the people of the Northern Territory with sorely needed energy security and employment, royalty income to the Northern Territory Government, deliver large volumes of gas into the chronically undersupplied Australian East Coast market, and provide energy security for the broader Asian region via LNG export.”

Thanks Dprussky, great to hear Empire calling out the success of the SSH1, and being genuinely stunned by how well it has performed with such a minimal rate of decline. Great to hear that the success of this well is being talked about in the US, our £1 could be a possibility! GLA.

Yes, flare appears to be larger, it measures approx 20m more in diameter than the flare from March, possibly a good sign.

Flare looks great, and seems to be larger in diameter than previous images???

Your right bloobird, I think i had a senior moment there.

Yes, I agree. The more things gear up towards production, the more expensive our 22.5% becomes, which is why the opt out was a smart move for Falcon, with the cards we hold, and we avoid diluting, or reducing our percentage.

I hope this won't be the case, but could POQ consider selling part of our acreage or sell individual blocks of 72,000 acres?

If so, the price per acre would be hefty, Aus is possibly the place most big companies would choose to be in the world at this moment!

Absolutely, it is good to see Philip is not afraid to use our opt out clause, it feels rather smug to sit here and wait for Tamboran to do the dirty work, proving up our resource for us... and without effectively reducing our overall percentage. I think we can now see the deal POQ made will benefit us all. GLA.

Thanks WW, good points, well made, I fully agree, its a smart move by POQ. The alternative would be unnecessary dilution with the cost, risk, and further weakened SP should the two 3km wells not go as hoped.

Good to hear from you Poods, your genuinely the only person on here where the old addage ' you can always buy cheaper' doesn't apply! I think POQ had made the right decision with the cards we hold, and this short term pain will benefit us all in next 12 to 18 months, if TAM can do it's bit! GLA.