Member Info for Phil164

Now less than 21 months away, and as referred to in the 28th Sept 2012 half yearly results, Border's licences have a requirement for at least one exploration well to be drilled before that date. A sobering thought maybe for some who appear to be getting rather excited on here. I am not a deramper as has been suggested by someone today, nor am I "jealous" of those who have bought into this now, my average is nowhere near as high as many long termers on here and you may still make money but my view having been invested here on and off for 3 or 4 years is that it is now a real punt. To me any development of the sfb now looks significantly less likely than it did even 12 months ago. AIMHO.

Trust me Pal, I would not walk away from you just cannot stand keyboard Trolls who use these boards to name call and throw insults when they don't agree with someone else's view. You just keep re-hashing those old RNS's I've read them all before. Now go ahead and post whatever reply you want, I'm done with you.

Second thoughts and much easier, I will just filter you. Done

Firstly I'm not deramping and as regular contributors to this board know I am along term holder, secondly disprove the facts I have given and learn to spell my name right before calling me stupid, actually don't bother because you cannot. If you say humpback was a flop then you clearly are more in the know that anyone else since all that Noble said was that is was not commercial, no further explanation, no fluid analysis, nothing. Border have a savvy board? ohh that is a good one look back at the posts by most on here over the last 2 years and I doubt you will find many agreeing. They started their farm out process 3 years ago, any result ? Yes really savvy.

The "big boys" are in here because many stumped up at a price of 84p when border raised £46m in 2012 and at 50p in 2009. Just as a matter of interest do you know what value was assigned to ALL of FOGL's southern basin licences in the merger valuation with RKH - Zero, absolutely zip. A lot more needs to change in the global market for this share ever to have a chance, why do you think Humpback was deemed "not commercial" by Noble, because no find in the sfb is commercial at current prices due to extraction costs, If you are lucky enough to have got into this at sub 2p and are making a profit then good luck to you but please quit the ramping.

Think people still reeling from the shock of the last month but nothing has changed ref this drill if it comes in as good as we all hope it will be the gamechanger for the FIs imho, will bring prospects of production a huge step closer and help attract another major partner.

Sorry to the many angry people on here but this merger is the best option imho, if you want to blame anybody then yes the bod must take their share but so must noble who i believe saw an opportunity to put their smaller partner between a rock and a hard place and look to claim the spoils, just my humble opinion.

I am very sceptical about noble following the odd goings on re the humpback drill, my preference as a fogl shareholder would be to have nothing further to do with them, feel free to hurl abuse it will be water off a ducks back.

Well said.

Everyone is entitled to state their opinion, but judging from your post and the fact I have not seen you on this board before then if I can assume anything it would be that you are an ARG shareholder but possibly not FOGL. If that is the case please can you explain why you are on here and what exactly are you adding to the discussion ?

Surely specific details of what surity fogl have provided to noble should be released to shareholders, it is clearly material to the merger proposal.

Surely the board of fogl could not allow the company to fail or lose their acreage for the sake of a couple of million dollars to cover the noble debt

The fogl board clearly are confident that they will recoup enough funds to more than cover the gap, but I accept your point that that is not certain. What worries me is who has control over triggering this security clause and when can it be triggered. I hope there is a back up plan B such as even a very minor rights issue for even £5m, although I accept you explained earlier today the practical problems there could be with that .

Am I right in reading under 6.1 that the debt to Noble / Edison is capped at a max of $15m ? FOGL currently have $8.7m and are due another $5m from the cancellation of Jayne East, so in total if that is the case almost enough to pay the o/s cost on humpback. To assign security over all their licences to Noble for this comparatively small (in corporate terms) debt seems alarming to me, under what circumstances and when would Noble be able to trigger this agreement. If I was a cynic it would be easy to draw the conclusion that Noble have engineered this, all imho.

Clearly up for an argument, well sorry but I have better things to do, to urge people to think of the consequences when making a decision is simple common sense but beyond that you can jog on, I have done my research and know what I will be doing.

Where did I say beware of voting no ? You have clearly made up your own mind and that is your right, allow others to make up theirs.

Everybody will make their own decision as is their right, all I would urge is that people consider carefully the worst case repercussions of rejecting this deal, they may be very real and may leave all us PIs with nothing. I am disappointed with the timing and terms but better to have a decent holding in something which we can then wait for recovery rather than nothing at all

I am sure you did, you are one of the people I would rely on on here to read and understand every word of the rns, so I accept what you are saying, Noble have agreed to defer the debt pending resolution of the insurance claim etc, do you think they could change their mind and sink fogl by calling it in ?

Please see section titled fogl current trading position towards bottom of most recent rns.

If you read the bottom section of the fogl rns where the numbers are they say they are confident they have.