I understand the frustration setting from recent chat. The waiting (I am approaching 11 years, like some of you) is a drag. My goal after the discovery was $1 per share. That has gotten knocked down for reasons not worth recounting. My guess is the final value would be in the range $0.25-0.50 per share if the drilling proves out what has been discussed ad nauseum.
I have continued to use periods of boredom to build my position which currently has an average cost of about $0.11 per share. If we get a price in the range of my estimate within the next couple of years, return will be in the range of 10-20% compounded. While not what one hopes for in such a speculative company, the investment would be good, if things play out. Here's guessing just like you, but at least based the few factors we have. Guesses in the multiples of a dollar seem a far reach, but anything is possible.
You are incorrect in your assessment of where POQ stands in my book. He arrived a bit before I was introduced to FOG. At that time I understood the company had been poorly managed and needed a prudent manager to see the company through difficult times ahead. Unfortunately in my opinion, what we got was a mixed bag. Most expenses were trimmed to appropriate levels, but for whatever reason the board approved an overly generous compensation package, which we are still subjected to. Additionally, we hired a nice lady who is paid well to do work POQ could have done to keep from being bored. Then because of factors generally beyond POQ's control, he has enjoyed the sweetest deal one can imagine for such a miniscule company. So, in summary he has negotiated well with what he had to work with, but if he had listened to better advise and done a financing at a more opportune time.i.e. where the price was over $0.30 we could have avoided a lot of what are useless, water under the bridge comments from me. The board failed to represent the shareholders' interests in my opinion. POODS
Despite the issues we have endured, the geology is what has kept me interested in Beetaloo; the rest is worthless to me. Unfortunately, a lot of time has been peed away and energy pricing is poor. That said, I have finally added my last 500k shares and am complete at 3mm shares. So, hoping with this last round of funding commitment, our immediate future, which is tied to Origin and not FOG management / board, will bring us some good news.
As I read this morning's interesting comments about the negative aspects of the FOG / POQ saga, I cannot help but scratch my head. For years now my comments have seemingly fallen on deaf ears. Shareholders have a responsibility and can do such with their votes each year. Why have my fellow shareholders been reluctant to use the single most powerful tool to correct inequities. If anyone is friendly with any of our outside directors, there perhaps could be a constructive conversation started? POODS
Feel free to send it to forward my comment to Conrad. Unfortunately, the my emails do not get responded to from either Ann or POQ, and I do not have emails address for others. I did mention quite some time ago I either spoke or emailed a board member named George? which was a waste of time. POQ apparently has quite the fan club on the board. Additionally, I tried to get to the Renova group through an intermediary and silence was the response. POODS
Appreciate your support, but would differ slightly as regards management. POQ is OVERPAID and board should address this. Ann's function could be handled by a service, but am not sure that is as necessary as cutting POQ's compensation in half or more and not granting any more options to him. I wish I had a better handle on the board, but simply do not. But, thanks for your support in moving the conservation toward my goal. And fellow shareholders, please keep these thoughts in mind when the next AGM takes place. POODS
I wrote this earlier this week which I think speaks to your question regarding why POQ did the transaction he did. Bottom line is he traded our position down for a whole lot less than if he tried to raise $$ from an underwriting. He understands he has lost too much credibility (the underwriting community simply said "no way") to go make a fool of himself. The Beetaloo find appears real, and if POQ stops shooting himself in the foot, Iwe hopefully will be okay. That said, I still wonder why the board seems to be so quiet?
My comment earlier this week follows:
"I do appreciate the feedback statements with regards my observation this morning. The reality is POQ could have listened to the proposal on the phone if he did not. The reason is the Origin deal is the best affirmation we have of the perceived value and for POQ to try to go on a roadshow to sell another round of shares and express what he thinks versus what we got, would in my opinion resulted in 2-3x the dilution we received in Origin's fair deal. Let's hope we can see the results in our lifetime or certainly for a certain salary necessitates additional dilution. Where is our board"?
I do appreciate the feedbacks statements with regards to my observation this morning. The reality is POQ could have listened to the proposal on the phone if he did not. The reason is the Origin deal is the best affirmation we have of the perceived value and for POQ to try to go on a roadshow to sell another round of shares and express what he thinks versus what we got, would in my opinion resulted in 2-3x the dilution we received in Origin's fair deal. Let's hope we can see the results in our lifetime or certainly for a certain salary necessitates additional dilution. Where is our board?
As is clear the turn of events has been difficult for all including the over-compensated POQ. Under the latest circumstances and given the missed opportunities to help ourselves and with our back to the wall, POQ has pulled off a decent deal, which if nothing else shows us Origin believes Beetaloo to be a winner. So, POQ will pat himself on the back and keep his salary for awhile, never thinking he should chop his salary as a show of faith to his shareholders and equally important, realize he overpaid. If his options workout he will be fairly compensated.
While this agreement dilutes our interest in the Beetaloo, it is reasonable under the circumstances. While we missed a great golden opportunity long ago, this deal shows the indicated strength of Beetaloo geology. If this works out as I am hoping, he will do well and hopefully investors will do okay. I have now been in this for 10 years and 2 weeks, as have several of you. 98% of the time has been miserable, but "no pain, no gain". Best to all of you. POODS
Certainly a nasty but not expected news release given the current state of events. If one wants to assume the best scientists in the world will figure out a vaccine before it's too late and Russia decides they are shooting themselves in the foot. Then we might see the price of energy adjust upward to the level Russia is not draining their cash reserves, which is about the mid-$30's. In that case we could restart drilling. In the meantime the open question to keep the CHAT going is whether POQ gets a raise, or sanity sets in and his salary is reduced by perhaps 50%? Fair question: what are you going to do Philip?
With you today as just purchased 150k shares at 7.41 US. Order filled in a nanosecond, so seller(s) still out there. 350k shares to go on this round........always hopefully. Poods
Agree with you general sentiments, as the current price being even less than my long standing 10p target. I have put bid under the market on some days, hoping to catch some unusual / forced selling. Have not caught any shares yet but suspect my next 500k shares may come in unexpectedly. In any case, while certainly some things have changed since my last purchases, the encouraging geology and a good dose of patience hopefully will pay off. I suspect POQ is very happy not to feel he needs to speak during this waiting period.
No need to visit with POQ because he does not listen and / or understand what 50+ years of investment experience has taught me. As I have mentioned in the old days I would made an effort to change things as I did many years ago, but too old to try and sense most shareholders are happy to chat and hold.