George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
WetWater-
Thank you. I initially was concerned when David? left Origin to go to I think Santos? Questions are an indication of the number of years that has passed and my age. In any event, following David's departure there were several events in the drilling process that gave me comfort they were on their toes. POQ is something else, but probably is qualified to repeat what he is told by Origin. POODS
BCnatgas-
Thanks for your note, but think I might respond a little differently. The Origin drilling experience is part of the oil and gas business; as the bumper sticker says "**** Happens". We do not know enough to say the operators have done a good or bad job; at least I have not heard anyone with the true facts as opposed to opinions expressing understandable frustration. My fault is not this, nor the unfortunate political spats we have encountered. The fault is with our board who seem to find POQ the perfect manager based on his compensation. That is where my frustration is and to a lesser extent, we have a CFO, who I suspect is a fine lady, but POQ apparently is a CPA and could collect the 8-10 envelopes that come in each month and walk them over to the the firm's accountants. He wouldn't even need to (God forbid) open his ledger / journal and make the entries a child could make if taught. I hope that makes clear to those who wonder what is my concern. POQ enjoy the club POODS
All,
Thought it worth responding to those who wonder if I am still walking? Yes, that I am doing , a little better each day as my wife's' ashes rest near me. Hardest thing I have ever had to endure; makes the FOG sage look like "pulp fiction" for those of you who know the literary term.
I did want to say the commentary of late in this chatroom is a credit to the several of you who really understanding both the technical issues and and the seeming fiscal mismanagement being inflicted on shareholders. Perhaps not all agree with this assessment. More importantly, while painful to watch the hairpulling drilling results, we appear to be watching Origin learn as one often does in drilling in a new structure. They can look at previously drilled analogous structures, but the truth is they rarely are are identical when you get to the fine details. For my "two cents" I believe we are creeping toward a just reward for our collective pain of waiting. I have even giving some thought to adding as the seller continues to sell out to the extent the market can absorb their shares. So, let me end here and wish each of you a good year and a successful new field of dreams! POODS
dprussky etal-
While I finally go into the AGM call I missed the beginning of the meeting. I tried to ask several questions but the "monitor" never recognized my repeated requests to be heard…..what a surprise. I wonder if others were also unable to ask a question? I am curious if the actually votes were posted and spoken specifically on the call. Most curious to hear whether enough FOG shareholders voted NO to all or many of the items? If someone have the voting totals, please post them for those of us who never saw them. POODS
Who knows what the FOG board of directors might due, but from what I think I read correctly, POQ finally put some money on the table with the shares very depressing. The proxy indicated he holds something over 7 million shares. If this is in fact correct, POQ who is not much of a manager, seems to feel the information he is receiving and to a certain extent each of us, that the formation should be productive, once the geological issues are dealt with. Those who belittle Origin are not knowledgeable as to the "art and science" of drilling operations. Even a "no brainer well" is never such. Origin is the operator but not the driller of the well. They have engaged the best companies to drill and service the operation. Wells can and are expensive most of the time because of the geology and not "operator error". So far as shareholder of FOG, we have drawn a bad lot in the management, including the board who seem to have their heads in the sand. That said Origin are no fools and other companies in the area are beginning to demonstrate with their results the resource may indeed be enormous. I pretty much figured my son would know the results of these efforts rather than me. That may still be the case, but think at this point, while most of us are irritated at the corporate abuse of shareholder funds, the resource still seems good and let's hope does not get diluted further in order to continue funding POQ's golf lessons. POODS
I am delighted a few of you are finally realizing some of the things I have been kidded about for years. This is a sad deal, but not entirely 100% POQ's fault. Nonetheless, he is overpaid, but he probably has a no cut contract? I have been absent from the board awhile as I have been with helping care for my wife in her final days of her battle with cancer. For those who have experienced cancer, it something you never forget. POQ and cancer seem equals in my book. Thanks for joining me expressing your dissatisfaction with him.Still hold all my shares and were voted against all possible. POODS
All-
I understand the pain many of us are suffering. As far POQ is concerned he is lucky to have been selected for this "cherry job" and do not feel anything will change there and he and the board are of like mind. So, remember the geology is driving Origin to spend an immense amount of money for a company their size. What geological results we have been shown are encouraging to several chatters with far more oil knowledge than I. And partly on their opinions I have built my position, which recently has been committed on in a negative. I normally would never disclose my position unless required to in legal filing. The only reason I have disclosed it and will not do so in the future was to help those with weak knees to understand why FOG seems a decent hold. I have never bought so much that would be uncomfortable from a financial standpoint.
I told POQ some time ago to Shut the F___ Up because the market has confirmed he is helping the situation. Until recently he has been pretty good at being quiet. When he does slip up, more selling seems to appear which is to say the least discouraging.
No one has responded to the actual vote totals in the past and it may well be filing those numbers is not required overseas as they are in the U.S. Frankly, at this point it makes no difference. I will continue to do my selective voting irrespective because it is my right as a shareholder and was only mentioning it in case some of you thought it a sin!! It is not. This is I expect my last chat comment and hope it turns out. POODS
dprussky_
I am responding to you because many FOG seem to respect for good reason your opinion / inputs. Yesterday, we finally received the "minimalist" proxy FOG is known for. It is time for me to vote my shares for this year. Despite my efforts to find a record of previous votes, such has not been found. Yes, if I had flown to Ireland and attending the AGM perhaps a shareholder can hear the results. If I am able to watch this year's AGM, it hope to see for myself if I am the sole voter who opposing certain proposals. I look forward to seeing where fellow shareholders stand with regards their personal holdings. POODS
Darnitagain etal-
In addition to my comment to you below, I would add POQ has in my opinion been told to go work on his golf game and let the professionals do the hard work of determining the next steps in the important project for both Origin and Falcon. This is not amateur hour and keeping POQ from commenting is evident and reduces the stock's wild swings. It seem the recent Sweetpea transaction was most probably a legal motion to move a step forward to something, which I have no idea. However, the shares continue to trade as if the referee continues as his has i.e. sell as he can to liquidate the estate. POODS
Darnitagain- your comment:
"I hear you. I temper my fears by telling myself this is Origin, and they have demonstrated that they don't do anything fast or even timely."
Do not believe from what I have seen from Origin your comment is fair. I suggest there are good reasons for them to be silent and not being a set of "loose lips". There is a lot of money riding on correct analysis by their people and the service companies they consult. Not like they can jump in their cars and motor out to the sight. Granted much is in computer but if you have ever been on a drilling location you would better understand my comments. Patience....I feel the news will be positive. POODS
BuckeyeBuff etal-
I spoke one time to Cenkos and the fellow stated he was in corporate finance. My sense was, Cenkos buying the entire block and re-offering to investors was not appetizing to them. No reason was given, but like you suspect it was either limited capital on their part or no real institutional following and therefore no interest, as their retail depth seems limited. This whole FOG matter has been so secretly handed, there is a reason the shares trade where they do. Being forthcoming with full disclosure is not the credo we receive, although we are entitled to in due course.
As to the comment someone suggested I go to the AGM or take to the mic during the meeting, I am confident POQ would turn the mic off, as Trump may experience soon. Origin is running this project, POQ is enriching himself and we are only subject to conjecture what is really going on. Is this anyway to run a company you ask? Change the management could allow shareholders to be represented as the owners of FOG and alienated ones. POODS
Oilcountry99_
Only thing I can think of, but do not know the bankruptcy laws, is this is a step in the direction of what you mention as a possibility. While I do not see FOG buying the shares, I could see Origin buying them. Perhaps, another chatroom member knows the answer. It is possible POQ knows, but doubt Origin would let him know until done, as there is no advantage to stirring up the pot, so to speak. As has been said many a time, sit await. POODS
UltraPetroleum-
Regarding your, my and many others frustration with the underperformance of FOG, there are several issues. First, is the relatively new issue of global energy prices being depressed. Given that, any initial Beetaloo production success for Origin / FOG may result in prices greater than global prices for awhile given Australia's needs, but that may not be the case long term. Hopefully, as the global economy recovers from the effects of COVID and the need for more energy increases, we can count on Russia and OPEC to increase production, as they are burning cash reserves rapidly and have little in the way of other income sources. Secondly, a majority of our fellow shareholders continue to re-elect Philip, as the board simply does not offer to change POQ for the simple reason, a management search requires hard work on the part of certain board members and a certain amount of funding. I do not know any of the board personally so can only judge them based on my years of experience in such matters, which included being a voice / votes in changes of leadership where warranted. I think in the case of FOG, frankly those who care are either too old (like me) to do anything other than use their votes, or in some cases cannot afford to get involved because they need to support their families and not take the time needed to travel and do the legwork required. So, at this point while I understand the frustration, I have simply added shares during these boredom periods. Finally, poor public relation efforts have resulted in a general disbelief there is anything yet "to take to the bank." So if I live long enough, perhaps the drill bit will deliver a string of undeniable results that cannot be ignored. POODS