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•Posted byu/Flat-Club2796
23 days ago

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Beetaloo Govt Backed Beetaloo Basin - Santos, Origin and Falcon; could be largest shale gas deposit in world
YOLO
https://www.reddit.com/r/stocks/comments/l74f7c/falcon_oil_and_gas_beetaloo_basin/glmpetk?utm_source=share&utm_medium=web2x&context=3

Newt - I agree. I was ignoring the rantings and focusing on the possibility that the Sweetpea shares might be off the market.

part 3:

Petrohunter Energy Corporation, which was bankrupt.

It’s unclear how the ownership of Sweetpea came to be in Longview’s hands following TS Capital’s acquisition.

Telles is also Longview’s registered agent in California. He did not respond to questions about Sweetpea’s ownership emailed to him by Guardian Australia at his law firm address.

O’Quigley did not answer Guardian Australia’s detailed questions about Falcon’s ownership structure or the roles of Vekselberg and Mayorets at the company.

In an email, he said Falcon met corporate disclosure rules set down by the Canadian government.

The Coalition's plan to use gas to stimulate manufacturing will fail
Guy Dundas
Read more
In its report released this week, Publish What You Pay and the Tax Justice Network raised concerns about the structures of Falcon and other companies in the gas sector and said the Morrison government should rule out using taxpayers’ money to effectively subsidise operators that have unclear ownership or are registered in tax havens.

“The government must introduce a public list of the people who ultimately own and financially benefit from companies,” the director of Publish What You Pay, Clancy Moore, said.

“Unfortunately, the recent open government partnership, led by the Department of the Prime Minister and Cabinet, seems to have slammed the door shut on a beneficial ownership register in Australia.”

The Tax Justice Network spokesman Mark Zirnsak said a beneficial ownership register would help the government ensure it was dealing with reliable people.

“If the companies in question break Australian law, there is a need to know that the ultimate owners can be held to account and not simply vanish behind the veil of an anonymous shell company,” he said.

“The Australian government also has an obligation to ensure the people it is dealing with are not under any sort of international sanctions, which will be impossible if the ultimate ownership is hidden.”

However, environment groups and Indigenous traditional landowners have long been concerned about the effect fracking the area might have on the water table.

Australian politics: subscribe by email
Read more
Indigenous groups, assisted by activist group GetUp, raised concerns about the project at last year’s Origin shareholder meeting and did so again at this year’s AGM on Tuesday.

“Origin has not tried to seek consent for fracking from the traditional owners, and we will never give it,” said Naomi Wilfred, an Alawa traditional owner whose country covers the northern part of the project.

An Origin spokesman said the company worked closely with traditional owners to determine drill sites and was not exploring for gas in the area covered by Wilfred’s claim.

A motion put up by the Australasian Centre for Corporate Responsibility calling on Origin to explain its arrangements with Beetaloo’s traditional owners failed, with 88% of votes cast against.

Last year, a South African commission of inquiry investigating bribery and fraud in the country’s government heard allegations from one individual that Falcon offered a South African company a facilities management contract in return for help getting the country’s prime minister to loosen fracking laws.

Falcon’s chief executive, Philip O’Quigley denied the allegations, the Irish Times reported, and the South African inquiry has not made any findings against Falcon.

A Vekselberg-controlled company called Lamesa Holdings owns 16% of Falcon, making it the company’s biggest shareholder. Another Russian businessman, Maxim Mayorets, who was formerly on the board of Vekselberg’s best-known corporate vehicle, Renova, also sits on the Falcon board.

Vekselberg, who Forbes values at more than US$11bn, made his fortune from aluminium and is famous for his collection of jewel-encrusted Faberge eggs, which is said to be the largest in the world.

In April 2018, the US treasury named him among seven oligarchs it hit with financial sanctions, freezing their US assets and prohibiting Americans from doing business with them, over a number of matters including the Russian invasion of Ukraine.

Treasury said he was “designated for operating in the energy sector of the Russian Federation economy” and at the same time banned his Renova group.

Falcon’s second-biggest shareholder, owning 6.28%, is an Australian company that has long been associated with the Beetaloo project, Sweetpea Petroleum.

The current owners of Sweetpea, Longview Petroleum, is registered in the US state of Delaware, but it remains unclear who exactly owns Longview.

Delaware has long been one of the world’s top secrecy jurisdictions due to issues including its banking laws and its failure to publicly disclose the shareholders of companies.

However, a US court last year allowed TS Capital, an investment company owned equally by lawyers Robert Telles and David Siegel, to buy Sweetpea from its previous owner, Petrohunt

Apologies if this was posted previously, but I just ran into this article.
A Faberge egg-collecting Russian oligarch who the US has hit with financial sanctions is set to benefit from the Morrison government’s gas-led recovery, it can be revealed.
And a mysterious company registered in secrecy-haven Delaware is also in line to reap dividends if one of the key gas basins the government has earmarked for quick development can be successfully fracked.
Viktor Vekselberg, who was sanctioned in 2018 over a number of matters including Russia’s invasion of Ukraine, and Delaware company Longview Petroleum, the ultimate owners of which are not clear, hold substantial stakes in Falcon Oil & Gas, which is involved in developing a fracking project in the Northern Territory’s Beetaloo basin.

The Beetaloo basin is one of five gas basins flagged for “unlocking” by the resources minister, Keith Pitt, who has set aside $28.3m to come up with “strategic basin plans” to accelerate their development. The move is part of the prime minister Scott Morrison’s plan to help revive the coronavirus-stricken economy through increased domestic gas production.

Falcon is one of several overseas companies identified as standing to benefit from any gas boom by activist groups Publish What You Pay and the Tax Justice Network, which in a new report raised concerns about opaque ownership structures and the use of tax and secrecy jurisdictions in the sector as a whole.

The company, which is registered in Canada but run from Ireland, owns a little under a fifth of a Beetaloo basin exploration project, the rest of which is owned by the company charged with developing it – Australian energy group Origin Energy.

While Origin has yet to identify how much gas might be available in the exploration area, the sub-basin of which it is part has previously been identified by the NT government as the richest in the territory, containing about 70% of its gas.
Pitt and the energy minister, Angus Taylor, visited the Beetaloo basin over the weekend, with Taylor calling it “a world-class resource that has the potential to drive significant development in the Top End to create local jobs and help Australia remain a world leader in gas”.

Pitt last month committed the government to developing a strategic basin plan for the area, which a spokesman for the minister told Guardian Australia would “establish what resource opportunities are present; how we can accelerate, coordinate, and optimise development; and how this will secure gas supplies for Australian manufacturing and provide jobs for Australian workers and opportunity for Australian businesses”.

https://www.theguardian.com/australia-news/2020/oct/20/putins-blackl

I would prefer to keep this board positive and useful. Post info relevant to this stock,. Do not post reviews of the people that are posting. I doubt that anyone cares what each of us thinks of each poster. Keep it relevant.

I di not spend much time analyzing, but an observation based on market cap of exploration and production companies, Santos and Origin both seemed to have a good pop. Of course Origin is a utility also, and the utilities generally did not see these share price appreciation.

resources support an expansion or LNG facilities there on top of supplying the east coast and the Gladstone export plants. That phase, also involving up to $1 billion, is anticipated in the early 2030s.Expectations around the potential for Beetaloo gas surged last month on better-than-expected test results from a well drilled by Santos and Tamboran, which caused Tamboran chief executive Joel Riddle to describe the region as "the hottest play on the planet".Mr Riddle was optimistic of initial volumes of gas from the Beetaloo reaching the east coast as early as 2023 or 2024, although Mr Tudor said 2025 was more realistic given the need for new pipeline infrastructure.In all, Jemena's plan involves building more than 2000 kilometres of pipeline infrastructure over the next five to 10 years. About 4000 jobs would be created, mostly in regional areas.But the plan is effectively in competition with other proposed pipelines targeting Beetaloo gas, including a 950 kilometre line proposed by Cheung Kong Group, Central Petroleum and Macquarie that would connect the NT to the east coast grid southwards via Moomba in South Australia's north. Pipeline giant APA Group is meanwhile examining a $700 million expansion of capacity to bring gas south from Queensland.Mr Tudor said the rivalry is healthy to ensure the most cost-effective option is built, but it was important to avoid duplication and leverage off infrastructure already in place.He said it made more sense to focus Beetaloo gas towards LNG export plants in Gladstone and to use LNG imports to meet demand in the south through terminals that could be more rapidly developed and take advantage of seasonal opportunities to buy cheaper cargoes during the Northern Hemisphere summer.The new Beetaloo pipeline, which would be open access, would have a capacity of about 180 terajoules a day, while the Galilee Gas Pipeline – already the focus of an infrastructure agreement between Jemena and explorer Galilee Energy – would be about 200 TJ/day. The NGP would be progressively expanded from around 90 TJ/day to 1000 TJ/day.The Galilee Basin is also among the strategic areas identified in the federal government's gas plan.

https://www.afr.com/companies/energy/jemena-eyes-partners-for-5b-plus-northern-gas-push-20201109-p56cri

Nov 11, 2020 – 12.00amPipeline owner Jemena has unveiled plans for a potential $5 billion-plus expansion and extension of its grid in Australia's north to bring gas from the remote Northern Territory to the east coast and is on the lookout for partners to join the ambitious project.A deal that the Chinese-controlled gas pipeline has signed with NT shale gas explorer Tamboran Resources for the transportation of gas from the Beetaloo Basin is the starting point for the expansion project, which would involve new pipelines in both the NT and Queensland.Jemena's Northern Gas Pipeline between Tennant Creek and Mount Isa would be expanded as part of the plan. Jemena"It’s part of a broader strategy to develop the critical infrastructure that's required to get the Beetaloo effectively moving quickly, and then the ability to scale it up as well," Jemena chief executive Frank Tudor said in an interview."It's going to be an enormous challenge in terms of he opportunities in the North and the South and we would certainly be open to working with partners to develop that."While unlisted Jemena, owned by China's State Grid Corporation and Singapore Power, hasn't previously partnered up for gas pipelines, Mr Tudor said it "makes sense" given the size of the project, the risks and the development lead times involved.Speaking ahead of a formal announcement of the plan at a conference in Darwin on Wednesday, he said partners could "absolutely" include infrastructure investors or pension funds: "Australian-based super funds... all of those would make admirable partners."The venture could apply for funding support from federal government initiatives to promote gas infrastructure, either through measures included in the gas plan for a recovery from COVID-19 or the Northern Australia Infrastructure Facility.The Beetaloo Basin is one of the strategic gas provinces singled out in the Morrison government's gas plan announced in September, which also set out the aim to develop the gas hub at Wallumbilla near Roma into a mini version of the US's Henry Hub."If we are talking about having to up-size a pipeline above what the immediate requirements were with a view to a longer-term game, then yes that's certainly something we talk to government about, and the likes of NAIF and other potential government agencies that could support that effort," Mr Tudor said.The project would start with two new billion-dollar pipelines, one to connect the Beetaloo to Jemena's Northern Gas Pipeline between Tennant Creek and Mount Isa in Queensland, the only existing pipeline outlet for NT gas beyond its borders, and the second to connect the inland Galilee Basin in Queensland to Wallumbilla. Those could be completed by 2025.The biggest part of the project involves a circa $3 billion expansion of the small NGP and its extension to link with the Galilee pipeline, envisaged in the late 2020s.A third phase would see the Beetaloo pipeline extended north to Darwin, assuming the basin's vas

Origin could be keeping this tight for several reason, including competitive reasons and wanting to be consitent with their practice of when and what they disclose in press releases. There are lots of U.S. E&P companies that do not announce well results, period. Many smaller companies tend to want to press release everything. Regardless, I do not think that Origin or FOG stated in any press release that they would announce preliminary results.

FOG's October 2 press release stated: "Early stage gas flow rates are expected in the coming weeks" Note that they did not say they would announce results of the early state gas flow rates."

"Philip O’Quigley (CEO of Falcon) commented: 'We look forward to the next phase of operations with the production testing of the Kyalla 117 well and will update the market as results become available.'" Note that they did say they will update production testing as results become available.

IT - Petrohunter filed for a Chapter 7 liquidation in 2016, meaning it will be completely liquidated. The Bankruptcy Trustee is most likely liquidating the shares of Falcon. This may be the last step before winding it up. At the time of its 2016 bankruptcy, PH owned 11 wellbores in the Piceance Basin in western Colorado, plus two exploration permits in Australia. As its remaining assets (probably only the Falcon shares)are sold off, it makes distributions to the note holders based on their priority. The RENN Fund was one noteholder holding $1 MM of one class of notes, and it announced that it had received a distribution from the Petrohunter bankruptcy estate. I could not determined from the limited data available free of cost online how many shares of Falcon have been sold. If someone were to look into the bankruptcy filings, they could most likely determine what remains to be sold. Here is a link to a site that can be subscribed to for the filings.
https://www.docketbird.com/court-cases/PetroHunter-Energy-Corporation/cob-1:2016-bk-20197

While this is a good data point, there is a lot of science required to on these vast resources. Hopefully the producers drilling these initial wells are sharing their proprietary data with one another. I like hearing the comparison to the Marcellus, but time will tell.

WW - I am not an engineer either but have been in the business for 40 years. This is a good description of the process. Thank you.

Can someone paste the text of the article? Thanks

It appears that there have not been any trades on the London exchange since February 12. Any ideas as to why?

https://seekingalpha.com/article/4321978-natural-gas-capital-retreat-to-send-prices-50-higher

Does December half mean the first six months of the year or the last six months?

https://www.afr.com/companies/energy/petroleum-exploration-defies-critics-as-drilling-takes-off-20200127-p53v4q

Santos chief executive Kevin Gallagher last week said initial results from the vertical well were encouraging and pointed to the December half for results from horizontal drilling.

Knight - good question, especially given that Empire's share price is higher based on news about its 2D shoot. My guess is Sweet Pea or someone else still liquidating a large position.

Interestingly, the first 2 reported vertical wells in the Utica Shale also IP'd at 1 MMCfd.
https://www.oilandgas360.com/utica-shale-review-the-evolution-of-a-world-class-shale-play/

WW - thank you. No one could have said it any better! RG