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To those of you who are knowledgeable regarding the drilling process; is it possible to get a read on presence of liquids and the likelihood of success through the initial drilling of the Kyalla prior to the fracking of the well? I am assuming we can encounter the presence of liquids prior to fracking but just won’t know the true potential. I am also assuming that the lack of encountering of liquids from the initial drilling does not necessarily indicate failure since fracking can expose the presence of liquids. Thanks for any insight that can be provided. IT’S A GOOD DAY FOR ALL AND ESPECIALLY THOSE OF US WHO HAVE BEEN AROUND FOR 13 YEARS! Congratulations to POQ. He has taken a great deal of criticism so now it’s time to give him some praise.
I believe the permit will be issued 90 days from the date it was accepted. If the regulatory agency has 90 days within their guidelines, they will take the full 90 days. I believe I read the application for the Kyalla was accepted May 3rd. That tells me it will be the first few days in August.
Sorry I am not able to get this to forward but the document states the date of approval is 8/4/2019 for the Kyalla Well EMP Civil Permit. It appears to be a status report for the 200 page application. I can’t determine if this is prepared by Origins or the NT govt. This would follow the 90 day response requirement since the permit application was accepted 5/3/2019.
This obviously appears tragic and confirms my greatest fear. However, just because a law suit is filed, either the government must stop their anticipated issuance of the EMP for the drilling and fracking of the 2 wells or the court must grant the injunction on behalf of the plaintiff? Just because a suit gets filed does mean everything must stop and can’t go forward. It will require Gunter and his government to change their appeared course of action. What am I missing?
Poods,
You know you all most have me convinced on submitting your name as a candidate to replace POQ (alias “bean counter” in your words) as CEO come the annual meeting next year. After all, a bean counter has no business throwing out a company like Hess and making such a poor deal with Origins, or negotiating a deal to get rid of royalties, or allowing a well to be fracked when knowing a moratorium was in the works. A bean counter should be fired for such actions of insubordination! On second thought, I’m very comfortable with our CEO, alias “bean counter”, and I hope for all of our sakes he has enough golden beans to fill your 2M poods so you can show him the respect he already has earned and deserves!
Chip,
Exactly how have we been short changed? Is it because our leadership elected to walk away from the Hess deal and make a deal with Origins? Is it because our leadership negotiated a deal eliminating all but a small fraction of a royalty? Is it because our leadership and Origins elected to frack a well days before the fracking moratorium in the NT goes into place that results in a Discovery, causing the NT government to recognize the potential for the region? Is it because our leadership and Origins agreed to move to the next phase of our farm out agreement in order to determine the stacked play potential sooner rather than later? As WetWater and Newtofo have stated many times over, the value of our holdings will ultimately be determined when our potential buyers are shown that the resources exist and can be extracted in a manner that makes it a win for them. The stock price now and in between the time the flow rates are revealed is irrelevant, just noise to allow us to have these fun exchanges.
WW,
Thank you for the excellent summary and the clarification of the cash position and the potential for the need to raise cash should we go beyond 2020. Did you sense from POQ’s comments that there may be a buyer out there for the falcon interest prior to moving into 2020 in the event the 2019 drilling campaign experiences great success? BTW, I agree with your opinion of a realistic selling price of $2-$3.
WetWater, I look forward to hearing your report from the AGM. I don’t anticipate anything new since these events have not generated news in the past but perhaps a few more tea leaves may be revealed relating to an upcoming drill date. I appreciate the input you provide to this board along with others who provide much appreciated technical data relating to the actual resource, particularly newtofo and those who have worked in the industry. I have very little knowledge of the technical aspects of the industry, but I believe the investment has great potential as well as significant risk. I have been a part of this journey since 2006 so that gives me a much greater appreciation of our current leadership and the major accomplishments they have achieved in recent years. For those who have come on board in more recent years, it is understandable their measurement of success is looked at from a different point of view. If you speak with Philip, tell him SandyDune says a big hello and I appreciate how he has navigated the waters. If we can just begin the drilling and fracking In the Spring of 2019, we will finally have our fate determined by the actual resource. Safe travels to the meeting.
Poods,
I’m really beginning to wonder your motives? It seems someone holding 2M shares should have known that POQ has not been our CEO for the past 10 years and that POQ should not receive blame for the past sins of past CEOs and the mistakes of Brunner within those 10 years. And in your most recent response to Philmickelson you claim you have been telling POQ for YEARS he should be trying to raise funds through a reserve split. Please explain to me how the market could have reacted positively YEARS ago to a fund raising effort when I just bought my last batch of shares at $.07 US right before the announcement of the discovery which I believe was only about 18 months ago? I sincerely hope those you are encouraging to be vocal regarding our leadership’s management make those decisions on their own and not rely on your advice. As I have stated before I believe you to be a wise investor and you understand the huge potential but I believe your frustration with time delays and the uncertainty of how long our cash will last is causing you to lose track of specific dates which IMO has caused you to blame leadership that has only given us significant hope.
Did I miss something? Is it 2020 and we still haven’t been able to drill yet? We all know 2019 is the critical time period for hopefully achieving successful drilling with great flow results. IMO, this is the only thing that will cause the stock price to move positively in a material way and more importantly cause the bidding process to begin for the falcon interest. I think anyone expecting some rabbit out of the hat at the AMG will be disappointed. These events have never moved the needle in the past. The change in value of the stock at this point is just noise. If you believe in the resource and feel the drilling will commence again in 2019, then this quiet time is an opportunity.
Poods, You and I obviously disagree on the granting of options. As you know options can only act as a reward and value to the holder if the company experiences success. This requires the team to put its best effort forward to achieve this success for both selfish and company reasons. This is far better than increasing salaries that have very little value to encourage a win for all. Yes, I would prefer no further options but if the price is at this level or higher, I hope they are exercised because that tells me our team believes in the direction things are going.
You guys amaze me. After years of the Bruner mess and his plants that followed until Philip’s arrival, we had zero hope. Along comes Caven with Philip and together they put the Hess deal together and then go up against the gorilla and call check mate by taking back 100% of the asset along with $80M worth of data. Not to mention negotiating a huge deal with those that were entitled to I believe 12% royalties that now are down to a small fraction. Oh, and then there is the structuring of the Origin deal and I suppose you believe that Philip had nothing to do with the timing of that last minute fracking job just prior to the moratorium going into effect, that obviously was of no value to the process of having the moratorium lifted since there was only that tiny discovery. GIVE ME A BREAK! Poods you obviously are a seasoned investor and one who has been blessed. I too am concerned with running out of cash but give credit where credit is due and be thankful we are in a position of hope as a result of our current leadership. Prior to POQ, there was no hope.
Can’t imagine that this will have an impact on Phase 2 of the Origin commitment with Falcon that was just negotiated. In fact, Origin probably was very strategic in the drilling selection locations in order to maximize value on a limited amount of area if in fact they intend on seeking a buyer. There just is no way they would walk without completing this crucial phase to establish value of the asset. Probably a magnificent gift to Falcon if they defaulted at this stage, however after waiting for so long for a this to finally pay off, I would rather have 30% of successful results of the phase 2 campaign than 100% of the unknown and more delays.
Poods, Rather than keep trying to convince us we are all inferior to your superior investor knowledge, why don’t you just go to the annual meeting and make your case. I would assume Philip and the board would react if the majority of shareholders demanded the board take the action you recommend. Otherwise, your opinion is in a minority position and Philip is treating that idea as he should. It’s nothing personal, like you said he has treated you with respect and in my opinion he’s just doing his job. You then can stay on the boat with the rest of us and wait for the real reason for the stock to move, or if you think we will be out of cash before the necessary flow results can be achieved to gain our reward, then you should perhaps sell now and watch the majority of us sink in the event your cash concerns are correct. I think you are a very saavy investor and realize what we have as a potential reward. I also think you have fears like several of us who have been invested in this like you have for 12 years. Those fears being that continued surprises and delays cause us to not make it to the finish line because we went broke.
Thank you newtofo for your insight. You have brought a great deal of balance and helpful information to this board. I had previously followed and posted a few times on the other board prior to the mass exodus. It has been a painful journey over the years but I believe Philip has positioned us to reap a marvelous reward. May our patience, determination and initial stupidity bring us favor over the next 24 months.