Member Info for schlemiel

Bit of advice. Cumulative buy and sell data does not reflect the true nature of all trades processed throughout the day or indeed througout the week

'dragged out the morgue'? Not literally I hope!

There's material value here which may explain the last bunch of reprobates that ran this company working with the AHCtte tried to nick the company for themselves. That alone speaks volumes

I am Mirabeau by the way -

From welshwiz on advfn -

'My valuation from a couple of days ago was incomplete.
I'm sure that CA will be able to give us more guidance on "the buried documents" soon enough, now that they are asserting their authority.
Prepare to be amazed....'

Mirabeau
21 Jul '21 - 08:49 - 29189 of 29195 Edit
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ww

What 'buried documents' are those fella-felless?

ta
welshwiz
21 Jul '21 - 09:00 - 29190 of 29195
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'Cant give you anymore Mirabeau. But it was speculated on towards the end of the court case that the old B.O.D knew that the assets where worth far higher than had been admitted.
You have to ask yourself also is there more "behind" CRS than meets the eye?
The true valuation was thrown to us as a clue and it was a m/cap approx 5 times higher than where we are now.'

Asuming the previous board tried hard to damage the valuation of the company. Who with? We shall see. Assuming they did then it would be logical to assume that the next step would be a natural revaluation of HUR's assets to their true, market value. IMHO, of course

Hull

That's an invaluable piece of info

: 'More than 25%: a shareholder with this minority shareholding can block special resolutions e.g. adopting new articles of association or changing the company’s name'

https://www.stephens-scown.co.uk/corporate-commercial/minority-vs-majority-shareholders-do-you-know-your-rights/

upped to 25%

Oh, I see. cheers fellas. My mistake

We signed up with Omni back in Jan. Now Smart Eye with the same company.

sense - Yes, hedging's a bit of a double edge sword. Great hedge when prices fall out of the sky, but a liability when prices roar away. And of course the cost of financing the hedge agreement.

Yes, the debt is the key here.

I can't wait for the next update. What will it contain and what will it cover?

I bet over time information will slowly emerge revealing the events leading up to the court case last month. I rekcon there's stuff to come out

Hedging at this level for a fair whack of Lancaster's production would be very sensible. Not sure of the total cash cost such a hedging agreement though. By all accounts they are complex agreements but locking in current prices would provide a solid base for Hurricane from which to move forward.

https://www.jw.com/wp-content/uploads/2016/03/2140-1.pdf

All event driven hedge funds seeking to profit from a specific corporate event. Asset strippers. Zacaroli saw through their scammy little sh-t

https://www.dentons.com/en/juancarlos-perez

Dentons will see a fees bonanza as mining takes off and I see this fella's involved in mining

nm

Pete - stop talking bollux

Thanks to James McCormack at Cenkos for the note

Recovering Unconventional Valuations – One potential commercialisation option
for Falcon following the discovery of commercial quantities of gas in the Beetaloo
involves the monetisation of its working interest. Whilst not an immediate
consideration, it is important to note that both the number and the average
US$/acre valuation of unconventional focussed deals has increased significantly
since the start of 2021 as the sector continues to recover from the impact of Covid-
19.

end

At A Significant Discount – Comparing Falcon to its Beetaloo focussed peers it is easy
to see why we believe that the value of Falcon’s Beetaloo assets is unrecognised
within the Company’s current market capitalisation. Having assigned 1.46Tcf of net
contingent resource around the Amungee NW-1H discovery in 2016, Falcon’s
acreage is further advanced than its peers and unlike both Empire Energy and
Tamboran Resources, Falcon’s 22.5% working interest is fully carried for its 2021
work programme.

Table 1: Beetaloo Peer Comparison
Company EV
(US$m)
EV/2C
(US$/boe)
EV/Prospective Resources
(US$/boe)

Falcon Oil & Gas 70.2 0.3 0.02
Empire Energy 96.1 3.4 0.02
Tamboran
Resources
166.1 N/A 0.09

Source: Cenkos Securities

At Tamboran’s current market cap (US$175m), the “look through” valuation for
Falcon would be 12.7p per share, c2.1x the current share price.
? A Significant Year for the Beetaloo – As we have previously highlighted, in addition
to Origin/Falcon’s comprehensive 2021 work programme, activity is accelerating
throughout the Beetaloo Basin:

? In EP 161, Santos and Tamboran Resources have completed the drilling of the
Tanumbirini-2H well to a depth of 4,800m, including a 1,000m horizontal section
within the Middle Velkerri B shale. The rig will now commence drilling of the
Tanumbirini-3H well to a similar TD, prior to fracture stimulating both wells with
10-20 stages and an expected 180-day flow test. Preliminary flow test results
from both the 2H and 3H wells are anticipated in Q4/21.

EP 161 lies adjacent to EP 76, where the Falcon/Origin JV will drill the Velkerri 76
vertical pilot well in 2021. However, unlike the Velkerri 76 well which will be
targeting the potentially more lucrative Velkerri shale liquids rich gas play, both
the Tanumbirini-2H and Tanumbirini-3H wells will be targeting the Velkerri shale
dry gas play – a play in which Falcon/Origin have already discovered 6.6Tcf of 2C
gross contingent resources through the Amungee NW-1H well, drilled in
2015/2016. The 6.6Tcf of 2C resources only covers an area of 1,968km2,
immediately surrounding the Amungee NW-1H well, with any success by
Santos/Tamboran likely to extend the Velkerri shale dry gas play fairway c100km
to the east. Santos have previously reported excellent testing results from the
Tanumbirini-1 vertical well, delivering an IP rate of >10mmscf/d with an average
rate of 1.1mmscf/d over 19 days.

On completion of the Tanumbirini-2H and Tanumbirini-3H wells, Santos and
Tamboran anticipate drilling two additional horizontal wells on EP 161 during
2022 (Inacumba 1H and 2H) to further delineate any additional resources,
capturing key data and informing future development activity.
? In EP 187, Empire Energy has executed a four-stage fracture stimulation at the
Carpentaria-1 vertical well. Over an initial 72-hour test period, the well achieved
a peak flow rate of 0.5MMscf/d, with an average flow rate of 0.365MMscf/d. As

Falcon Oil & Gas Ltd

Kyalla 117 Well Update

Activity has recommenced on the clean-up of the Kyalla 117 well. whilst
this has allowed the Kyalla 117 to begin flowing again without assistance
for intermittent periods, production has not been sustained and there is
evidence of a potential downhole flow restriction. Operations will now be
temporarily paused while the cause of the restriction is investigated. In
the meantime, the Falcon/Origin JV remains on track to drill the Velkerri
76 well and commence a further extended production test at the
Amungee NW 1H well in the coming weeks.

Whilst frustrating, its important to note that the downhole restriction
could be due to many reasons, including a simple blockage in the
wellbore. Having flowed gas to surface, its apparent that the Kyalla liquids
rich gas play contains moveable hydrocarbons, and given the potential
prize its worth exploring every possible avenue in order to achieved
sustained unassisted production.

Intermittent Production – The intermittent production at the Kyalla 117 well could
be due to a host of different reasons, and whilst some of these could be regional or
play related issues, others could be solely related to just the Kyalla 117 well (eg a
blockage in the wellbore). Given the size of the prize, and the potential of the Kyalla
liquids rich gas play we are encouraged by Origin’s persistence to explore every
avenue in order to clean-up the well in preparation for extended production testing.
Activity Across the Portfolio – Whilst investigations are ongoing at the Kyalla 117
well, the JV will drill the Velkerri 76 pilot well, targeting the Velkerri liquids rich gas
play along the south-eastern flank of the Beetaloo. Core, log and diagnostic fracture
injection test data will be collected across the Velkerri and analysed over the wet
season - the results of which will determine the 2022 work programme.

In the coming weeks, the JV will also return to the Amungee NW-1H discovery well
to determine if all frack stages contributed to the initial extended production test
conducted in 2016. Casing deformation after the 7th frack stage of the Amungee NW-
1H well may have prevented the final seven frack stages from contributing to the
extended production test, meaning that the 1.1MMscf/d flow rate may only be
reflective of five frack stages (instead of all twelve).

cont.....