Member Info for The_Frog

From Monday.

https://www.investi.com.au/api/announcements/tbn/f0a24c54-443.pdf

• Tamboran and Jemena have signed a binding Memorandum of Understanding (MOU) to enable
Tamboran to contract ~100 TJ per day of firm capacity through the Northern Gas Pipeline (NGP),
subject to applying NGP Access Principles, under a long-term gas transportation agreement.
• The long-term transportation access agreement with Jemena will support the sanctioning of the
proposed Maverick Pilot Development, planned for the end of calendar year 2023.
• Over calendar years 2022 and 2023, Tamboran plans to drill three horizontal wells within EP 136.
Based on a Netherland, Sewell and Associates, Inc (NSAI) maturation study, if successful, these
wells could deliver approximately 1 trillion cubic feet (TCF) of 2C contingent resources, sufficient
to support the proposed Maverick Pilot Development. Tamboran is targeting initial production
from the development by the end of calendar year 2025.
• Tamboran will now commence Front End Engineering and Design (FEED) studies to progress the
proposed Maverick Pilot Development.
• Tamboran will commence stakeholder engagement activities for the selected pipeline route and
secure NGP access agreements with Jemena, planned to be completed during the second half of
calendar year 2022.

@UncleBuk I suspect the reason Sheffield paid a premium for FOG equity is that he got a good deal on the royalty. The combination of the two transactions (FOG equity raise and royalty) is not easily comparable to the Empire raise.

I've had a look at an old plc option agreement I received and change of control triggers vesting, so disagree with Longknife's comment on the implications of timing of a sale.

Does anyone know if the cash for the dividend is held outside Russia? If the cash is in a Russian bank account then presumably the company won't be able to get it out of Russia to pay the dividend.

Thanks schlemiel. Worth noting that Origin's FY 2022 is 1st July 2021 to 30th June 2022, i.e. we are already in it.

The penultimate paragraph in the 12th August Origin press release below supports Darnitagain's theory that Kyalla extended production test is underway / about to commence...

https://originbeetaloo.com.au/project-update/

Project Update
Published on August 12, 2021

Origin has confirmed that the Velkerri 76 S2-1 well has been successfully spudded.

The Velkerri 76 vertical well is being drilled to assess the prospectivity of liquids rich gas in the eastern flank of the joint venture’s permit areas (EP76). Core, wireline, and diagnostic fracture injection test (DFIT) data will be collected to inform potential future appraisal activity including horizontal drilling and completion, fracture stimulation and production testing. Environmental approval to drill the Velkerri 76 well was granted in late December 2019.

A further extended production test has also commenced at the Amungee NW-1H well (EP 98). The objective is to retest the dry gas Velkerri shale play to assess if all of the original stages that were fracture stimulated contributed to production. An initial extended production test led to the announcement of a 6.6TCF 2C material gas resource on 15 February 2017.

Activity was paused at Kyalla 117 well in July to investigate downhole flow restriction. Preparations are continuing towards commencing an extended production test in the weeks ahead.

All work continues with Aboriginal Areas Protection Authority (AAPA) certification and the support of Native Title holders for where activity is occurring.

His first job should be to find a buyer for the large holdings being dumped on the market currently. An orderly transfer of the Petrohunter holding would do wonders for the share price imo.

Dave, liquidators don't care about price. Their job is to realise cash and distribute to creditors quickly. See Woodford investors for details.

I'm assuming it's the Petrohunter bankruptcy estate and former director, Mathys, offloading still. Any other thoughts? It is a good old fashioned test of conviction at the moment.

I'm just doing my sums. Anyone know what (if any) tax will be payable on the arbitration award / settlement?

I guess it is just more big sellers post the Anglo spin off (ESG and others who don't want to own a thermal coal business). Fundamentals haven't changed at all. Still dirt cheap and coal price red hot.

Anyone know when Thungela are schedule to provide a financial update?

Andrew. My point is there is a trade-off. If XTR want more drill holes in more prospects that costs money and potentially means more dilution. That may be a sensible strategy if those additional drill holes result in a sufficiently higher valuation from the independent expert to compensate for the dilution. Alternatively XTR could aim to reach the 2mt with as few drill holes as possible (perhaps Racecourse only) and trigger the Anglo option. Anglo has to fund 80% of further exploration costs from that point on.

If the option didn't exist I think it would make sense to prove multiple prospects before negotiating with a major. However with the pre-agreed option, it may make more sense to trigger it asap with as little dilution as possible, and get Anglo funding 80% asap.

These are all hypothetical and "high quality" issues, but interesting to consider. The assays and further drilling in this phase will be important as they will indicate how close to 2mt XTR might be able to get from Racecourse.

The buyout process for Racecourse is different to ARCM because under the XTR / Anglo option agreement a third party independent expert will determine the price once the 2mt is JORC'd, and Anglo just have to decide yes or no. There is no negotiation of price or transaction structure between XTR and Anglo. Anglo will clearly want to do DD but the negotiation process is more straightforward in theory.

If I was Anglo I would not be looking to buy in earlier - let XTR spend the money and bear the risk of drilling and proving up resource.

The interesting strategic question which Dcat was alluding to is: is it better for XTR to spend extra money drilling other prospects within the EL5574 licence (e.g. Footrot) to get some more value attributed to them in the independent valuation? Or is it better to get to the 2mt as quickly and cheaply as possible? The answer to that question must depend on the JORC / Valmin valuation methodology and to what extent it ascribes value to prospects beyond the JORC resource.

Steve. KMP haven't sold any shares. It's just the total number of shares in issue has increased since May 2020. They had 4.11% of 457m shares in May 2020 => 18.8m shares. They now have 2.55% of 736m shares in Feb 2021 => 18.8m shares.

I found I could still get a quote on iweb even though no spread is showing.

I will happily be trampled by a stampede of buyers CE!

Willem also tweeted the following on 26th Jan, a few days after that video.

"Chasing a few new discoveries in Australia .. amazing drill results (gold, copper and nickel) .. let's hope we can build a position quickly

Australia, still being very under-explored, is beating Canada every year now."

He then responded to one of the replies which was asking what the position was:

"I sure will .. some new GGP's and DEG's in the making .. expecting at least 1 ten-bagger this year"

The break in newsflow has hopefully allowed a consolidation in share price. When we were getting daily updates it was frustrating that large chunks of placing shares were sold into the liquidity, stalling any rise. Hopefully most of those wanting to offload will have done so before more news arrives.

From previous comments on here, Northparkes and Ridgeway are the ones to look at rather than Cadia. Iceberg's blog gave a good comparison of these different porphyry systems although I'm sure you've already read it... Worth a re-post for anyone new to Xtract!

http://icebergshares.blogspot.com/2021/01/xtract-resources-bushrange-racecourse.html