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805slo: Short on time but here are my quick thoughts.:

Scott Sheffield is a legend here in the US as the long time CEO of Pioneer which is the top shale developer in the US (until bought out by Exxon)

Whether in name or operations, Tamboran is becoming Pioneer Australia. The association of the Sheffield group brings lots of credence and access to money. As Newtofo indicated, more Pioneer are going to be inserted in Tamboarn's management team - I wouldn't be surprised if a new CEO does not have Pioneer running in his blood!

I don't understand you comment of too many cooks in the kitchen - it's going to take multiple majors/nationals and decades to develop this field. We should be hoping and praying for additional operators in the Beetaloo. The more awareness of the Beetaloo, the higher the value of Falcon.

Sometimes no CEO is better than one that has lost focus of his job - Riddle was more focused on becoming the next Exxon than being a great oil and gas developer. I suspect Dick Stonebruner , Sheffields, and 'Pioneer' board members can easily replace Mr. Riddle.

You may not realize it but Tamboran's cash runway was looking pretty short with the upcoming wells and infrastructure. The market has grown leary of Riddle at the helm. The Sheffields have access /respect of the US capital which Tamboran will need coming months.

I guess you saw the agenda for the upcoming Falcon meeting (link below). Once excitement begins to build in the Beetaloo, Falcon is looking to change its name to Beetaloo Resources Corp and then do a reverse split of up to 250:1. Once that is done, Falcon looks to become listed on the US AMEX market, and then proceed to raise capital for future drilling. Of course, all this could be short circuited with a board approved by-out offer.

All is good - the next step is to complete some horizontals and hopefully gain a strong farm-down partner.

https://www.marketscreener.com/news/falcon-oil-gas-2025-management-information-circular-ce7c5fd8df8bf62d

Odie5263: Falcon's success or failure ultimately has nothing to do with Kip Herriage/Marc Bruner. Most of us here are big boys and make our own decisions. I bought into this stock early on - not because of Kip Herriage's wild predictions but rather based on a small penny stock with no debt owning 4.6 million prime shale acres in the Beetaloo. Though taking much longer than my estimated 3-4 years, all our instincts back then (along with Bruner's and Herriage's) have proved out - this is the largest ever shale discovery outside of the US. Fortunes will be made in the Beetaloo for those willing to stay the course. Our stars are beginning to line up this year and I'm the most positive I have ever been with Falcon. This stock will pan out and make me money - the question is just how much; how long and then how can I maintain a financial interest in this world class development - be it in public or private companies.

Now that Tamboran has two additional board seats by Sheffield's people, the experience and guidance of Bryan and Scott Sheffield, and in time a new CEO with better instincts and leadership, these next 3(4) wells will hopefully prove to be successful 10,000 ft horizontals with great initial and low decline curves (as I understand the SS-2H well is providing). With a successful farm-down to a nationally recognized energy company, the Falcon's potential will take a big step forward.

FYI - Herriage still has a hold on Falcon - the company is in his VRA portfolio. He understands the potential but as all of us, this party has drug on much longer than anyone anticipated. As to Bruner - keep an eye out on his Lost Soldier Oil & Gas company - touted by experts as the largest oil & gas discovery in the US in 30-40 years - Lost Soldier is in their final stages of an $850 million dollar raise to accredited investors. As a huge plus for investors based on recent tax changes, any US investor can write off 100% of one's investment - sweet!

GLA

Newtofo - Thanks for posting the actual news release - great news

Great News on Tamboran - Mr Joe Riddle is gone and Scott Sheffield has been appointed to Tam's board. Scott Sheffield, as prior CEO of Pioneer (largest shale operator in West Texas and US (?) brings lots of eyes and experience in shale to the board. Dick Steinbrenner has been named interim CEO until a new CEO is selected. This news will be well received here in the USA oil industry. Let's all give a big welcome to our new senior board member and interim CEO.

Congrats All

By the way, Scott Sheffield just gave a big finger to Exxon's offer to join their board. This has been a battle for a year or two with the FTC holding up his position to join Exxon's board - I believe a lot of the problem was with Exxon. When the FTC cleared the way and Exxon extended him the offer he litterally gave the finger and said he was no longer interested. Now maybe we know why!

Longknife: I think you are correct that the market needs to see some type of reliable/repeatable performance before taking any serious looks at the Beetaloo. Beetaloo Assets and Tamboran are moving in that direction. I think Philip is going to hold out for more than just a so-so deal on part or all of the Beetaloo. Eyes are already beginning to focus on not only the Beetaloo concession in general even on Falcon and just assuredly Tamboran and Beetaloo Energy. IMO, we could see some interesting offers being made for Falcon as early as the last quarter of 2025 and the first half of 2026. Depending on what type of industry interest is generated, you could see POQ's potential plan for a reverse split with a listing on the US AMEX. The more focused attention by the oil & gas industry on the Beetaloo, the more options Falcon could see opening up.

While I think you are right in much of your post, I don't necessarily agree with you 'several years' timeline. If Falcon goes out that far, then it will because POQ will be parlaying Falcon's market value into the multiple billions of dollars market cap. I believe that the balance of this year and through the first half of 2026, we could see Falcon's price double only to double again ......

Longknife: You seem to have a short memory span. Philip gave us his business plan last year. Until the Beetaloo heats up and there is sufficient interest, Philip will keep us on the sidelines conserving cash. Once the Beetaloo starts 'cooking' then Philip plans a reverse split followed by a listing on the AMEX in the US. Interest in the Beetaloo will come as Tamboran continues with its pilot program and eventually its planned farm-down. Since Daly Waters has announced its 'divorce' from Tamboran, look for Sheffield to start up his own drilling company in the NT. As always, we seem to be stuck in a hibernation, but our time is coming.

As to letting Philip go and then bringing him back in 3-5 years!! You obviously have never run a business - there is no way one fires its management and then expect them to gladly return a few years later! I think you better come up with a better business plan LOL!!

My sentiments on the soaking are the same as have been brought up on this board. I have looked at the production charts and graphs till I'm cross eyed and I cannot see any correlation of soaking to production curves. If anything, it looks like the soaking hurt the production of the SS-2H well. When one looks back at the Amungee 1-H and the SS-1H, we look to be going backwards in what should be very similar formations (SS-1H). We know Liberty did a superior frac to Condor on the SS-1H, yet the production fell far short (7.2mmcf/d) of Tamboran's predicted 10mmcf/d. I suspect a lot of engineers are looking into soaking to see if it is truly beneficial. Possibly soaking helps the decline curve but it appears to depress the initial flow rate - all that is above my uneducated understanding. It is interesting that Tamboran did not address soaking in its presentation other than the fine print and notes - I think they are seeing the same thing we see. Seem's Tamboran doesn't want to return to the same completion procedures as our best well (though much shallower/cheaper)- Amungee 1-H - possibly they should leave well enough alone.

I believe TBN is still looking for that 1st good well! I'm hoping they will learn to complete 10,000-meter laterals like Empire - seems they stumble on every planned well so far other than the SS-1H 500 meter well. As you indicated, we should be thankful that POQ limited Falcon's participation to 5% on these first wells and then reducing it to 0% on the upcoming wells. Don't get me wrong, I am hoping Tamboran gets this figured out and is highly successful - just happy that Falcon isn't participating in these very expensive wells. If Tamboran has great success in the upcoming wells and gets the cost down, it will be very beneficial for Falcon going forward.

Nice Recap of Tamboran's swaps by Finimize

Tamboran Resources and Daly Waters Energy have swapped their interests in the Beetaloo Basin, seeking to reshape market dynamics with this strategic acreage exchange.

What does this mean?

In a strategic shift, Tamboran Resources and Daly Waters Energy executed a checkerboard swap of permits EP 76, EP 98, and EP 117 in the Beetaloo Basin, as per the Australian Securities Exchange. Tamboran retains a robust 38.75% interest through the Tamboran B2 joint venture, while Falcon Oil & Gas holds a 22.5% non-operating interest. Daly Waters is set to acquire an additional non-operating interest over 100,000 acres for $15 million, pending regulatory and shareholder approvals. This move strengthens Tamboran’s position in its Phase 2 Development, with a commanding 58.1% stake over 1.9 million acres. Furthermore, a formal farm-down process, led by RBC Capital Markets in June, could lead to more strategic developments in the region.

Why should I care?

For markets: Strategic swaps stir up new potential.

The acreage swap in the Beetaloo Basin has boosted Tamboran Resources’ market standing, as reflected by a 10% rise in their share price. This shift underscores broader sector dynamics where strategic investments boost competitive advantage. Investors should watch for further changes from the upcoming farm-down process in June, likely to impact regional market narratives.

The bigger picture: Changing energy landscapes redefine stakes.

The recent transactions in the Beetaloo Basin highlight a shifting energy landscape, where strategic land swaps are crucial for asset optimization. As Tamboran, Daly Waters, and Falcon Oil & Gas adjust their stakes, the outcome could set precedents for exploring untapped hydrocarbon resources. Broader implications point to increasing trends in consolidation and partnerships as companies navigate changing regulatory and market environments.

newtofo: i hope someone will ask a detailed question tomorrow regarding the exact status of the ss-3h well. it seems mr riddle wants to push that well back into the last quarter of 2025 at the earliest. maybe the market, by then, will have forgotten about tamboran's most recent screw-up analogous to another multi-million dollar well (ss-2h) long to be written off as a 'skin issue'. surely tamboran's stockholders are compiling a list of riddle disasters.

what's another 3 .1 million pipe of common stock at us$17.74. i'm surprised the us market hasn't responded more negatively to this further dilution of tamboaran's shareholders. let's all pray that riddle doesn't **** away more money trying to figure out how to successfully drill/complete a 10,000 meter horizontal well - this seems to be a challenge to him - 1 billion and counting. thank you poq for sidelining falcon as the tbn ceo tries to climb this learning curve - jeesh!!

Kmj: I suspect the SS-2H well is still soaking but possibly not be for the original intentions. We have never heard any NR from Riddle letting us know the SS-4H well has been repaired and fracking is scheduled to begin - I think we all know that if Riddle had a chance for a positive news release he would jump all over it. Makes one wonder if the SS-4H well is still waiting to be corrected. We will have our answer on the 14th. I'm all ears!

Eaglebf: What has the strict cost management yielded for far??? .... How about this penny stock still being in the game and in a position to benefit from its land assets - surely you can see this? I don't think you appreciate all the maneuvering that has gone on behind the scenes to keep Falcon in the position it is in. With little overhead and the sole rights clause (which many analysists are amazed that Falcon could have), Falcon can continue in this game until a larger entity gets involved in the Beetaloo and likely takes Falcon out for a nice price.

Patience my friend - I know I have been saying this for years, but more is required of this Beetaloo investment. I feel like Falcon is in the final innings.

Looks like Falcon remains on solid financial footing under the guidance of our CEO. From what I hear, that may not be the case with our JV partner. I suspect that story is coming to a head.

Falcon 2024 Financial Highlights

Debt free with cash of $6.8 million at 31 December 2024 (31 December 2023: $8 million).

Continued focus on strict cost management and efficient operation of the portfolio.

Odie: If I were to guess, I don't see this reverse split happening. There was a one-year window for Falcon to do this but with Tamboran's repeated stumbles I think Falcon will run out of time. POQ is not going to do a reverse split without an increase in share price and interest. If things change in the future, I will assume the proposal could be put up for a vote again. Riddle has really failed the market - I am curious how they raise the require funds for the remaining 2 wells and the required infrastructure. They have spent $950 million in the Beetaloo and have nothing but a 500-meter SS-1H well to show for it - who wants to give them more funding - how many pounds of flesh do they have to give up acquiring that funding? We shall see as this year plays out - grab the popcorn.

Longknife: I don't know the status of the SS-4H repairs. I suspect the next news we will hear will be the IP30 flow rates of the SS2-H. Possibly when Tamboran releases that they will update the market on the 4H well.

Longknife: I believe the SS-3H which was renamed the SS-4H for some reason is the same well. Technically you are correct in calling it the SS-4H - my bad!

805dlo: That may be correct, but they need to hustle with the initial completion of the SS-4H well. Also, from what I understand, Riddle desperately needs the positive flow rates from these two wells before he can raise more money for the next two wells (however he he goes about that) I wouldn't think he would want to wait till the 4th qtr to begin that process - he is also staring down the barrel of about a $50 million dollar capital spend to build out the infrastructure to produce these first two wells. The sooner he can show the market the SS-2H and SS-4H flow rates the better.

805slo: I am still hearing about the middle of May for the SS-2H well. I think you meant 6 weeks soak and not 6 months though Empire saw benefits from a longer soak while waiting on completion equipment. Everything still on track - just dealing with Tamboran/Riddle and the fact that these wells are a long way from anywhere. That will improve as field yards are set up with increased development schedules and more general activity.

Longknife: I don't have a handle on what has been spent since Hess gave up their $75(?) million in seismic. You are correct that what the Beetaloo needs is one or two majors to jump into this space - that would be the best thing that could happen for Falcon. I suspect we are going to see some major change in the Beetaloo towards the end of this year - especially if the 2H and 3H wells live up to expectations. Buckle Up!

Newtofo: Hopefully Fitz65 is correct, but I am hearing that the SS-2H well's IP30 will be released around the first part of May and the SS-3H IP30 will not be available/released until the latter part of August.

As to Riddle's comment “We’re not waiting on equipment or contractors… It’s just the natural sequence of events.”; that looks to be Riddle's spin on the situation - one might ask Liberty's opinion who had to back off their fracking job while waiting for the casing situation to be rectified.

Fits65 - "Tamboran’s focus isn’t short-term PR but long-term delivery—the IP30 is an important data point, not the endgame. This explains their calm posture despite delays on SS-3H or chatter about whether tubing has been run."

Again, I hope Fitz65 is correct, but I suspect Tamboran's calm posture runs just on the surface - the company is going to be facing some major issues in funding the remaining 2-4 pilot wells and covering their part of the required $100 million infrastructure to produce these wells. Hopefully these two well's flowrates will boost their stock but timing wise, IMO, Tamboran will have to raise funding prior to that SS-3H well if they are going to do much of anything during the balance of 2025. I believe another stock dilution is out of the question and Sheffield may not have an interest in pumping more funding into Riddle's operations. That leaves a farm-down which I don't believe can be done prior to the checkerboard being finalized at year-end or a forced buyout by a major.

Again, not rooting against Tamboran but having spent close to $900 million and having nothing yet to show other than the 500-meter SS-1H well, one tends to question their credibility as the US market watches this company's operations.

JamesL: I am now hearing that the SS-2H well's IP-30 will not be out till sometime in late May. Additionally, the SS-3H well IP-30 looks to be released in August. Looks like Riddle's market guidance on fixing the casing issue in 30 days is going to take much longer. With these types of delays, you can be assured that his guidance on cost of repairs, along with Liberty sitting on their thumbs waiting to finish their job, is going to cost multiples of his lowball estimate. These types of mistakes in guidance does not reflect well on Riddle's reliability/competency in dealing with his investors. Tamborin is running tight on funding as it is, and these delays make their funding of the next 4 (2) pilot wells along with the required production infrastructure even that much tougher. Once again, we should be thankful that our CEO had the foresight to elect the 'sole rights' clause on these initial expensive wells.

JamesL: I can't recall the source, but I read that we should expect the flow rate on the SS-2H mid-April and the SS-3H late June or even early July. I also recall the soak to be five weeks which was shorter than I expected as it was thought that the longer the soak the better the flow rate.