Member Info for WetWater

Buckeye: You definitely need to be added to my Christmas list! I need to get you out of those blinders and brighten your outlook a bit. I bought a bunch of shares today - at not much money I might add! In addition, I wired more funds into my brokerage - I can't pass up these bargain basements, tax loss harvesting shares. I'm hearing that this next well is looking very promising, and word is the flowrates are likely to exceed the SS1H normalized rate. When this happens, irregardless of Falcon, the acreage value of the Beetaloo deep horizon is going to increase - with that increase in value eyes will become more focused on the Beetaloo and VIOLA - Falcon shares will magically rise resulting in a nice short term profit. For those with a bit more patience, I believe this will be the start of a longer-term uptrend as these pilot wells are drilled in 2025.

If you really believe Falcon/board is going to do a 1:250 reverse split at today's price, then you haven't been paying attention - a split will not happen unless there is sufficient interest by the market to support such a split. POQ will put on his Santa suit and for those who buy into this bottom, all will receive a nice gift! Pull off the blinders - no rose-colored glasses really needed.

Regardless of where you stand on this investment - Best of Wishes this Holiday Season! GLA

All: I need to send all of you a pair of my special rose-colored glasses. I'm just sitting around waiting for initial/30 day flow test results to light a small fire under Falcon - with a little luck the fire will spread and get us out of these year-end doldrums. In the meantime, I have been tapping on the buy button. I see a good chance for an easy double++ on these sub-US .06 shares in the next three months. With success, this acreage will gain in value which will benefit all parties involved. Merry Christmas and Here is to a Prosperous and Bright 2025. GLA

Kmj: After the Amungee 2 disaster, BS made it clear he and his team would oversee future frack jobs to insure they are performed as designed. If I said BS was overseeing all the drilling operations of Tamboran I don't recall that. With H&P using their best tech drilling rigs, one would assume, especially with the importance and challenge of these two wells, top notch drilling personnel would be in place. I am surprised, with the talent that should be in place, that the company would employ sub-par mud and now what looks like sub-par directional drilling tools - if not true, why in both situations did Riddle quickly come back and put on more lipstick on by offering that upgrading the mud to one will avoid issues and allow faster penetration rates and now going to a superior directional drilling tool that will hold up to the aggressive penetration rates. The mud issue was likely the cause of the drill string failure - not an engineer but possibly the SPP was not sufficient to carry the cuttings back up hole and plugged up the hole - if that was the case someone like a mudlogger(?) was not paying attention? Then to use the HP of the Flex rig to over torque the string, breaking the drill string - really? Maybe the goal should be to drill a successful hole and not just 'how fast' a hole can be punched! All just the opinions of someone who is not educated in this area so one is possibly should disregard these comments.

805slo: From my understanding, Tamboran was using the wrong type of drilling mud which one can equate to one's own blood supply - if the mud isn't 'healthy' then the well's not healthy. I'm not an engineer and I don't have a full picture of what went wrong, but if I am allowed, I will give my limited understanding as to what went wrong - possibly someone with better understanding can correct me: Tamboran in their press release, or maybe it was a details released elsewhere (?), mentioned that the wrong type of mud was used and that the issue would be fixed going forward using 'KCL' mud which has different characteristics but is more expensive. I took that to mean Tamboran was once again operating on the cheap (reminiscent of the Amungee 2 'skin' issue caused by trying to save a few bucks). The problem from what I understand (take this with a grain of salt) is that the drill string got stuck in the hole - maybe sluffing of shale rock in the hole or another type of tight spot. Possibly the sluffing (if that was the issue, could have been prevented by using a different mud system), regardless of sluffing or if the mud set-up in in hole, the driller put too much pressue trying to pull/twist on the drill string trying to free it up snapping off the bottom 800' of string including bit off in the hole. After trying unsuccessfully to fish out the broken string it was decided to abandon the hole and drill the SS2H 2st1. Maybe taking longer to circulate the mud might have freed the string? - I'm far from being one to even say that! My point is that it really hit me wrong when they said a more expensive mud would have prevented the issue and will be used in the next hole (SS2H-st1) . Now, after losing the SS2H ST1 hole they are going to use a new and improved directional drilling tool on the 3H well to 'prevent' the breakage they experienced - once again was Tamboran trying to us inferior quality tools on this hole?

In looking back on this, maybe Tamboran would have been better off just completing what they could on the first SS2H hole rather than attempting a redrill and then screwing the sidetrack up. Wonder what's in store on the SS3H well - time will tell.

Edit - Your lowering should be Philip's lowering. This was something I did not fully support initially but his decision to do this is saving our butts!

Well, I’m glad to see that the SS-2H S1 has proven to be another great learning experience and that Tamboran is going to use a new and improved directional drilling tool on the SS-3H well – sounds a little like the mud replay! Getting a little tired to see all the lipstick being used on this operation. Really disappointed that our first 3,000 meter full blown horizontal well has once again been cut short – on the positive side it was a good bit longer than the SS-1H well☹ Hopefully the 3H will be a bit more successful as Tamboran learns how to drill these wells – nothing like on the job training!

Once again – your lowering participation rates to 5% in these wells is looking smarter all the time.

Trey

Hmmmm! I was assured that there would be a NR when the SS2H well was cased and cemented - Now Tam seems to have changed those plans because they believe such an announcement would be in-material. If that is Tam's decision, then Falcon should be free to release such information if management believes it to be material to FOG shareholders. Then the questions - is Tamboran still working on the SS2H well or has Falcon deferred to Tam on any announcements? IMO, Tam, for whatever reason, has not completed the SS2H drilling/completion. Just because news is in material to Tam doesn't make it in material to FOG - I am still looking for a NR. We shall see.

With no release from TAM, Philip was restricted on what he could say/answer in the Q&A. The Q&A was previously scheduled so he carried though with it without being able to address any operations on the SS2h well. Made for a pretty short call.

WillowGrove: Dollars to doughnuts B2B has a much better grasp on Falcon and its inner workings than most on this board. It might be worth paying attention to him rather than criticizing any positive comments he might post. To say he's been wrong 100% of the time just shows your pettiness and ignorance. It tells me you never read his post!

BtoB: Thanks for making those important points. With my Rose-Colored glasses, which are my favorite pair, I believe Falcon is on the verge of some important opportunities in the next year. I am still not convinced Falcon (Beetaloo Resources) can gain a listing on the AMEX with little to no income but I 'll be the first to admit I don't understand those rules. Either way, if excitement builds over these next two wells and the promise of the next 4 wells along with APA's cooperation comes to pass, then I think we see the reverse-split at a level that will allow POQ to proceed with a listing. In the meantime, Falcon might not be around long enough to see all this through as there may be potential buyers lurking wanting Falcon's valuable 22.5% undivided interest not only in the deep blue horizon but in the whole friggin 4.3 million acres.

Chairman Dick Stoneburner's quote on Tamboran's 2024 annual report:

I believe the SS-1H results demonstrate the

opportunity of the Mid Velkerri B Shale within

the Beetaloo Basin and give me confidence to

progress to our development stage of activities

This backs up my statement that the SS1H well was the first well that put the Beetaloo on the industry's radar. Yes, people knew about the Beetaloo prior to this well but commercial potential had really never been demonstrated on Falcon's acreage - especially the deep horizons of these upcoming 6 pilot wells. If these next two wells come in as I expect - 18-20 mmcf/d/10,000meters, then interest in this basin will begin to catch fire. To really get all this going, we need APA to show some interest in permitting, etc. for a pipeline. GLA

805slo: Regarding the checkerboarding, it's very common here in the Permian Basin. Texaco and now Chevron used this approach when they have a large undeveloped acreage position - they checkerboard it and it you imagine an actual checkerboard, they lease out the red blocks while retaining the black. This way they assign the risk to other parties and then can come back in on the black blocks and have low-risk infield drilling. With the much larger shale blocks needed to drill these 2-3 mile laterals, checkerboarding is not as common as when the industry was vertical drilling. The example I give is somewhat different from the purpose of the blocks in Australia - These can be used to help define the field and lower risk but in the Daly Waters/Tamboran case, the primary reason is because Sheffield wants to do his own thing and get away from Tamboran/Riddle. I have been told this by a guy who knows Sheffield - he wants to be his own operator with his own drilling company. He sees the Beetaloo as his next Parsley Energy company. Philip didn't dream up the checkerboards - Falcon has nothing to do with it. It was an arrangement between the other two parties so don't criticize it as being Philip's approach.

Schlemiel: Thanks for posting that link - I listened to 'Chuck Yates Needs a Job' this morning on the way to work. Chuck has done a couple of podcasts recently on the Beetaloo and Sheffield - one recently done in Australia's Outback. His podcast focuses on mostly Texas energy - he's a funny dude worth listening to if you are plugged into the energy market. I thought I was the only one who listened to this guy. I found this last podcase especially interesting as it concerns our early Spayberry/Wolfberry fields - this was before shale and the Permian Basin. The podcast dealt more specifically on how Sheffield got his start with Sprayberry stripper wells (3bbl/day) and leasing a 120-acre strip lease from a close friend of mine. Hopefully Chuck Yates will follow up with another Sheffield/Beetaloo podcast. 809Slo - The Beetaloo is 'new' to Yates and he's been in the industry for quite some time - word is spreading.

Maybe 805slo needs to listen to some of Sheffield's comments on what Sheffield and company did and didn't know when they started looking at the Beetaloo project - it was a big unknown. The Amungee 1NH gave the industry some hope, but then the moratorium took away all that momentum. It was not until the SS1H well that the potential really started shining through. The investing element of the oil industry didn't have the Beetaloo on their focus list until just recently. With these next two wells the excitement will continue to increase in this shale play. It's just getting started guys.

805Slo: Do you really think Falcon/Board are obligated to take every offer to their shareholders?? If someone offers Falcon .15/share do you honestly think Falcon should give consideration and spend the time and effort to bring that to the shareholders?

The checkerboards are all about separating Sheffield from Tamboran so he can start up his own operating company in the Beetaloo. He doesn't like working under Riddle - he wants to do his own thing. By allocating checkerboards, he gets rid of Tamboran and owns 77.5% - IMO, when these next two wells come in strong, the talks will begin on the possibilities of doing an asset merger - he doesn't want or need a 22.5% non-consent partner (sole-right-clause) to contend with. Sheffield is a smart businessman - I agree - Falcon is not his stepchild to take care of. Question - Should he own 100% of his 77.5% in a block or 77.5% and controlling interest in 100% of a block - This guy is focused on the Beetaloo - he wants to be free to do his own thing. Can he squeeze Falcon out - not easily. Falcon doesn't have to pay infrastructure cost and doesn't have to take anything but marginal interest in any wells while the acreage is being proved up becoming more valuable all the time which is great for Falcon - Longknife is smart enough to see this as a possibility. Is that the way I would want it to play out - no, but the point being you're not going to squeeze Falcon out of the game. It is very likely that if Sheffield doesn't move on Falcon, with all this acreage being proved-up, someone else will in the next couple years - I suspect he would rather pick a partner than have one assigned by Falcon.

Eaglerbf: The Beetaloo is just now beginning to appear on energy company's radars. I am seeing more and more mentions of the World Class Beetaloo Shale Basin in the US industry news. The value of the Beetaloo's acreage is in its very early stages - as that value increases, Falcon's value will increase. Why would someone not want to spend $600,000,000 for Falcon? - maybe because they don't want to spend $800,00,000 - $1+ Billion in 2-3 years! When you look at Falcon's huge acreage position in this basin, there is a lot of resale/farm-out value for a larger company that have the resources to hold/develop.

For those that 'just want out’, you know where the door is. If you want more than today’s price, there is some work to be done. Everyone wants to sell to BS - well that a grand idea except there is no pipeline access in the coming years - BS may not want to expend cash on a non-productive return. This is why I hope for an asset merger - not a lot of out-of-pocket cost to him (or others) and someone gets Falcon before its market price increases Proving up these next two wells to be commercial wells will garner Falcon some interest - from BS and others, but it may not be the price you have in mind. With the next 4 pilot wells, Beetaloo should continue to build interest - especially when APA elects to start permitting a pipeline.

We have spent years getting to this point and now that we are beginning to turn the corner it seems people want to bailout. You criticize POQ for sitting on his hands - just drawing a salary for doing nothing, but now that he is being more proactive you guys still want to complain and just want him to sell today - be damned the price?

As I understand it, Falcon had a couple of offers on the table, but POQ/Board didn't feel they were worth pursuing. I suspect this next year will create more interest while bringing in even more offers. If Falcon doesn't see that acceptable offer the first half of 2025, then I'm all for the company being pro-active and engaging larger US institutions to raise funding required to maintain our position in the Beetaloo - that is going to require getting rid of our 'penny' designation to even get a seat at a table. As Empire, Tamboran, Santos drill more commercial wells, the acreage in the Beetaloo will become more valuable and on the oil industry’s radar - IMO, Falcon's goal, until that golden offer comes along, should be to maintain its interest and stay in the game as a non-operator -The market will come to us 2025, 2026. A nicer exit is getting closer for those who will wait - otherwise the exit door is right in front of you.

Derik: I don't think getting our stock priced in the teams has much to do with BS. European funding for shale has dried up - the US market is much easier to raise capital for shale. Philip is wanting to access this US funding, but nobody wants to fund a penny stock - if he can get a listing on the AMEX then the company becomes more legitimate and some of our US institutions' will be able to participate in funding Beetaloo Resources. The Beetaloo is beginning to appear on the radar of the oil industry - Philip's move is all about gaining access to the US market. I am looking forward to his comments on the 29th - hopefully he will shine more light on what he has in mind.

Longknife: I don't think I ever indicated that BS took over complete control of Tamboran - he and his people are overseeing the frack design and fracking as I understand it. Riddle is still at the helm and running the company under the direction of his board of which some are Sheffield's people. I heard the lack of 3D seismic on this pilot area was of concern - my assumption if that Tamboran didn't have the funding to run this seismic. We do know that lack of funds was the reason for the SS2H late start. Riddle's head is on the block if lack of planning causes any major issues - hopefully that will not be an issue.

As far as bringing the stock price into the high teens - that is the function of the consolidation(reverse-spit). If we get good results on these next two wells and this acreage proves to be commercial, then our stock price should rise from US $.07 to US $ .??. If that price is three times today's price, then all I am saying is getting the stock priced at say $17.50 is more just a function of how big of a split is required at the stock's new price to meet Philip's target. Just pointing out that the split is likely not going to be 250:1. I am sure Philip will address this in his comments/Q&A on the 29th.

Buckeye: You may be correct, but then how did Tamboran get a listing to the NYSE which I understand requires even higher standards? Not saying you are right or wrong as I have no knowledge of these exchange requirements. I personally question Beetaloo Resources ability to obtain a listing, and my even bigger concern is being able to keep the listing having no income - like you I would think Beetaloo Resources needs some type of income model other than 10% of these pilot wells but maybe that is all it takes? All this is above my paygrade!

I my dream scenario, Sheffield contributes his 77.5% to our 22.5% and takes control of the Beetaloo Resources company with 100% control of his 3 blocks - I certainly don't know the details of how that could happen - it's just what I would like to somehow see occur.

Longknife: I have been told that there will be a news release when the SS2H well is cased and cemented. At that point, the major risk of this well will be behind us - fracking by Liberty will be a rinse and repeat 60 times over. As I understand it, the well to date, has been pretty routine and has not encountered any major fractures which was my main concern as Riddle elected to save some money by not utilizing any 3D Seismic. With Liberty being able to deliver the superior pressures/volume with their first-class equipment, IMO, the results of this well should meet and even exceed the results we obtained in the SS1h well.

The split to be approved is Up TO 250:1 - the actual ratio is based on the price of Falcon after these first two wells are IPO'd and the outlook for the next 4 wells in 2025 is known. The goal is to get Falcon's price in the high teens for a likely AMEX listing. As an example, if Falcon is at US $0.21 then the split might be 75 - 100:1. Falcon has to meet a minimum threshold in price before it can be listed - that is the main purpose of a reverse split.

James: Why else would Falcon be doing a 250:1 reverse split and a proposed name change? Philip stated the reason was to gain a listing on the NYSE - yes - that is a partial truth but, IMO, not the WHOLE picture. IMO, Sheffield contributes his soon to be 77.5% interest in his three blocks with Beetaloo Resources 22.5% in all six blocks giving him control of the 'bones' of Falcon and then, having 100% undivided interest in these three blocks (600,000+ acres), can do farm-outs, etc. without undercapitalized Falcon getting in his way. I for one would be standing in line to vote for a merger of Sheffield into Beetaloo Resources as long as the terms were somewhat based on the acreage positions and other capital expenses in putting this together. Sheffield has his eyes set on dominance in the Beetaloo - he has no issue raising capital with his sway and swagger in the US oil industry. This is an excellent way for future participation in the Beetaloo for those that wish, or an exit for those that want out.

Timing? I would think not until after the SS2H and SS3H wells are IPO'd in the first quarter of 2025. These wells will start attracting the US Oil Industry interest and for that reason I think some type of MOU would be inked by then if not before. I am curious to see what Philip's timing will be for the split and the name change - maybe that will offer some clues.

Looking forward, Tamboran is going to be bleeding cash and needing funds to continue the pilot program. IMO, Tamboran will sell assets for they dare not further dilute their new US stockholders by issuing more stock - what if Sheffield were to buy one or two of their blocks of which he would by then already own Falcon's 22.5% interest - thereby putting those blocks back together with 100% undivided ownership interest to be farmed out and attracting some of the big boys - Just sayin!