Member Info for WetWater

805slo: The checkerboarding IS a requirement of Tamboran. There is something like a $15 million dollars in stock or $7 million cash penalty to be paid by Tamboran if this checkerboard is not laid out/completed by year end. Even if Tamboran was to pay this fine to Sheffield, that does not legally remove their requirement to complete the process.

I think what many are missing is what this procedure is going to trigger. These blocks will remove the undivided interest issue in the Beetaloo with the exception of Falcon which is a non-op. This will allow Sheffield to start up his own drilling company without any association/partnership with Tamboran which is an important goal of Sheffield. This will allow Daly Waters to be their own operator and to farm out acreage to other operators in the Beetaloo. In essence, this checkerboarding is going to be a major step forward in developing the Beetaloo.

Personally, once Sheffield gets his own drilling/operating company up and going, I would vote to merge Falcon into Sheffield's Daly Waters for 'paper' - not money. This would allow Falcon shareholders to continue with exposure to the Beetaloo or to sell and move on to another investment. IMO, Falcon's 22.5% and ORRI position would be a very attractive acquisition by BS.

Lots of options open up by this checkerboarding arrangement. With Falcon continuing to hold 22.5% in all 6 - 200,000+ acre blocks, this company is strategically positioned in the Beetaloo. Checkerboarding covers only about 28% of the Beetaloo - lots of options for the other 72%! It is commendable that, once again, our CEO has worked to position the company advantageously within not only the new checkerboards but also the remaining Beetaloo Sub-Basin.

Thanks smallfish - now I understand!

RobRoy1: I believe this is pretty much to be expected - the early adopters seem to be the ones to catch all the arrows. Now that the Beetaloo is being proven up and is hopefully the success many believe, the next 10 years will be quite a different story. The problem for many of us who are highly focused in on this discovery is that the clock continues to tick for some of us old grey-haired guys!

Longknife: I was concerned about Sheffield trying to run the court on Falcon until it was explained to me that buying huge blocks of stock would be a hard proposition for him due to Falcon's lack of depth on its shareholder register. The large majority of our stockholders are smaller retail investors which are not worth the time or effort for someone to try to pursue such a hostile takeover. Normally for such a takeover, Sheffield for example, would need to quietly approach several of the larger position holders in the stock ledger to make his propositions known. In Falcon's case there are not sufficient numbers of those sized positions on its stock register. All 'a Sheffield type of takeover move' could do in Falcon's case is start upping the bid and trying to acquire shares in that fashion - once the retail investor caught wind of this type of move the share price would rapidly move upwards with all the long-term retail investors. I also believe, in Sheffield's case, now that he holds the percentage of stock which he does in Falcon, he would have to make his intent to buy larger percentages of stock known as it was acquired - I don't know the specifics of these regs - I'm sure someone on this board could speak to this.

I believe with Falcon's current financial position, it will be sometime before Falcon needs to raise further funds - it's been said many times before, that surely, by the need for another raise, the stock price will be much more favorably priced. IMO, with the upcoming pilot program wells, the checkerboards, the Tamboran IPO and what I feel will be a newly formed private company by Sheffield after the checkerboard are completed by year-end - why else do the checkerboards? All the new options opening up for Falcon and its 22.5% interest in ALL six blocks could change the trajectory of our little company.

BlooBird: for a detailed presentation of the DSUs and the checker-boards it would be better if you watched the recent Falcon investor presentation by management. These two terms can get a little confusing but something you will need to understand moving forward.

DP: Tom Layman is a Falcon director who has overseen over 4,000 Shale wells. Possibly he could be the guy you are looking for to help with navigating the DSUs and the upcoming checker-boarding? IMO, this guy has the shale knowledge to assist Falcon going forward.

Hey Poods - Hope the recovery is quick. Things like this makes one put Falcon in perspective - health is pretty much above all.

Hey Poods: Sad but true - I had to laugh at "Let’s hope BS is an honorable and good veterinarian with wounded ducks. Quack, quack." BS though a savior of sorts is my number one concern at this time. He's a guy with the Beetaloo as the prize in his mind. He's young, has the funding and the desire/motivation to get what he wants. He can help us or hurt us. My greatest fear with Falcon is that he sets his eye on the company as an easy 22.5% addition in his pursuit of this World Class Shale play.

BtoB: Yes, my wife and I plan to attend the AGM - I look forward to seeing you along with a few other guys/gals on this board. Like you and many others, from the looks of Falcon's trading volume, I am just sitting on the sidelines waiting to see how the Tamboran IPO plays out. I look for their IPO to happen in the third quarter, but I have heard everything from the first of the quarter till the last - looks like we have a wide window of anticipation. Due to Sheffield's stellar shale reputation in the US, I suspect we will see him somehow touted as a field advisor and large shareholder in the new offering. If the offering falls short of their target $500 million(?) raise, then I would look for Formentara or DW to fill in exchange for more control of Tamboran. Some think that the wells will be staged over a couple of years, others believe they will be drilled consecutively to help prove up and entice APA to begin construction of their 12"(?) pipeline that will have a capacity of 100 mmcf/d. I feel Falcon is dead in the water right now and totally dependent on what Tamboran will be doing near term. Hopefully as Tamboran progresses with these next 2-6 wells Falcon's share price will respond. We stockholders could sure use some promotion from our CEO letting the market know what a prize Falcon holds with its 22.5% interest in the World Class Basin - hopefully that will come once news from these wells begins to come out.

Oilcountry: I have those same feelings! Someone is holding the stock price down - BS is the logical culprit IMO.

Camelot1: To my knowledge POQ has not switched gears in regard to participation in the horizontals - Falcon still maintains a 5% WI on the SS2H and SS3H wells. There has yet to be an announcement by Falcon in its sole-risk election on the additional pilot program wells to be drilled. I suspect with the lack of capacity (40 pj/d) in the ADA pipeline, there will be only one (SS4H) well drilled in 2026 with the SS5H and SS6H wells drilled in later 2027 or possibly 2028 depending on the progress in the planned new pipeline and the decline curve of the previous wells. IMO, APA is not going to commit to build a 3+ billion pipeline without the pilot wells proving initial production and reasonable decline curves to make that type of investment feasible.

The BJV, of which Falcon is a partner, still has infrastructure and development cost outside of the wells themselves - as I understand it Falcon is still on the hook for 22.5% of this cost? I would assume that would mean participating in the Gas Transportation Agreement cost of laying a 10"(?) line from the pilot program wells to the Amadeus pipeline. There will gas processing facilities amongst other miscellaneous expenses. I haven't seen those details laid out, but Falcon's participation will require funding which POQ has now raised.

I suspect we can all expect to see POQ continue to be a silent partner to Sheffield and Tamboran - that's pretty much the job description of a non-operating JV partner - Some have a hard time accepting Falcon's 'backseat' position. GL

Margaritaman: Ouch!! You really hurt my feelings - :^) You really need to focus on the bigger picture than POQ or myself! Lots of things coming up for the Beetaloo beginning late in the third quarter of this year. The dynamics of this concession are about to change. Soon you will have other things to concern yourself with than simply ragging on people. Stay Tuned.

Love - WW

Margarita Man: And if I had a million dollars for every positive contribution you have made to this board, I would still be dead broke. If my comments fits, be a big boy and wear them. If not come up with something positive rather than whining and crying about something you are obviously not going to change.

Yours Truly - Wet

Tda4falcon: Wise words to this board - I only wish some on this board would read and understand!! Some need to put on their big boy pants and deal in the realities of Falcon or sell and move on to their more perfect investment.

I'm not ecstatic about our current situation but it is what it is so I either accept it and change my expectations or sell and move on. Pretty simple really. Whining and crying about an investment doesn't help anything or anybody.

Appreciate the replies guys! None of us have all the information we need at this point to make an accurate call but glad to get your ideas.

Newtofo: If these next two 3K horizontals live up to expectations they will come online at about 18-19 mmcf/d. So those two wells are going to take up most of that 40 mmcf/d contract. These will typically decline over the first 6-9(?) months to the point that a third will could be drilled to backfill the contract. After that there will be no additional pipeline capacity for add'l Tamboran gas. If that is the case, then I believeTamboran will be cutting back on drilling until the gas can be sold. Maybe Tamboran will in time give us their updated plans to address this shortage of capacity. I don't believe the next 4 3km wells will be drilled until there is a place to sell the gas - that's a lot of money tied up to wait two, three or more years to begin production. Also, not an engineer, but I don't believe Tamboran would be fracking these wells if they cannot be flared/produced.

Another option I have heard is that there is a possibility that Falcon could be merged into Tamboran. I'm not sure what I think about that, but I it's something that could pop up.

Golones: The problem I foresee with the Beetaloo is that we are going to be stuck in a holding pattern before we will receive an offer many of us will find acceptable. It's a bit of the 'cart before the horse' issue. Tamboran's production date is early 2026 - that is soon after the first two pilot wells are to be drilled. That gas will be going into the Amadeus pipeline and if memory serves me well, Tamboran has contracted a 40 mmcf/d take or pay contract with the pipeline. Doing an AI search on Amadeus Pipeline indicates that currently there is no excess capacity - I assume 'no excess capacity' allows for the contracted 40 mmcf/d but the question is just how much excess capacity above the 40 mmcf/d might there be? The pipeline's total capacity is only about 165 - 175 mmcf/d which isn't that large. The point I am getting at is that Tamboran will likely be holding up on drilling the SS5H, SS6H, SS7H wells. The SS4H will likely be drilled sometime in 2026 to backfill Tamboran's 40 mmcf/d contract as there will be a typical Marcellus decline curve over the first 6-8 months of these first two wells. Tamboran doesn't have the funds available nor the inclination to punch holes in the ground without a market for its production. Tamboran is correctly informing the market of first production in 2026, but in typical Tamboran fashion, they fail to tell the market the 'rest of the story'.

With all this said, any 2025/2026 offers for Falcon will be based on the next two-three wells and not the full 6 well pilot program. That's not saying an offer can't come at any time, but IMO, the big guys are not buying into something that is not well proven - they would rather pay-up when the field is better proven/understood.

From my understanding, the new APA proposed pipeline hasn't even begun permitting. Building a large enough capacity line to handle even the next 10 years production is going to be a major project and cost billions of dollars. We could be looking at 2027 - 2028 before that might be completed.

Bottom line is that to receive the price many of us want, we might be looking at a lot more patience - what's three more years at this point - assuming I'm still around :^) IMO, Falcon owes it to its stockholders to shoot straight on the current timeline on a proposed sale. No one can predict with certainty when a legit offer might be received, but I believe if we stockholders might potentially be looking at 2027 or 2028 before a sale, then the stockholders need to understand this as a possibility.

GLA

Marshmill/NorthernM: I had a standing order at US .09 that filled Thursday only to have a partial order at US .0875 filled on Friday. I don't know how low FOG SP goes but I can't help but pick up shares at this point knowing the potential reserves backing them up. What kind of SP response do we get on the two 3K wells to be drilled - I've given up guessing as I seem to always be wrong, but I'm convinced that in the end shares acquired at these prices will be well rewarded. GLA

Smallfish9: What did you mean with your following statement - "The only one here who benefits is the latter. Sold, done, out." I took that to mean you had sold and were done with Falcon? If so, why do you continue to provide this board with all your comments? You seem to indicate Falcon has no real practical value. If you are still invested in Falcon I apologize - Just trying to figure out which box to put you in.

NorthernMagic: I hope you caught the portion of Alex's comments regarding the IP decline rate. This was why I mentioned the other day that the IP30; IP60 and soon to be released IP90 and IP120 are very important data points to this project. The petroleum engineers - even in the US - can relate to this decline curve. They can massage these numbers and project the long term decline rate for future wells in this part of the Beetaloo Basin. From Alex's comments, word seems to be getting out about our world class shale discovery!

Smallfish: Hate to see you go but everyone has their own opinion - I respect that. As to Falcon's 'vanishingly small filament of interest' - I'm pleased that Falcon has retained not only their average 10% in the upcoming areas of development but also 22.5% of an additional 4.5 million acres. Falcon has never tried to be a production company - its goal has always been to sell its interest of this concession. As such, Falcon has managed to not only survive the last 15+ years by converting its 100% interest in the Beetaloo into a company with has no debt and has been carried for close to $300 million of drilling which has helped defined much of the aerial extent of this shale basin’s 4.6 million aces. I am in agreement with the opinion of the Australian government, the NT, Sheffield, Tamboran's and Falcon's opinion that the Beeetaloo is a world class asset that can provide Australia with many years of much needed gas resources. Yes, Falcon has been on a long tenuous journey, but it has survived to this point, closing in on its objective of selling its Beetaloo asset. Falcon no longer holds 100% of the Beetaloo but, realistically, if it did, where would the Beetaloo be today? I'm of the opinion that Falcon's ‘small filament of interest’ will offer we shareholders a nice return - good luck to you in the future - I have always appreciated your input and opinions.