Falcon Oil & Gas Share Discussion Threads

[djalan] 14/10/2003 16:09

MERGER UPDATE 3pm
Merger Update:

The OFT has decided, on the information currently available to it, that a
relevant merger situation, under the provisions of the Enterprise Act 2002, has
not been created in the following merger:

Anticipated acquisition by Sterling Energy plc of Fusion Oil and Gas plc

The text of this decision will be placed on the Office of Fair Trading's web
site at www.oft.gov.uk and will also appear in the Office's Weekly Gazette and
Competition Bulletin as soon as is reasonably practicable

[djalan] 14/10/2003 16:05

FOG a chart to die for

[djalan] 14/10/2003 13:48

Copied from another place

Today's Newspaper Roundup

* FUSION OIL & GAS says that rapidly progressing discussions with other companies will succeed in quashing last month's unsolicited bid from STERLING ENERGY - FT

[eurofox] 14/10/2003 13:20

anything to do with this:

RNS Number:8579Q
Hardman Resources Limited
14 October 2003

STOCK EXCHANGE / MEDIA RELEASE



RELEASE DATE: 14 October 2003

CONTACT: Ted Ellyard (08 9321 6881)

RE: CHINGUETTI 4-5, PSC AREA B, OFFSHORE MAURITANIA

Hardman Resources Ltd ("Hardman") advises that at 0000 hours on 14 October 2003
production testing operations were underway in the Chinguetti 4-5 combined
appraisal and early development well.

Since the last report, completion operations of the test interval have finished
and preliminary activities prior to flowing the well have been underway.
Results from the production testing will be announced as soon as they are
available.

All reported times are UTC (also known as GMT).

Participants in the Chinguetti 4-5 well and PSC Area B are:

Woodside Mauritania Pty Ltd (Operator) 35.0%
AGIP Mauritania BV 35.0%
Hardman Resources Ltd 21.6%
Fusion Mauritania B Limited 6.0%
Roc Oil (Mauritania) Company 2.4%

2003 Mauritania Exploration Programme

As previously announced, the first exploration well in the 2003 programme will
be Tiof. This and the remaining exploration wells will be drilled by the West
Navigator drillship, which was originally chosen for this drilling programme and
was replaced by the Jack Ryan in order to avoid any delay in drilling the
Chinguetti 4-5 well. The West Navigator is currently expected to be in
Mauritanian waters on or about 25 October 2003.

The Joint Venture has now decided to drill the Poune prospect as the third well
in this year's programme. Poune is an Upper Cretaceous prospect and a well
location has been chosen which will also allow a test of a shallower Miocene
interval.

[rayrac] 14/10/2003 13:16

Yes, noticed that. I would hope it's a biggy on the prowl. Sterling hasn't got a silver lining :)

[eurofox] 14/10/2003 13:13

Interesting buy transactions going on

[kim_clay] 14/10/2003 11:40

Obviously not!

[bionicdog] 14/10/2003 08:02

can they spell?

[lace] 14/10/2003 07:09

FUSION AND STERLING FUSE TOGETHER NICELY IF YOU WANT TO MAKE IT BIG GO WITH IT STERLING MANAGEMENT ARE EXELANT

[djalan] 13/10/2003 08:04

LONDON (AFX) - Fusion Oil & Gas PLC reiterated its view that Sterling Energy
PLC's offer significantly undervalues the company and said it has commenced
discussions with a number of parties with the aim of securing alternative
proposals that can be put to shareholders in the short term.
It said these discussions, which are at various stages, are all with
companies larger than Sterling.
In Fusion's formal response circular posted today, chairman Peter Dolan said
the group is actively pursuing a better deal for shareholders.
He said the Fusion board believes that Sterling's offer made on Sept 25 of
3.5 new shares for each Fusion Oil share, valuing the company at 39.5 mln stg or
40.25 pence per share, significantly undervalues the company, is opportunistic
and that a better deal can be achieved. As a result, the board has recommended
that shareholders take no action in relation to Sterling's offer.
Fusion said it has developed a large inventory of prospects in a high
quality portfolio of assets in West Africa, an area that has become of
considerable interest to the oil industry as a result, in part, of numerous
significant oil discoveries. Fusion is participating in a drilling programme
which the board believes will give Fusion shareholders exposure to at least six
and possibly more than 15 wells in the next two years.
The Fusion board said it does not expect the group to incur any material
exploration expenditure in relation to its current interests during the next two
years.
Fusion also said it expects its drilling programme will result in the
creation of "material value" to its shareholders.
The board believes that while there is no certainty that any part of either
company's resource base will develop into reserves, the upside potential is
significantly greater for Fusion than for Sterling.
Completion of the offer from Sterling would result in Fusion shareholders'
interest in Fusion's exploration upside being "substantially diluted", the
company added.
A merger between Sterling and Fusion would create a mix of shallow water
Gulf of Mexico assets and West African exploration acreage, mainly located in
deep water. The board of Fusion said it does not believe these disparate
portfolios are complementary or that combining them would enhance the value of
either.
Subject to a declaration of commerciality based on the outcome of the
currently-drilling Chinguetti-4-5 well and, based on the estimates of Woodside,
the project operator, Fusion expects to see the commencement of royalty income
from the Chinguetti Field in the latter half of 2005

[kim_clay] 10/10/2003 20:33

Since the day the bid was announced:

[rbonnier] 10/10/2003 10:43

Morning All Fog directors are going to have to hurry they have until a week on weds to come up with something otherwise if sterling get the vote they will be taking over and moving into fogs offices.

[djalan] 09/10/2003 16:39

An alternative bid may come at the last moment
Don't be surprised if they (FOG) try to do a break-up of assets

In the last couple of days most trades were sells but the price is holding up

djal......still holding

[rbonnier] 09/10/2003 15:05

I wonder how the Fog Directors are getting on have they managed to find a white knight or are they about to raise the white flag with the deadline for acceptances looming.

[p@] 08/10/2003 16:36

DJAL Mine are with MLHSBC.I RECEIVED DETAILS THIS MORNING.

[djalan] 08/10/2003 11:02

Formal offer from Sterling
Out today
Has anyone received this?
The only lead I can find is on Motley Fool



My FOG shares are with a nominee, Halifax
Will have to ask if I want any info
djal

[rayrac] 06/10/2003 13:48

So, someone sells 1m (forget the name) and hopefully UBS have acquired them!? Kind of waiting for a better offer?

[ilancas] 05/10/2003 00:05

IC comments re the takeover:

"Hostile. Sterling holds or has letters of intent for 41.5% of Fusion. Sterling is after Fusion's attractive exploration acreage, but will not retain Fusion's key asset - its management. Fusion is seeking a white knight. Await developments."

[ilancas] 04/10/2003 00:50

White knights, where are you? Without a counter bid we are surely doomed. Don't leave to too late!

[eurofox] 04/10/2003 00:40

EVO has sold the 20 million to SEY - this explains why they have been sat on the bid for months mopping up a steady stream of sells with very little impact on the price.

[thamestrader] 04/10/2003 00:37

Did I read that RNS right?

SEY has SOLD 20 million FOG shares?

Confused.

[thamestrader] 03/10/2003 13:03

thanks eurofox, makes sense now

[djalan] 03/10/2003 00:26

Did anyone notice that SEY made their initial t/over approach on the same morning that FOG announced results?
This was to detract from FOG price rise on the good results
Who would have given them that info?

Derek Williams of Westmount WTE?

Being a director of FOG and a fan of SEY he tipped them off??
Insider trading?

Come clean Del, did you double-cross your old chums at FOG?

djal