Falcon Oil & Gas Share Discussion Threads

[rayrac] 21/10/2003 09:25

Yes, I had that through the door this morning..........same result...bin!

[eurofox] 21/10/2003 09:16

a big wadge of stuff came through the post from Sterling asking for us to throw our hand in - its in the waste bin now

[eurofox] 21/10/2003 07:15

No wonder SEY are desparate:

RNS Number:1115R
Hardman Resources Limited
21 October 2003

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 21 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 21 October 2003
production testing operations were continuing in the Chinguetti 4-5 combined
appraisal and early development well.

Since the last report, the well has flowed oil to surface during the early
stages of the extended period test programme as planned. Details of the test
will be released when a stabilised production flow rate has been achieved.

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%

KATHRYN DAVIES
COMPANY SECRETARY AND
CHIEF FINANCIAL OFFICER

Note: In accordance with Australian Stock Exchange Limited listing
requirements, the geological information supplied in this report has been based
on information provided by geologists who have had in excess of five years
experience in their field of activity.


This information is provided by RNS
The company news service from the London Stock Exchange
END

[djalan] 20/10/2003 22:17

Copied from another place

Fusion said this afternoon that it remains in active discussions, the nature and terms of which remain subject to confidentiality restrictions at this stage, to seek a better deal for all Fusion shareholders.

[kim_clay] 20/10/2003 19:25

Anyone else been contacted directly by our friends at Sterling trying to convince you of their great offer?. Guess they can't be that confident if they resort to calling up individual shareholders. Didn't deny it was opportunistic.
Don't see why I should share the success (or failure) of the upcoming drilling programme with investors who clearly value high depletion GOM gas assets.

QUESTION:
Anyone know if these guys have ever managed African assets and/or relationships with African host governments. Given the current slanging match I would guess if Sterling succeed they will have a tough job keeping the key members of the FOG team. Their initial meetings with officials in some of these places might be a tad uncomfortable. Anyone with experience in this area would know that personal relationships with the relevant individuals in the host country are vital. (Hence the question)

[eurofox] 20/10/2003 18:24

from a poster on SEY:

bullbearmagic - 20 Oct'03 - 18:22 - 302 of 302


LONDON (AFX) - Fusion Oil & Gas PLC continued to rebuff the "inadequate and
opportunistic" offer for the group from Sterling Energy PLC today with
confirmation that it continues to hold talks on a "better deal" for its
shareholders.
Sterling Energy this morning challenged Fusion's defence to Sterling's
takeover proposals, refuting Fusion's claim that the 39.5 mln stg offer
undervalues the company.
It also challenged Fusion's claims that it is in talks with other parties,
saying: "Sterling's offer is the only offer available to Fusion shareholders".
Fusion said this afternoon that it remains in active discussions, the nature
and terms of which remain subject to confidentiality restrictions at this stage,
to seek a better deal for all Fusion shareholders.
Sterling said it owns or has already received support for its offer in
respect of 41.5 pct of Fusion's shares.
The Fusion board said it notes that 9.5 pct of this support is conditional
on the absence of a higher offer. A further 11.6 pct relates to letters of
intent and are not a legally binding undertaking to accept the offer.
Fusion said it has developed a high quality portfolio of exploration assets
in West Africa. The drilling programme on these assets has recently commenced
and Fusion believes that this programme will result in the creation of "material
value" to its shareholders.
Sterling stated today that Fusion has "no declared proven or probable oil or
gas reserves after drilling 6 wells over the past three years." Fusion said it
has participated in 7 wells (not 6) over the last three years and has been
involved in two discoveries, two successful appraisal wells and one
appraisal/early development well which is currently under extended well test,
the results of which are imminent.
Fusion has commissioned an independent technical review of its assets which
will establish the quantum of the proven, probable and possible reserves that
can be reasonably attributed to Fusion at this point in time. This review is
nearing completion.
Fusion chairman Peter Dolan concluded: "Fusion believes that Sterling's
announcement today demonstrates a lack of understanding of the process of
exploration in frontier areas and the incompatibility of the two companies.
Fusion remains in discussions to seek a better deal than Sterling's inadequate
and opportunistic offer. As a result the board of Fusion continues to recommend
shareholders to take no action in relation to Sterling's offer."
[e-mail]
slm/

[rayrac] 20/10/2003 11:14

Doesn't it make you want to weep? Sterling have our interests at heart, they are actually being kind and doing us a favour making an over-valued offer for Fusion!

If you believe that then give up buying into shares like FOG, it will break your heart. :)

How they have the nerve!!

[rafthorney] 20/10/2003 08:38

I would say that 60% have,nt been tested by being asked rather than they disagree!

[eurofox] 20/10/2003 07:53

The RNS from Sterling this morning is absolutely unbelievable - they must be so desparate to publish something like that - and OK 41.5% may have thrown in their shares in support - they don't remind us that this means that almost 60% do not agree!

[djalan] 19/10/2003 19:14

IS PETER DOING A DODGY DEAL???????????

FUSION OIL OFFERS ITS CHAIRMAN A BID BONANZA

Fusion Oil & Gas (LSE: FOG.L - news) has breached corporate governance best practice by doubling the length of chairman Peter Dolan's contract, just one week after the company received a bid approach. Dolan signed a new contract that doubled his notice period to two years after the firm received a 40 million pound bid from oil firm Sterling Energy (LSE: SEY.L - news) , which later launched a hostile offer. Dolan will be entitled to a substantial payoff if his defence against the offer is not successful or possibly even if an acceptable bidder is found.

[rayrac] 17/10/2003 15:17

From The Evening Standard on line?


ENERGY outfit Fusion Oil & Gas is in play. Although chairman Peter Dolan says the offer from Sterling Energy significantly undervalues the company he admits to being in discussion with several interested parties which we expect will develop rapidly.

[dalgaard] 17/10/2003 11:35

Yep - there were no material news in FOGs final results (details of Premier deal was back in May except can't remember if $10m cash payment was mentioned) -apart from this all they did was to package it up so it looked more attractive (they have made no secret that they are looking to do this and sell the company). Agree that Williams probably told Sterling hence bid same day. If offer had not been made then it is possible that share price could have risen but that's pure speculation. Obviously Sterling saw it as a good deal. If breakaway then price could potentially be rising further - obviously not the case here (except if counter offer made and again same principle applies).

Have you seen news about FOG director package in case company is sold? Just increased it to two years payment - very dodgy. FOG stated that they were already in process of doing this when they received the bid from Sterling but only changed directors contract after bid was made. Why were they looking to change contract if it was their intention to sell the company anyway? Means additional costs incurred for the company and less value for shareholders!

[djalan] 16/10/2003 09:41

Dalgaard
So it's not a breakout?
SEY made their first t/o bid on the morning that FOG announced annual results
This was to take the credit for all of the price rise

I suspect the offer coincided because williams of WTE told them the date
djal

[dalgaard] 16/10/2003 09:31

Djalan sorry but that's rubbish - of course we are when the company already has had an offer raising the share price over 20% - that's not anything to do with break out due to performance (and rise in share price as follow on)

[djalan] 15/10/2003 12:21

BREAKOUT!!!!!!!! BREAKOUT!!!!!

We have managed to get on the toplist Breakout board

[bomfin] 15/10/2003 11:14

Not really been following this closely but perhaps someone here knows.
Is there still a Westmount representative as a director with Fusion?. If so will they continue representing Sterling?.
Westmount moving from Fusion to Sterling is intrigueing as is Fusion agreeing to sell a stake in Chinguetti to Premier. Is it all about hedging bets or is there more behind the scenes?. Is Premier a likely bidder for both? or one depending on Chinguetti results?. Something gives but I can't work it out.
Speculative post and all imho dyor.
regards bomfin

[rayrac] 15/10/2003 08:30

Had their rejection report through the post this morning. Quite dramatic and clear, DON'T SELL!

I'm happy with that, the Sterling offer is VERY bad for FOG shareholders!

[ilancas] 15/10/2003 08:11

There has been so much selling recently, presumably with the stock going to SEY, there will be no stock available to meet demand if there is any more good news.

[wstirrup] 14/10/2003 18:31

Sounds as if he was LACEd when he wrote it..:¬))

W.

[bionicdog] 14/10/2003 16:26

I'm still laughing at post 945.

[eurofox] 14/10/2003 16:12

that's good because it sets a precedent for other M&A options that FOG might be looking at.