Falcon Oil & Gas Share Discussion Threads

[thecynical1] 31/10/2003 16:38

when is the counter-bid going to come out?

[djalan] 31/10/2003 16:25

This goes to show that Chingy is going ahead
Bit late for us Foggers though?



LONDON (AFX) - Hardman Resources Ltd said it expects loan arrangements for
the Chinguetti Field in Mauritania to be finalised in the fourth quarter of
2004.
On Oct 29, the company said it hoped to complete the financing arrangements
with its banks in February 2004. It is seeking a financing facility for its
share of the Chinguetti development of up to 100 mln usd which would allow for
contingencies and cost overruns, it said.
Hardman also said a technical evaluation and seismic survey of the Guyane
field in French Guiana has confirmed the presence of large prospects.

[rbonnier] 31/10/2003 12:01

Fog stated in writing we will be updated regarding the ongoing talks by the end of next week.If they fail to do this which is looking highly likely Sterling will have a field day.Tomorrow doesnt count as the market is closed,sterling directors will reiterate their offer is the only one available and draw our attention to fogs broken promises .

[dalgaard] 31/10/2003 11:56

Surely we will hear from either FOG or Sterling - plenty of scenarios...

a) FOG issuing foggy statement saying continuing negotiations and further update to come 'early' next week

b) Sterling statement at end of today stating more fog than ever in FOG

c) genuine bid for FOG presented at end of today (very unlikely but I hope so)

d) a+b

e) FOG announces end of well test and results to be interpreted over next couple of weeks (and we couldn't care less)

Expect Sterling to be issuing hate statement asap after any FOG statement except option c or e

dyor :)

[rayrac] 31/10/2003 11:16

Well will sell in the market IF I consider selling, which I do not! I like to chose who I invest with for a start, Sterling doesn't appeal one tiny bit, it's dilution all the way! :(

[rbonnier] 31/10/2003 11:02

Holding tight until 430 then if weve heard nothing I will post my form of acceptance to Sterling because obviously the directors of fog are talking a load of b@llocks!

[davidmax] 31/10/2003 10:12

Hold tight seems to me to be the best option at the moment. Anyone disagree? I have to agree with the board - Sterling's bid doesn't make much sense. Either they genuinely want an exploration arm to attach to their reasonably impressive production activity - OR - they know something about the Mauritania find that hasn't been made public (admittedly unlikely). Fusion's 6% holding in Mauritania should not be a big enough incentive for the latter suggestion and exploration is a risky financial committment - So it begs the question what is Sterling after?

[rbonnier] 31/10/2003 08:33

Well its the end of the week and........
Hot air,wishfull thinking,and flying pigs are starting to come to mind!

[molar] 30/10/2003 13:45

100,000 buy was probably sterling increasing holding

[rbonnier] 30/10/2003 11:30

Well if we dont the board will have proved full of hot air and sweet nothings as claimed by Sterling Directors

[djalan] 30/10/2003 10:44

So, will we get update of new potential bidder tomorrow as promised?
Or a revised estimate of potential from mcNaughton consultants?
or Salomon Smith Barney

Price edging up this am on back of 100,000 share purchase

[flyingbull] 28/10/2003 08:03

Typical gas oil ratio for good oil recovery of 50% or more. The few days of main flow test should establish a good indication of the minimum well drainage volume. fb

[dalgaard] 24/10/2003 11:00

Royalty income for Fusion was estimated at life of field $13mln for 8.5mln reserves or ca. $1.5/bbl (in addition to the $10mln Premier paid upfront) @$22-$25 oil price. Easy to work out additional Fusion royalty income from this if reserves go up.

[benchmark] 24/10/2003 10:45

bomfin - you are right there. This is of just as much relevance to Premier

[bomfin] 24/10/2003 10:36

Rayrac,
Thanks for reply. Havn't they already sold this to Premier though and will only see a tarriff income?. Whatever, it seems like a good flow rate which suggests there may be life in Mauritania offshore yet.
regards bomfin

[rayrac] 24/10/2003 10:22

bomfin, just seen your reply. Yes sorry, should be $20,160 per day as opposed to £18,000. Based on 6% of 12,000 bopd @$28 per barrel :)

Regards
Rayrac

[jsman] 23/10/2003 23:52

I think FOG will only be sold at 50% premium to the current price, at the very least. There is likely to be a bidding war when the oil and gas prospects are factored in. 60p is definitely on the cards. Ignore the SEY bid. It's extremely opportunistic, and they will now know, with the news on Chiquentti, that they have to raise their price significantly or be snuffed out.

[djalan] 23/10/2003 18:13

the Fusion Board is
continuing its discussions with other parties to secure a better deal for
shareholders. The Company will provide an update on these discussions by the
end of next week.

[flyingbull] 23/10/2003 11:27

Well, if SEY can pull this off (takeover FOG), it'd be seen as a very shrewd move!! fb

------------------------------------------------------------------------


"JOHANNESBURG (Dow Jones)--One in every five barrels of oil consumed throughout the world will come from southern or west Africa by 2010, Business Report newspaper said Thursday.

The paper was quoting Jeff Schellebarger, ChevronTexaco Corp.'s (CVX) general manager responsible for asset development in southern Africa, a speaker at an oil conference held in Cape Town.

Another conference speaker, Kenneth Evans, vice-president of ExxonMobil Corp. (XOM), said Africa has around 9% of the world's known oil and gas reserves with potential for more reserves to be discovered."

[flyingbull] 23/10/2003 11:08

'Steady rate at 12,500 bopd'.
Apart from 12,500 bopd, the other key word is 'steady'. It means the flow test has not 'seen' the limit of the reservoir yet. The main flow period will establish the number of wells required to drain the reservoir. The high flow rate suggests the rock qualities are definitely good enough for flow. I assume they have installed sand screen or similar equipment to prevent sand production and therefore the flow rates are limited and potentailly the flow rates could be increased higher. The eventual number of development wells is likely to be fewer than originally required and therefore development cost would be significantly lower. In terms of oil recovery, the high flow rate indicates it's likely to be over 50%, probably much higher than they originally premised given the previous concerns on sand production. In short, higher reserves, lower development costs, higher profit are expected. No wonder, SEY thinks they are onto a winner.
I'm still holding FOG and await the white knight. Some more good news from Chiquetti and its' implications to the whole region may just be enough to convince a second bidder to put in a knockout offer.
My fear that SEY's share price may collapse after the takeover (if it succeeds) is allieviated quite a bit with the lastest Chiguetti news. I'm beginning to think it's worthwhile to keep my SEY shares regardless of outcome of the takeover offer.
All imho.
fb

[thecynical1] 23/10/2003 10:58

tks. good luck to you on this one. Any sign of a counter bid? looks like Sterling are desperate? the RNS this am...was in my opinion a cheap shot....think they are clutching at straws trying to impress people...don´t think it is going to work.......but this is just my opinion.

rb..if you are a trader, have a look at a certain pharmaceutical company which has taken a beating between yesterday and today...looks like it is ready to go back where it came from...this is just a comment.

[rbonnier] 23/10/2003 10:44

The very best of luck to you thecynical1 lets hope you too make a nice profit

[thecynical1] 23/10/2003 10:40

rb..if you are here...got into our friends...was waiting for my trade to be confirmed.