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If we don't drill in october then drowning is possible. The rain season starts in november so I hope common sense prevails and they announce drilling this week.
Henc also needs a real IR, they have the greatest difficulty in replying to shareholder emails.
The hunt loi was from last year. I doubt it's still relevant. If drilling in october is real then we will see driller news soon.
A driller announcement should be next now that the first target is selected, might come out next week. Fingers crossed for october drilling.
Great post, thank you for the update. A big Christmas present is still possible here !
The rain season starts in november so they better hurry up.
that's about my average as well, here's to hoping they start soon. Will we finally see drilling in october ?
It will move when we have a more concrete timeline
There is only talk of 1 well and drilling before the end of the year, what a major disappointment...again taking longer then expected and delivering less !
Brent is recovering from the selloff, it hit 50$ again today.
We are overdue some news from TGC/HENC, let's hope we get some next week.
Looks like market pain will continue this week, china down 8% and europe is all red...
I would expect some news, at the latest next week. Hope it's the start of what we are waiting for...
I agree Citrati, TGC shareholders are the big losers here and Perseville shareholders the big winners. Some great management here, value created = 0
who knows, will they fund internally like in the past (funded by insiders) or not, will it be debt or a private placement...I just hope it won't be long untill they announce something
HENC 10-Q is out, most interesting items:
On May 19, 2015 Terra Nova terminated the Farm-In Agreement and forfeited its right to earn additional working interest in the license. The Company is currently disputing rights to operatership which is attributable to the termination. Regardless of the outcome of the dispute, we intend to move forward with our drilling program on a cooperative basis with our joint-interest partners. In that connection the Company aims to finalize adequate financing to fulfill its drilling obligations on a timely basis.
The ownership of a 5.83333% working interest is in dispute with Terra Nova. The termination of the Farm-in Agreement prior to Terra Nova drilling a well on PEL 444 resulted in Terra Nova’s obligation to return a 5.8333% working interest that was provisionally transferred to Terra Nova in anticipation of Terra Nova drilling a well on that license.
We believe our plan of operations may require up to $10.0 million for exploration costs and administrative expenses over the twelve-month period ending August 31, 2016. We are attempting to raise investment capital to cover our portion of anticipated costs.
You assume that if HENC is out then their WI share is divided between Perseville and TGC. That is not correct, HENC's WI share reverts back to the original owners of the PEL's, that would have been ACOR/Sakhai but is now Perseville.
If HENC is out then Perseville will delay as much as possible or make sure the bill is high enough so that TGC needs to sell more WI to pay up, they will squeeze us till there is nothing more left for us.
You see, they are still only looking out for their own interest, not us TGC shareholders...It is not in our best interest that HENC is out, they provide the necessary balance.
So october 14th is a deadline to watch for. I am disappointed though that the focus is now on 3 wells instead of 5, it's a bit of an anticlimax...
Agree, I've had enough of the he said/she said nonsense and posters attacking each other
What does it matter if you or someone else feels that tactics used are honest or not, after all it's an opinion and everyone may differ.
It's a done deal and nothing changes that.
Most people have had enough with talk about TGC or HENC management after the TGC AGM, all I care about now is drilling and how to achieve it, everything else is noise. I think most people here feel the same way...
Everyone is waiting to see "when" we will see drilling, so timings and also how many wells, I hope we will still see 5 wells...fingers crossed
I would be pleasantly surprised with a september drill. In the past TGC management only moved when they had to, so in keeping with that tradition I'm only expecting drilling in nov/dec.
As to that there is also no clarity as to how many holes, don't know if the previous target of 5 holes is still in play.
That seismic has to be good. Why else would Perseville buy as much WI as possible.
I hope this drama ends on the 15th so everyone can go ahead with drilling
Same here, my blue vote i believe was registered yesterday. My broker had some problems getting it done initially...
I emailed the dissident crew a few weeks back regarding drilling:
Do you think TGC could get to drilling quickly if a new management team is in place ?- Absolutely, we are here to restructure and commence drilling ASAP - already in the works if we get elected.
They already seem to have plans to get going quickly. I'm sure that can't be said from current management, history has shown they move like glaciers - ever so slowly - and only when they have to. Current management's timeline would be november/december based on past performance.
I've never had to wait this long for an "upcoming drilling campaign", see their PR's from last year:
http://www.terranovaenergyltd.com/s/news_releases.asp?ReportID=679387
It will be at least a whole year since first announcing drilling, now how credible is that ?
Drilling locations have already been selected and road work is done for the first few sites. The new crew also announced they will hire a technical team to work with the drilling contractor that will do all the drilling, not the BOD of any company.
The timing is always right to get things right. I do not trust current management anymore.
on what planet are you living ?
You may trust current BOD with your money but not with mine. You and Smooth also don't seem to get that this stock will never gain it's full value when current management remains. After a little DD on this company and reviewing lawsuits very few people will invest here and who will buy your stock and mine ? The fact that only you 2 still want to support the current BOD already gives you an idea.
There is no credibility left and the stock ultimately reflects that, even at this very day.
I vote for new management and a drilling campaign in august/september.
I can think of more people not to be trusted, the current TGC BOD is full of them.
good PR and nice recap
It looks that they officially don't want to take sides but want to keep all their options open, that's how i read it.
I have no idea wat you are talking about ?
Since each party will need to pay their share everybody wins if they hit oil, and everybody loses if they hit dry.
-> It's only the current BOD caring for maximum returns for TGC shareholders. All they need is funding from HENC.
What a ridiculous statement, they care so much for us that they cancelled the farmin leaving us with no option to gain more WI. They also deceived us by secretly funding Perseville which is a major conflict of interest.
If they really cared for us they would have used the 3 million from Perseville to buy out Chelsea and Sakhai. That would have been a great deal for us but they used it to enrich themselves - not us !
-> But the reality is if the current BOD wins, it's going to be hard time for HENC shareholders, where as TGC folks will be amply rewarded (if oil is hit).
Now why would that be ? I have no idea what you are talking about
-> TGC shareholders.. Beware of HENC group.. Who doesn't want to pump in cash but get all the results...
We are all shareholders here, most of the people here are invested in both, TGC is my largest holding. HENC is not even half of my TGC holding. If you are betting on HENC not putting in any money then you are "hoping" and "dreaming". Who in their right mind will give up now just before hitting it big when they drill, they have a lot of their own money at stake:
http://www.nasdaq.com/symbol/henc/insider-trades
-> Let HENC pay for their share rather than trying to ride on TGC cash...
Haven't you read any latest filings: EACH PAYS HIS SHARE OF THE WELLS ! Nobody rides on somebody else's treasury
-> TGC has the money and operational plan right now.. Let's drill under the current management
Drilling is to be done by a contractor: current or new management will let the contractor execute so that isn't relevant. The money remains in the company's treasure so old or new management doesn't change that.
A theory of mine:
A fear I have is that with current management remaining in place and with bad blood with Holloman (and potentially more lawsuits) the money will diminish significantly. With the current burn rate and the proxy fight the company's money will drop to 2 million at the end of the year (it will drop even more if lawsuits will follow). Cash in the treasury was 2.9 million at the end of april according to the filings.
If current management will remain then I don't expect them to drill before the end of the year (they were never very fast in the past remember and only move when they have to).
I then expect them to say: hey we don't have enough money to drill 5 wells, let's sell some more to Perseville ! That's when we get screwed again.
How anyone can trust current management after all what happened lately is beyond me.
I don't think they will go back to any farmin model, each will now pay his share of any wells drilled. The farmin is the past...
I agree henc should communicate that they are financed. This would remove the money issue since that is what current tgc management is focusing on as their main argument.
no not correct:
dilution will occur with current and new management if more then 4-5 wells will be drilled (assuming all partners pay up).
I a partner doesn't pay it's share and oil is hit then the partner who hasn't payed will not have it's share of the drilled oil field. The partner retains all claims on other parts of the PEL so your 40% WI for TGC is incorrect. This remains at 20% unless more WI % can be reclaimed from Perseville. HENC will pay it's share of the drilling costs, be it with current or new management so I don't get several of the points you try to make, there is no more farmin.
I would not bet on the fact that HENC will not pay up, they will since insiders invested a lot and won't give up just before the finish line (drilling).
The proof that you are looking for is in tchaunchy's previous post with the email showing sender of the mail (Nico C) and members of the current BOD of TGC who funded Perseville -> illegal corporate opportunity:
https://en.wikipedia.org/wiki/Corporate_opportunity.
We should get to drilling faster with new management (how can anyone still trust current one ?) who can then sort out the 5% WI that is in legal limbo with Holloman.
How anyone can still think about voting for current management is beyond me, they stole value from YOU and as such will do so again when they have another opportunity !
TGC is the main ticker and most traded but I would advise to wait for the july 15th AGM outcome before adding.
Good recap and excellent writeup, my vote goes to the dissidents
Buc, see my previous post. I don't know where you get the idea the company still has 55%, it's 20% now.
Another pure and truthfull post, you forgot to mention how noble current management is when they steal money from other people and deceive their shareholders. Now that is a very valid reason to be concerned !
Let's also not forget that they privately funded Perseville to get a bigger piece of the pie for themselves and deceived us all.
You really need to get your facts straight, but then again the truth is not in your interest. From the company's own circular:
"all stakeholders are now required to proportionately pay for the drill program."
Since TGC owns 20% (that is also debatable now...) that would make 500.000 per well that the company needs to pay. A 5 well program would make 2.5 million which the company already has.
Extra funding would be needed if the company goes for 8 wells: 1.5 million.
If the company can reclaim WI from Perseville then the above story changes again (who knows if monies can be part of any settlement).
your quote:
"We all know the REAL story is Petersen trying to take control of the treasury. But it wont happen!"
No, the real story here is how we got deceived by current greedy management and they have thus shown to be unreliable.
And...you forgot to say your lines again, how do you expect us to vote correctly if you don't nudge us once in a while.
A next chapter in this drama will probably unfold next week: Holloman and the dissidents still need to reply to the proxy and the lawsuit...
some interesting questions Citrati...
A good read here:
http://agoracom.com/ir/steliasmines/forums/discussion/topics/634400-repost/messages/1991768
Ah yes, the truthful facts that you post which are found to be false when some digging is done. Or maybe I need to call someone again because you always fail to supply us the required documents or links to prove your point.
Since you hold purity to such a high regard, why don't you tell us a bit more on how "pure" your bosses are. Do "pure" people steal money and deceive their shareholders. I'm sure they didn't keep all that money for themselves and it went to a charity. After all, that's what really "pure" people would do after stealing it - o excuse me - borrowing it...yes I'm sure that's how it went...
Isn't it strange that all people that lately showed up are from a specific side in this whole drama. Trying to convince us of their "purity" and "thruthful facts". Let me use Tridentone's own quote: "Can't trust them though."
I think you need to look again, I see at least 2 of your previous posts on the same page on this board. Easiest piece of fiction I had to counter...I wonder why I even bother replying.
And you also forgot to say your lines in favour of current management...