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very confused...in one sentence they are reviewing their rights, and in the
following sentence they say they want to "decide if it wants to resume its rights in that capacity or allow that role to be assumed by a third party".
do they have the "right" in an iron-clad sense, or not?
tc -
is this telling me that HENC does not know what it's rights are? if they did, they would have said: "WE HAVE THE RIGHT TO BE THE OPERATOR, BUT WILL REVIEW........."
HOUSTON, TEXAS / ACCESSWIRE / June 2, 2015 / Holloman Energy Corporation (OTCQB: HENC) continues to pursue its drilling plans in Petroleum Exploration License (PEL) 444. HENC is reviewing its rights and obligations with respect to Terra Nova's May 26th, 2015 announcement regarding its status as operator. The Company has yet to decide if it wants to resume its rights in that capacity or allow that role to be assumed by a third party. Of primary importance, is HENC's determination of which course of action best assures that ongoing work obligations are completed in a quick and competent manner. The Company expects to finalize its decision within the next few weeks.
did TGC fulfill their obligations under the FIA? if not, then subsequent agreements that rely upon an original agreement's terms being met may cause them to be nullified.
HENC better knock those TGC boys down a few notches.
BTW, just spouting of the top of my head.....Terra and Perseville are related, right? what's to stop TGC from slowly shifting equity to Perseville for little things like the cost of admin work, or cost of "reassessment" of 3-D (emphasis on quotations). If I'm perseville, I'd love to have equity shifted my way and not have to worry about retail shareholders.
Machiavelli at his finest.
tc - I appreciate the work you've put into this.
I have a bit of a different take on the TGC "operator" BS....
they know that HENC has the money or means to raise money for drilling, so that's not the issue. TGC wants to apply pressure, in a public forum via PR's etc., to force HENC to bend and ultimately accept a compromise. TGC probably figures that whatever they spend on this PR campaign is worth it if they get their WI percent from HENC.
also.....
if HENC feels very strongly about their legal rights, maybe they need to get a cease and desist letter out to TGC because the TGC PR is misleading the public and may cause someone to invest in TGC under false pretenses. Sounds like a shareholder deriv suit in the making against TGC........
tc -
In light of TGC's PR - which they likely put a lot of thought into - it's telling me that there's going to be a fight.
I'm projecting forward that WE will suffer. hope not.....
right now, there's a war of words going on; TGC is trying to claw and scrape out a piece of the pie and obviously revving up the BS machine to play hardball. This does not appear to have a smooth and happy ending, and looks like it's headed before a judge or arbitration - unless someone blinks.
just a quick reaction, and a few choice words come to mind......
how TF do they remain operator if they backed out of the farmin??????
HENC made a very poor choice in a partner and now the holders have to suffer.
if this goes to court and we go past the deadline to drill....we're all screwed.
someone please enlighten us....
you could be right...
from the 10k
AUD$4,500,000 (USD$4,064,000) to be placed in escrow on or before 45 days following completion or abandonment of the
third well in the initial well program for use in funding the first AUD$4,500,000 in dry-hole costs of an optional three (3) well
drilling program on either PEL 112 or PEL 444, provided that at least one well is drilled on each license (earning a working
interest of 5.833% per well in each license, totaling a working interest of 17.5%).
return of 4.8% on 444....nice! Christmas in May.
AI -
my take....TGC leaders brought in Perseville and SUCCESSFULLY fleeced the retail holders of TGC stock by reducing their ownership. I think the TGC retailers had dreams of a white knight and that their percentage ownership would remain.
Cougar -
sorry, also...the JOA was referenced in the farm-in agreement as Schedule "D", and is supposed to be an attachment to the Farm-in, but......was not attached to the doc that I saw on the internet.
I searched the internet up and down and could not find the JOA.
dug through some document sites, re-read the 10k, etc.....
i think it's becoming clearer that HENC is in control. Gen stated that the Joint op agree requires 75% for control...no one has that.
therefore, seismic will be for HENC's eyes only.
agree?
I didn't know about the 75% part, which makes sense. I was wondering how TGC could pull out of the farmin and still have control, or at least participate in control with another partner.
Gen says HENC has seismic.
he said / he said........
also wondering out loud.....
do you think HENC told TGC to step aside?
makes sense to me.
and that would likely translate into a greater WI = higher SP
what's better...find another operator and give away 20% WI, or raise the funds through a 2ndry and keep the 48% WI?
that's the question that HENC needs to answer.
They said they were looking for a driller. Maybe there's something in the agreement that gives them the go-ahead.
is it really as simple as just raising our pro-rata share for drilling and retaining our 48% ownership?
if the 3D was so darned good, then roll the dice!
I don't mind shares issued to raise funds. ownership percentage is the key here.
keeping ownership at 48% should eventually push our SP up at a higher clip.
Also, will someone in the know please respond to HENC's statement that they are looking for a driller. does having less than majority ownership impede this in any way?
it's all about motivation....
is the party in control motivated to get it done?
given the time extension to drill, that sort of takes the urgency out of the equation.
my money is on January.
Open letter to all....
Gen - you mean well, but the buy, buy , buy mantra cost people here quite a bit of money by your harping to buy the ask, break it out, blah, blah. It doesn't work that way. the stock will move (up or down) when it's time, and not a moment sooner. they need to have the rig in place and start spudding - that's when I would start yelling BUY, BUY, BUY! nothing else works.
I've been averaging down for some time now. Honestly, it's annoying to have to keep protecting my position.
Is it me, or is it always bad news that surrounds HENC like smog? Can they ever bust through the paper bag that confines them?
Frustrating that HENC is at the mercy of their partners (i shudder when I use that word because they are really not partners, but opportunists, profiteers, or whatever else you want to call them).
enuff for now. tired of this BS.
I remember the "once in 100 years" flood just a few years ago, but don't recall if there was an extension.
Anyway, hopefully they'll be true to their word and spud by the end of Q2, even though they could push it to Q4.
More importantly, until the rig gets put in place, we're gonna be trading sideways. Then, once the rig is set, the daytraders come in, make their coin in a few days....and then we find the true trading range/trend for HENC....hopefully.
it's always about the rain....
The last time we had the word RAIN in a PR it was to let us know that things would be delayed - but we never got an extension, if I recall correctly.
End of Q2. That's end of JUNE
looks like end of Q2 2015 for drilling to commence.
SINGAPORE / ACCESSWIRE / March 30, 2015 / Terra Nova Energy Ltd. (the "Company" or "Terra Nova") (TSX-V: TGC OTCQX: TNVMF) is pleased to announce that it has completed the heritage clearances and environmental assessments required for the Company's upcoming drilling campaign and is applying for site preparation approval as well as drilling permits. The drilling campaign is anticipated to commence end of Q2 2015 on the Company's Petroleum Exploration License 444, located on the western flank of the Cooper/Eromanga Basins in the State of South Australia, Australia.
Henry Aldorf, CEO and Chairman, stated, "Prices for drill rigs and other services have been reduced significantly. Terra Nova is now able to proceed in executing its drill program at significantly lower costs than previously anticipated."
The Company recently completed a $3,000,000 financial transaction for the funding of up to two wells in the upcoming drilling campaign on PEL 444. The Company is currently in the process of reviewing bids from qualified drilling companies to perform this work.
so in other words....it's not a hard and fast stipulation. HENC can either hold TGC to the contract and force them to drill by the established deadline, or say "ok, let me know when you're ready, as long as it's before july 10th.
yes?
you're right.
I think most of us have pretty significant positions here, maybe nibble every now and then, but certainly can't be relied upon to prop up the stock on a regular basis or push it to breakout and beyond and sustain it.
need new money coming in and that means either a big stock promotion or drilling and hitting oil to attract new investors.
mm's will be in control until the above happens.
buc -don't have time to show the calc.
I'm pretty sure that Perseville valued TGC at .60/share...or thereabouts.
Persville's stake values TGC at .60 per share
did a down and dirty calc...someone may want to double check it.
pdf does not open
yeah, their avg shares traded per day are over 8 mill, so it's possible to acquire 13% of the company without pushing the market cap.
I wonder what a reverse split would do for HENC? does it force an accounting of shares and therefore anyone naked short has to pay the piper?
just thinking out loud
I see my attempt to discuss the Beach investment went by the wayside.....
Here's my take on the stupidity of the OPEC statement:
Simple economics, price of oil goes up, more fracking and more oil production results. Wells that were abandoned because of high extraction costs come back to life with the rise in oil prices.
Net effect? puts a damper on the price rising too high, too fast.
Next topic.
I think (hope) I know what you're getting at, but the point clearly is that if a company can acquire a 13% interest in Beach for such a low premium, then what does that say about how the company is valued?
There has to be a bigger struggle to get a hold of those shares. Something is screwy.
Can anyone talk about valuations in the oil biz?
How does Seven Group Holdings accumulate/acquire over 13% of Beach with basically little effect on the SP? Beach jumped to 1.17, or so....big deal. (I put them on my radar, but failed to pull the trigger on a trade last week -- my bad). BUT for a company to take on such a huge chunk of Beach that has substantial reserves, lots of cash, high success rates in drilling.....not sure what that means in terms of Australian oil company valuations.
Quite honestly, I'm not liking what I'm seeing in the Beach situation. Did Seven get a sweetheart deal or what? As I write, I become more confused about how a company could acquire that chunk of shares for so little a premium......
http://www.bloomberg.com/news/articles/2015-02-03/beach-surges-after-seven-purchase-stokes-takeover-speculation?cmpid=yhoo
genstock - was that you buying at the end?
I nibbled on some at .30 Got filled very quickly.
Tax selling season.....
I've been here since before the flood (not the biblical one, but the "one in a hundred years" flood of a couple of years ago). I have a feeling their timing will put us into the spring flood season, once again.
although Genstock has been harping for everyone to buy, I've nibbled a bit, but holding off any major buys until we get nearer to spud date. might work, might not. just trying to protect against the flood, or a shorty take down prior to spud.
Yes, and money was an issue many months ago, but when anyone brought up that subject, it was always knocked down by the "people in the know" who said "oh, it's because they are studying the 3D..." Horse bleep.
It's always been about the money.
Actually,Harek, it's ALL a big deal. These are material events that affect the value of the company. The non-stop delays are part of a bigger problem that we are not fully privy to.
Without checking to look, I believe the next MUST DRILL DATE is July 2015....THAT'S the date you have to keep an eye on.
I have great doubts about 1Q 2015. They've proven it in the past, and no reason to feel confident they'll drill in 1Q.
Besides, at what point is Hunt REQUIRED to have their drill equipment available and ready to drill? In other words, on a legal, contract basis, when do they have to put the rig in place and drill? At what point does Hunt assume liability to drill?