I highly respect your words, thoughts and actions. I don't mean to butt heads or cal you out in anyway.
I think there are a few uncertainties here and other probabilities by considering past occurrences.
How pxp values forum holdings may very well be different this time around especially if the well is verified with definite reserves as opposed to its current classification. A contract and actual processing makes this a solid well. They may have to change their current valuation model as well or may not. That's uncertain. But the value of sc72 would certainly change after a drill and confirmation.
If all they do is survey again and not drill, this will be dejavu all over again and they will be diluting fecof 5 years later. Which is exactly why we got diluted in the first place. Fecofs share of expenses to raise capital for unpaid debts in Forum.
As far as the earnings go related to p.e. Ratios. Fec resources is a "holding company" and not a driller. If fecof gets a one time cash investment it is a "special" classification and not considered recurring earnings from operations and therefore nobody would pay a high pe even if they were registered as an oil company. I use to win nidof petroleum in the same area and their p.e. Was as low as 5 or 6..
Saving grace in fecof is that Forum won't need to dilute or subscribe anytime soon or anymore , as their debts could be on the books indefinitely once their value increases from a successful drilling and equity holding. They will obviously pay down whatever debt with cash rolling in and most expenses would be on cnooc as the JV driller, in regards to future expenses /drilling.
I assume that the profits would be split among the consortium as dividends, like how ph gets a check every year. Then again it might just be tied up only in forums account in which case pxp would have to make Forum public again to realize its true worth by the market and higher p.e.'s for Forum. Pxp can also keep them private and just hope to have a higher P/E ratio themselves as forums true value is hidden and complicated for people to figure out.
Buy outs. My experience in this part of the world, they won't offer much more then current market prices that's why it's very important we get that price up ourselves. Even if we have to window dress itwith a few hundred shares at the end of closing. I've done that a few times myself in the 3's and 4's. They sometimes average the closing price for the last month and give a slight premium based on that. Hopefully we verify confirm first. Have fecof trade around 10 before they come to us with a buyout. I would take pxp shares if so or just use my cash to diversify. Emerging markets are very hot now and this isn't the only game in town. Even some small nasdaq stocks I followed shot up 50 or 100% recently (zuo , z, zscaler). Ironically they were all z's.
Summary: we must have a united voice for fecof so we don't get cheated and we should send emails reminding them that they are being closely watched and threatened with sec investigation if they try to scam our shares for cheap again. We should get the price higher by doing self promotion ourselves. Maybe a newsletter that takes recommendations rather than paid promotions. After all this is a great speculative play. The more people who fiollow this with cash the higher it will rise and the domino affect will happen Ike it did with blink that went from 50 cents to 8 dollars in one month . Except blink is trash and sc72 is golden.
Did you get a response from the sec yet? I imagine they didn't have enough to go on or they were too lazy to chase after this one. Hopefully I'm wrong. But still, the threat of sec looking over their shoulder now unlike before may help their conscience to do the right thing for their own well being and freedom.
