Oh well, on to the next project very soon.
Email just received by broker:
Whilst this is disappointing, FDR had a capped cost contribution of AUD $1.3 million for the Kanga drill which ensured they had minimal financial exposure but material leverage on any success.
It’s important to note that Kanga is 1 of 10 projects in the FDR portfolio and is not a binary outcome for the company. After the $15m IPO raise last month the FDR balance sheet remains strong with over $13m cash at bank.
FDR will now quickly move on and continue to progress their other high quality and valuable portfolio of drill ready prospects in both the North West Shelf of Australia and North Sea in the UK and remain confident of continuing their track record of executing value-accretive farm-out deals to deliver drilling opportunities with the potential to drive a material re-rate of Finder
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