Fundamentals and General Discussion, page-325

The way I see it, their salaries are paid by JV partners, not out of shareholders funds. Because they operate their licences, if management work an hour on a project they charge back an hour much like other service providers, accountants, lawyers, etc. So they’re paying their own way. I like this model and that’s probably why they haven’t needed to raise more capital since they IPO’d. Most other oilers have 1bn+ shares on issue which kills the upside. What FDR needs is a deal to get the stock moving, with tight capital structure this could run on positive news.