All very odd these price movements, page-3

I have. And I attended the investor briefing. And I listened. And I applied my own cynicism and analysis to the numbers and capital required and likely sources and effective cost of this capital.  

It took a pretty miserable view of both the world and FDM management to come up with a business worth $100m. Even without raising capital and expanding the acreage you can see a safe path to producing 6,000 BOE per day at what may now be close to $45 based on mix in the next 6 months - others with some oil knowledge suggested up to 9,000. I realise more capital is required to maintain this but the reserves and cash generated would suppprt getting it from the facility. There is also ability and value in acquiring acreage.  

It is reasonable to see $10m per month in cash being generated, with the proven reserves backing another 4 wells on current acreage to keep up this level of cash generation into next year. On top of this there is the opportunity to double down on acreage on decent prices, where the new acreage adds to the borrowing capability. 

I may not be an oil expert but I can run numbers.