FMDP CAPEX forecast was US$26M (A$40M) net to BRK, over the last 6mnths the CAPEX has been a total of A$17.7M / US$11.5M (A$2.7M + A$15M), with operations under budget and ahead of schedule. Assuming the full estimate is spent (sounds like it may not given under budget) this would mean A$22.3M of remaining capital spend. BRK has A$21.7M of net cash right now, with Ops producing A$2.5M FCF/quarter...
Substantially derisked right now given it would seem they have the cash available to complete all CAPEX on FMDP with first production scheduled for early Q4. Whilst they will start from essentially a zero cash position, forecast income in 2025 of US$26.6 (A$41M) is a lot for an A$62M market cap. Completely understand more capital will be required for additional drilling (particularly Swish) but the FCF that will be generated from Q4 onwards will be significant on a zero debt profile... The runoff FCF assuming no capital spend (no swish) and just operate PDP and FMDP will be considerable, just PDP alone back 12-18mnth ago was producing ~A$7M FCF per quarter at ~145kBOE/quarter (1.6kBOE/day), and it is forecast that they'll be producing ~2.5kBOE/day so a 56% increase on the max production from PDP...
Understand the heavy CAPEX profile and understand the production decline rates.
FMDP CAPEX forecast was US$26M (A$40M) net to BRK, over the last...
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