Full respect to the guy, he has been the reason a few bad eggs...

Full respect to the guy, he has been the reason a few bad eggs are not ripping people off through the ASX. So you have to respect this.

However I disagree/challenge a couple of things;
- BRK have been releasing regular FMDP updates (nearly every week), so to suggest they split this news out of quarterly for a reason is floored... BRK have released 20 statements to the ASX on the FMDP progress, this is just another progress update, advising it is under budget and ahead of schedule - this must be taken at face value. No malice here IMO.
- Associating a high oil price. Speculation on oil price is speculation. Below is an inflation adjusted oil price for WTI. Facts are in the 1980s oil spent 6yrs above current price, in the 2000's spent 10yrs above todays price, and spent 20yrs from 1985 below todays inflation adjusted price. So I mean since 1980 we've had 16yrs above todays price, 20yrs below and the remainder of the years close to parity. You could talk geopolitics petrodollar etc for ages and get no where and not know the future oil price, but fact is inflation adjusted we are near 50/50% of time above and below current price over the last 45yrs... Facts say today's price is not a "high oil price" when inflation adjusted.
- Whilst it is somewhat true to say right now they have been on a treadmill of forking out capital to date, that capital has bought online real assets that have multi year production profiles. Real assets have a terminal value, fact. BRK's assets have a terminal value due to production years on from capital outlay, field decline rates are high, and it is not without risk any investment into any mining or oil and gas company, but the market is forward looking, production forecast are forward looking. If they executed no growth capital after completing FMDP where will the FCF go?
- As Danpec said, BRK have spent A$17.7M on FMDP and no revenue, so you kind of need to back that out of the calc, or be forward looking in the revenue estimate to get a full picture.
- For me BRK is not a stock I would ever own indefinitely, however at a fair price I can see healthy returns.