Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Looks as though the market has completely missed this off the back of no interest in oil names at the moment.

Would be good to see some listed comps on a reserve to EV basis.

I wonder what marketing efforts the company is doing to get the messaging across to the market of how transformational this asset is.

These guys burn circa $1mil a year, thanks to the JV payments to reimburse expenses on the other assets. Obviously expenditure will pick up on this new asset with booked reserves. Look forward to the company executing a farm in to see this project funded through to production as it will give a serious look through valuation on this asset alone + the market can then start to value the future cash flows the new project will deliver, hopefully with FDR not having to contribute another dollar to bring it into production!

Def one to keep adding to as it could be a true sleeper until then...