Agree that FCF is important. However, almost all companies need...

Agree that FCF is important.

However, almost all companies need to generate gross revenue before focusing on increasing production efficiency and hence generating increased FCF.

IMO, the hard part is generating high sales revenue, and then increasing production efficiency to generate FCF is an easier second step.

$100 million in revenue is respectable, however it appears that we can still potentially generate an even higher gross revenue. New wells are still waiting to come online and new drilling campaigns are being scheduled for January.

We can also see that CE1 have already started working on production efficiency. Quarterly report states a 28% reduction in costs, hence will potentially translate into a 28% increase in profit margins.

IMO, CE1 is well positioned, has a plan, and appears to be executing that plan accordingly.