fpl No Real Suprises Fremont about to finally soar, page-43

Finally, someone who " ... just got back in b/c I know the story very well, thanks very much...".

Maybe you can shed some light on my production question(s) coming from their published annual report. As an example of the type of information reported by other E&P companies, and I'll use OEL as the example (more because Bev thought that was a company worth highlighting that I held ... )

Pretty easy really ... start with company level view by product by each quarter


and of course since its all money what a company can earn from their operating assets we need to know firstly the revenue, which they do by their operating fields (so for the FPL case break out exactly what is Pathfinder and what is the KY JV).



Not a big ask really. I've tried to find that information in the FPL Annual Report but I'm just not able to .... maybe I'm inept or maybe its just not there (but why isn't it there .... its a fundamental piece of information).

Without that information, one has to fall back on known, reputable 3rd party resources, such as COGCC, which data is supplied by FPL to comply with their monthly report obligations.

What is in the Annual reports though are statements such as
FY'19:
Current Status - Pathfinder:
"Current production at approx. 70 – 80 Bopd. Preparations underway to commence two wells targeting production from the Niobrara formation"
and
Current Status - Kentucky
"Oil production from multiple leases. Currently producing at approx. 20 -25 barrels/day. Several leases have been idled that are currently considered as uneconomic at low oil prices"

FY'18 - Current Status - Pathfinder:
"26 wells in production at approx. 70 –80 Bopd. Preparations underway to commence two wells targeting production from the Niobrara formation"
and
Current Status - Kentucky
"Oil production from multiple leases. Currently producing at approx. 20 -25 barrels/day. Several leases have been idled that are currently considered as uneconomic at low oil prices"

Very similar commentary yet the company opens its AR with "... We are very pleased to report that the Company has successfully drilled and completed over12,000 feet of new well-bore" ... doesn't seem to have any effect on the current status as far as I can tell.

And the comment "Every well we have ever drilled at Pathfinder has encountered hydrocarbons, which is rare in the oil patch." is questionable ... the goal is commercial production. If every well drilled only ever "encountered hydrocarbons" but not in commercial quantity then your company would last long (neither would the geologist).

So when you look for production results, its pretty hard to find success ... remember Magellan (hard to believe it was 3 years ago now and "Magellan #1 delivers a 127% IRR and NPV of US$1.77m at current oil prices of ~US$45 bbl" ... but a check of COGCC says production from first report - Nov'16 till Aug'19 - totals 3,032 Bbls of oil over 485 producing days ... so I don't see any IRR or +ve NPV) & then there is Bird with "Three productive oil zones confirmed totaling 729 feet (222 metres)"but where is production ... because there was considerable well bore instability leading to API # - 05-043-0623000 is plugged and a sidetrack Sidetrack API # - 05-043-06230-01 being approved in Oct'17 ... which I guess was the farmout to Capillary and no further news? A classic example of a successful well since it "encountered hydrocarbons".

Given you know the company very well, can you shed light on these areas?