Fundamentals and General Discussion, page-176

This is massive. Shows the mask is slipping and the logical realisation that Oil and Gas is hugely important for Australia’s security and economy. All the political hoopla about moving away from O&G is rubbish. We’ve seen what western nations are doing.

- UK opening up it’s largest licensing round in a decade including prioritisation of known reserves/near term production licenses
- Europe rapid deviation away from Russian energy to new suppliers (Norway North Sea and Azerbaijan)
- Increasing acquisition activity in North Sea and Australia
- Rapid deal-making and buildout of new European energy infrastructure
- Record oil and gas output by western producers in a time of US$80 oil - this is unheard of.

FDR developing offshore assets and leveraging their experience in new upcoming deals this year could set us up for serious value. Not sure where our price hits in the short term but in one to two years I think the $1 - $2 range is in play. 10 - 20 bags