Alright folks, took a few days to gather thoughts (and I'm...

Alright folks, took a few days to gather thoughts (and I'm lazy)

A couple things I would like to touch on in the latest quarterly which is very encouraging when diving into the minutia and wording used. Combine this with the news last week about UK Judiciary decision (Greenpeace V UK/NSTA) could be a significant benefit to FDR. Will touch on this at the end.

First off, Cash Position at AU$10.2M. Well done to management and BOD for maintaining fiduciary discipline and a tight capital structure. Revenues of $450K is offsetting a significant amount of the quarters spend, particularly as we go through tech work heavy phase and the Staff Cost that comes with that. Would like to see Admin and Corp costs reduced a little bit going forward, keep it lean etc.

Project 2524 - (FDR - 40%). "progressing joint venture evaluations of key prospects to reach a well decision; a farmout process to secure an industry partner to fund drilling activity; and development concepts and economics on the leading prospects and engagement with operators of proximate host infrastructure." Looks good, progressing on multiple fronts here and with drill or drop decision coming up in November 2023 it puts pressure on Farm-in suiters (and Harbour Energy - 60%) to make a decision on drilling outs wells. Would be nice to unlock that potential 180MMBoe




Projects 2527, 2528 and 2530 - (FDR - 60%). "Interpretation and prospect generation on the new Big Buzz and Big Bird reprocessed data is ongoing. During the quarter the key framework geophysical interpretation has been completed and geological studies are progressing. Detailed geophysical interpretation is currently focusing on the identified prospectivity so that risking and volumetrics can be carried out. Once completed, Finder anticipates announcing a resource update prior to commencing a secondary farmout process to secure a partner(s) for the drilling of the key prospect(s) that emerge from our evaluation." This is great news to see the culmination of the tech work nearing and the anticipated Resource Estimates for P2530 in Quarter 2. Should be some significant numbers there and with the high quality data it would be quite attractive for Dana Energy or a 3rd party to snap up equity in the project. Keep an eye on this one


AC/P61 (FDR - 100%) - Taking 100% equity gives us some more optionality - see what we did with the project equity sales last year. However, It is just a matter of time before this is drilled - and at 140MMbbl Resource Estimate I would like to be a part of that. On a successful drill that is a potential 21MMbbl for FDR @ 15% equity retain worth about $84M at early project valuations


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UK news - Last week a UK court allowed a Greenpeace challenge to go ahead against the UK Govt's latest licensing round. Basically this challenge means that there will be a judicial review of the plan to allow new project licensing from the 33rd round conducted late last year. How is this good for FDR? Well, who currently holds a significant amount of prospects in the North Sea? We do. If Greenpeace are successful in roadblocking new licensing for X amount of time then the supply/demand dynamic falls significantly in our favour. There are scores of companies who will be looking to push their exploration spend into a limited number of projects in order to claim the new "exploration tax offset" rule. This is a significant positive for us as capital is funnelled our way.

I'm excited to see what Finder can do over the next quarter and with 6.95M shares, I have my money where my mouth is.

As always, GLTA