Shell, Equinor, PTTEP, Hess, Apache, Santos, Schlumberger, Sapura, OMV, Harbour, Woodside, Murphy. These are the types of players that we work with. There is not another $10M O/G explorer on the ASX with a similar resume. These companies work with FDR because we are professionals with reputation and have access to a massive amount of technical data (FDR literally share offices in the same building as sister company Searcher Seismic). I don't think there are many, if any, other minnows that can get in the same room as some of these ~$200B companies.
Some holders are probably thinking none of that means a thing when the SP is at 5.8c. That's fair, everyone has to make their own conclusion on where and why we are at that share price and how they handle their own conviction. For me personally, I don't think the market knows how to price us at all, we at a zero enterprise value, no price in of the licenses and option and definitely no price in of dealmaking - which is what our skill set is really. Market probably won't price any of that in until FDR onboards a partner for a conclusive drill date. The negative of this is that because these farm-in companies are so big the decision making and exploration planning is slow, not like your ASX wildcatting micro-cap who raises capital and dilutes holders interests to nothing to drill. FDR's reliance on farming out ensures that our capital structure remains very conservative, essentially untouched, which gives us the maximum leverage to upside when a re-rating event does happen. Again, we are the only explorer on the ASX who does this, or can do this, and we have three years of funding
I don't think the low vol high volatile SP movements are a big deal, yesterday it closed up 13% on a commsec cross trade and today it's down 13%, but perhaps it's easy for me to say because I view FDR as longer term play with upside returns in the thousands percent range. Each to their own though.
No one is getting my shares. All we need is one solid deal
GLTA
FDR Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
