If FAR were to obtain finance on current 2c and targeted flow...

If FAR were to obtain finance on current 2c and targeted flow rate at 10% interest, the break-even price is about $54.50/barrel. This is where the NPV (10) is zero. Doesn't mean the company is not making money. On the contrary the undiscounted share value is about $AU 30 cents.

Problem is getting finance. I have / follow some mining stocks. The trend there seems to be setting up off-take agreements with the customer(s), who in turn provide the finance or a good part thereof. FARJOY mentioned a similar possibility through forward sales. So if the 15% is retained and the JV is sucking 120,000 barrels a day, that would be 18,000 barrels a day to a potential customer. This is where I am blank. I have no idea if this would be an attractive enough amount for any refinery / downstream operator to provide the finance.

Above figures should not be relied on. The above ignores PE which could make a big difference, but not holding my breath.

A rising oil price will improve sentiment overtime. Problem is the market knows ATM it is an artificial setting and there is a potential glut should the deals fall over, not to mention the shale operators roaring back into action once the price stabilises a bit higher.

I'm staying in until at least the next lot of drilling results are out. I think the risks of this investment will be substantially mitigated if the recovery factor doubles.

IMO DYOR Etc