FPL - gee whiz that was a nice follow-up announcement on another gas well flowing at 1.5mcf/day which exceeded managements expectations.
They are now confident that the P90 resource of 220BCF is well short of what is actually there & have engaged consultants to upgrade the resource.
Here is the snapshot (now updated) of what I posted earlier in the week
FPL - Fremont Petroleum
c. 700m SOI
c. 1m Cash
c. 5m EV
Really starting to turn this around since the change of direction in March 2018. Yes, it is the old AKK & its been working through all the baggage associated with that for about 6 months...
The elevator speech is as follows:
4.13MCF/day of gas; c. 4,000 bbls of oil a month (& increasing exponentially); 220BCF P90 Contingent Resource...
Production profile is:
- 3811 bbls May (up 14%)
- 3336 bbls April (up 40%)
- 2002 bbls March
April 2018 they mention in their ann they're cash flow positive.
Is this worth an EV of 5m... I guess we'll wait & see what Mr. Market thinks.
(20min delay)