The news today re the well is not what we all had hoped for but in reality the odds of nailing it at the first attempt is pretty slim.
I called Barnaby, FUT's MD this afternoon, who is still very confident of success on the site. They have learned a lot from their re-entry in to this well with respect to the water tables and likely target wells. The on-site geologists are also very positive about the levels of gas down there.
As a company, they are also not sitting on their hands waiting for well results. They have $5m+ in the bank are actively pursuing other deals in addition to the other projects in Europe and this one in the US.
I asked him if he's buying more shares personally at these cheap re-entry levels...he said he is unable to but didn't comment any further.
Directors are unable to buy stock within 2 weeks of news...in my humble opinion, that may suggest that some additional positive news may just be around the corner !
Stay tuned in my opinion for a bounce back in the SP in the short term. This is a gas & oil exploration play & a very good one at that.
My view has not changed based on today's news.
FUT Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
