Buru permits over which Fitzroy River has a 2% Royalty Interest, page-7

Yeah mate, my largest long-term holding is still in FZR. Buru look to be finally getting their act together; did an asset swap with Mitsubishi such that Buru now hold all the oil assets (good for a little ASX minnow like Buru), and Mitsubishi now hold all the gas assets (good for a massive international company) - both companies can now develop each asset at their own pace and in their own way. FZR still gets 2% of both lots of production so doesn't matter much to us; but I'd guess nothing will be done with the Mitsubishi gas for like half a decade so the FZR wagon is well and truly hitched to Buru's fortunes.

The takeover of RCO by FZR fizzled out with FZR left holding ~46% of the RCO shares - a couple of big holdouts stopping them from getting to the magical 50% number. I suspect they'll top up on market later in the year when they're allowed to buy again, post-takeover. RCO own part of the Weeks royalty on the east coast which should actually pick up payments in the next year or two due to the gas market crisis over there. "Royalco owns a 1.0% interest in the Weeks Petroleum Royalty (the equivalent of a 0.025% over-riding royalty from the entire hydrocarbon production of the main Bass Strait fields)."

Zero dilution of FZR shares; if anything quite the opposite, they've been slowly buying up shares on market as part of a buyback. Company cash burn is about $30k per month IIRC, which is less than what they'll be getting in cash from Buru by the end of the year (3000 bopd at A$50/bbl after costs * 2% = $3000/d = $90k/month).