Who is Kentucky exploration LLC that FPL have forgiven a loan of 200k . Surely it’s not Hart’s drilling company ??
And for everyone’s amusement the following
The company’s exploration and evaluation assets were impaired by $7,020,587 to $6,219,220 as of December 31, 2017. This reflects the write down of previously incurred costs related to drilling the Pierre wells, which due to drilling results during the year have been put on hold to pursue other projects which the directors believe will provide increased value to shareholders. The company continues to pursue oil & gas opportunities and if in the future there is found to be an estimable increase in the recoverable value of the Pierre or other projects, then impairments previously recognised may be reversed.
And on the gas sale agreeement they are also looking at other ways to monetize these gas assets
As at the end of Dec they have 1.8 in payables and debt. They raised about 1.75 after fees and we are 3 months into new year so I would suggest they still aren’t about -200k in cash. They are projecting 80-90 with ( fluctuations ) which means less than this due to shut in so the average will be more like. 60s or 70s . 100 plus to be cash flow positive at the operational level not the group level which includes corporate costs so the CR will be within 3-4 months
I note they also use a related party for their accounting which costs 111k. Not bad , related party for drilling , related party for accounting. Life is good!
Joseph - don’t forget to dig deep and participate in the CR . They are so kind they don’t even pro rata the participation - 15 k for anyone that hold shares . Ask not what FPL can do for you - Ask what you can do for FPL
FPL Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
