Wouldn't it be reasonable to read this announcement in context of the previously filed Qtrly reports and their Annual Report filed in Sep?
From Annual Report and Sep Qtrly
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From the Corporate Update
View attachment 877304
Hmmm ... price of oil up but net revenue the same. Not to worry.
From the Annual Report
View attachment 877310
This should of course be the net interest owned by FPL (and not gross). Assuming correctly reported as their interest only what is the expected sale value?
And the current status of Kentucky reported as
View attachment 877322
Also of note is what FPL wrote their investment in Kentucky down to.
Don't forget...
View attachment 877319
... so the first US$650K of any asset sold goes to the bank !!
From the corporate update
View attachment 877328
So the implication is that the workover program (costing $30K) improves production by 50%???
Going from $70K mth to $105K/mth at $50 oil. All things being equal it would mean 50% more oil produced, so from 70-80 bopd to 105-120 bopd.
And the big takeaway ... FPL has
"massive amounts of gas" their bolding not mine!!!! That's a cracker.
Just keep in mind what the capital raising priorities are:
Asset Sales
Debt Repayment
and then working capital ..... for what?... get gas sales by June 2018? Going to have to start putting in gas gathering infrastructure.
Whatever happened to the all the oil ...
2016 AGM
View attachment 877355
and this classic from AR for year ending June 2016
View attachment 877361
And the band played waltzing matilda ....
