Orion I think you are genuine and unlike junior you are looking...

Orion
I think you are genuine and unlike junior you are looking to analyse. Believe me when I say I am genuinely trying to show you what you have missed. Many years ago when I started investing on oil companies I used to make the same mistake . I would look at revenue and avoid opex and capex and corporate costs . This is why I have argued that is will be very you hard for FPL to get agreed of the cost curve to become truly self sustaining. FPL need about 1000 bopd average to earn enough cash flow to grow. But shale wells decline so much its proven very very hard for shale companies to do this in a much higher oil environment . Problem is FPL need huge capital to do this and raising in bits and peaces means that most goes to salaries at they drill on well every few months and there acreage has proven to flow at the rate necessary to have any chance of success.