From "Rat's Rant" today....
"FPL - Fremont Petroleum Limited today closed up 17% to finish at 0.007c on $50k stock traded. There was no news in the market today and nor was there much volume really but I thought I would throw it in there today rather than Navitas as it's one of my largest holdings personally and I never really learned very much when I did go to college at Navitas.
The company is currently drilling 2 wells in Colorado as I type and I would expect a result from one of them shouldn't be too far away, so fingers crossed for me, Billy, my clients, other FPL shareholders, Gay, Tim & the rest of the team at FPL.
I know you have all worked tirelessly over the Christmas and New Year period unlike me, so let's hope all that hard work pays off and 2019 is the year we have been waiting soooooo long for.
DYOR but for me with a market cap of sub $10m, zero debt & results from two super high impact wells on a property that's 21,500 acres coming up..........
Surely there are worse punts out there !!!
I'm sure I will find them........
Some details on what they do are listed below:
ABOUT FREMONT PETROLEUM CORPORATION LTD:
Fremont Petroleum Corporation Limited is an Oil & Gas production and development company founded in 2006 and headquartered in Florence Colorado USA with a corporate office in Sydney, Australia.
Fremont has operations in Colorado and Kentucky. The primary focus is the development of the second oldest oilfield in Fremont County, USA. The ~21,500-acre Pathfinder Field was discovered in 1881. Standard Oil & Continental Oil (Conoco) were producers.
With new technology, the Pathfinder Field is one of the USA’s most economic fields and much larger and more prolific than first understood. Production averages 100 barrels of oil today, and with over 500 drilling locations, Fremont has the capacity to deliver significant production growth.
Pathfinder’s gas is currently flared and awaiting a gathering system and pipeline so the gas resource can be monetized.
A 2018 Independent Reserves & Resources report states that the Pathfinder Field has a P90 (90% Probability) contingent resource of 54 million barrels of oil and 540 billion cubic feet (BCF) of gas.
FPL Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
