Buy1Hold I like your pragmatic view...but you cant say its not...

Buy1Hold I like your pragmatic view...but you cant say its not dissapointing.

I've been LT FUT for a while...I decided that win or lose on Brian No 1 I would hold and I have. Infact...the size (ie small) of the sell off today was a reflection of the longer term prospects this company has. Perhaps there are more long termers in FUT than I first thought.

In the past I've seen companies like FUT...with "one hole" ambitions. They rally 150% - 200% on the back of drilling expectation and tank by the same or more only to dissapear and re-emerge a few years later under another name after re-caps etc.

FUT isnt like this.

Brian No 1 has come in well under budget so cash reserves are good.

Drilling costs in the US are literally a fraction (up to a quarter) of what they were 5-8 years ago. USD/AUD at near parity plus a deep financial crisis in the US have put many small oil/gas companies to the wall.

This leaves plenty of rigs/crews looking for work and available to companies like FUT...at very attractive prices!!!

Throw in the Gardanne CSM drilling that will take place in March and drilling of the up-dip atcoha hole in Jan/Feb...it aint looking too bad.

I cant think of a company on the ASX trading under a cent that has such a definitive plan for the next 6 months.

DYOR.