STTCOMP FDM, FA Long
FREEDOM OIL AND GAS (ASX-FDM)
Share price: 11c
Market cap: $87.45Million
Shares:795,000,000 Top 20 32.47% so 536,877,685 Free Float
Cash: US $14.7Million as at 31.3.2017
www.freedomog.com
Freedom Oil & Gas, based in Houston, has transitioned from being a drilling contractor and small oil and gas producer to a development-focused, growth-oriented exploration and production company. Their mission is to build an investment grade company with a portfolio of quality assets, primarily made up of undeveloped acreage.
Freedom Oil & Gas (FDM) has established a sizeable position in the liquids-rich region of the Eagle Ford shale in Dimmit County, Texas. Plans and contracts are being finalized to commence drilling in the first half of 2017. Year-end 2016 proved reserves grew by more than six-fold over the prior year to 6.4 million barrels of oil equivalent (MBOE), estimated by Netherland, Sewell & Associates, Inc, consisting of 3.3 MBOE oil and condensate, 1.6 MBOE NGLs, and 9.6 Bcf natural gas.
Market Update: Houston, May 21, 2017: Freedom Oil and Gas Ltd (ASX: FDM, OTCQX: FDMQF) today announced that it has commenced the drilling of the first well on its Dimmit County, Texas acreage targeting the Eagle Ford Shale. The well, Wilson BE #1, is the first of two wells to be drilled by Patterson-UTI Drilling Company LLC, Rig 266. The two wells will be drilled consecutively from the same surface site over approximately the next 30 to 40 days.
The Company has advised that updates on drilling and completion performance will be provided as their key milestones are met. In my mind, due to the enormous amount of work that has gone into this particular drill program and the potential
for black gold so possible, investors imo are getting in now before any more material announcements have been made, on the back the latest quarterly as well as this new and exciting development for FDM.
Please DYOR as this is not a buy or sell recommendation
Cheers
GF
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