Much better to pay the fees in shares. Just about everybody has factored in some form of dilution up to 4.2billion shares (rightly or wrongly), so 18m is already in the calculations. Keep the cash for ongoing operations.
While much of the focus has understandably been on Varang/Niko, don't forget about FRR's other oil exploration/development programs at Taribani.
As outlined in the December 11 and April 20 RNS's, work has already been done at numerous wellsites to prepare for re-completions and frac operations.
Now that FRR has extra cash in hand, and now that they actually have their own frac-related equipment, I think these programs will likely begin in short order, (if they haven't started already).
Given the levels we've been at, just a few hundred barrels added could literally double (or more) their current oil production.
I think more so than the gas, the Block 12 oil at this point is easier for people to get a handle on for valuation purposes, since it's sold into the international market, and is pegged to a global benchmark (Brent Crude).
Therefore, increases in oil production should have a more immediate, and profound impact on FRR's valuation.
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