Value Microcaps Junior Energy

[dr_airtime]

FEC.TO quick facts

- interested because chart has a ton of upside and they are a large producer and International Canadian listed companies just started moving early last week.

- i think they do mostly heavy oil. The Q3 Results PR discloses ‘net realized sales price’ and I remember seeing a US 10/bbl ‘quality, royalty and transportation discount’ in maybe the 2019 MD&A. So assume $10 less than Brent.

- they now own a strategic bulk liquid cargo terminal near Panama canal. Need to look at this history but don’t think Frontera is given any value for that.

- they did 70k boepd production in Q1 not my 63k from before. It looks like it is all the higher cost (read: transport) production in Peru they shut in. A bit of a free call option for when Brent prices eventually rise.