PJ Garner

Head of Community @IrateDAO. $ADA

[PJ Garner @iratePJ]

Am I tweaking or has there been no drinks break this half?! Are we back?!

[PJ Garner @iratePJ]

@a_eugol Is this usual to happen? Never seen it before

[PJ Garner @iratePJ]

@GurugardenerNz I had NSW win by 19+ and was excited with the buzzer beater try only for Cleary for just not take the conversion?! What’s all that shit?

[PJ Garner @iratePJ]

I’m sorry by am I not Mexican for this un cause I swear 🤷‍♀️

[PJ Garner @iratePJ]

@OggiOskagsson @TheImmortalKop You can’t read so I’d hold off on the lowest iq allegations….. SGM promo, was effectively a free stab at David hattrick and the passes got it to better odds than anyone else in the world got for David hattrick. Have fun losing money this mundial

[PJ Garner @iratePJ]

@GoalKickProps Bro I had his for 85+ 2.50 and they sub him out on 84?!?

[PJ Garner @iratePJ]

@1WeakGuttedDog @MattyBlovesmums @nbastats That’s fucked up wow one of the worst ones I’ve seen

[PJ Garner @iratePJ]

@GurugardenerNz Get him tiger

[PJ Garner @iratePJ]

@nopethatain @champingyon Your fault then mate you had an entire week to remember to run it back

[PJ Garner @iratePJ]

@ParlaySupremacy You cashed out?! When they scored in the 96th min?! Wtf?!

[PJ Garner @iratePJ]

@tyvansb I think his 17.5 is free tho…. 12 shots first half?!

[PJ Garner @iratePJ]

11/
Risks are real. Particularly The Sept 30 deadline.
But you’ve got an experienced team, a fully-appraised asset, a co-funded development, an owned FPSO, and a clear path to first oil, at a discount to where the placement priced 5 days ago.
What am I missing? Not advice. $FDR

[PJ Garner @iratePJ]

1/
Nobody’s talking about $FDR (Finder Energy), so let’s dive.
ASX micro-cap sitting on a fully-appraised 25 MMbbl oil project in Timor-Leste, targeting FID in 8 weeks and first oil late 2027.
Up ~880% in 12 months but recently pulled back. The story is just getting started. 🧵

[PJ Garner @iratePJ]

10/
The setup:
▪️ Market cap ~A$244m (post-raise)
▪️ Pro-forma cash A$43m
▪️ Production cash flow ~18 months away
▪️ 116 MMbbl mean prospective resource in the portfolio
▪️ Catalyst stack: FDP → RISC CPR → rig → debt → FID → 2P booking

[PJ Garner @iratePJ]

9/
Now the value pitch.
Stock is trading at A$0.435 — 13% below the A$0.50 placement price.
EV/2C on KTJ alone: ~A$8/bbl.
Include Krill & Squilla: drops to ~A$4/bbl.
Regional comps trade A$5-20/bbl. Re-rate room is real.

[PJ Garner @iratePJ]

8/
The upside that isn’t priced in:
Krill & Squilla discoveries next door: +60% and +243% Gross Rock Volume increase from 2025 reprocessing.
23 MMbbl 2C already booked. Tieback to the same FPSO = near-zero incremental capex.
Free optionality.

[PJ Garner @iratePJ]

7/
But here’s why I’m still bullish.
Mgmt has hit every milestone they’ve set. FEED done early. Farmout closed. FPSO bought. Development Area awarded.
If you trust the operators, the path from here is just execution — not discovery, not appraisal. Just executing.

[PJ Garner @iratePJ]

6/
Now the honest bit. The risks:
TIMOR GAP’s 50% capex deal is conditional on FID by 30 Sept 2026. Miss it and economics get reworked.
- Debt facility not yet signed, Barrenjoey are running the process.
- Rig contract still being negotiated in a tight market.
Watch these closely

[PJ Garner @iratePJ]

5/
Execution machine. In 12 months they’ve:
✅ Signed SLB strategic alliance
✅ Completed FEED 12 months early
✅ Acquired the FPSO
✅ Secured Development Area (25-yr tenure)
✅ Closed TIMOR GAP farmin
✅ Just raised A$30m at A$0.50
FID by mid-2026. First oil late 2027.

[PJ Garner @iratePJ]

4/
The partner deal is unreal. Not quite sure how they pulled it off.
TIMOR GAP funds 50% of development capex up to US$338m gross cap. Then they revert to their 34% working interest. FDR pays 50% but keeps 66% of the upside. Promoted economics on a fully-appraised oil field.