This report shouldn't shock anyone. FO has no operational revenue to speak of and relies entirely on investors to raise capital. No analyst in their right mind would upgrade FO without breaking news or revenue stream.
Did I read the report? Nope. No point in reading about something we already know. However, I did notice on the news release they made mention to how dysfunctional FO leadership is....I don't follow. Someone please explain this one to me. Within the last two years I see a leadership team that was able to raise capital via private placement in the middle of the biggest credit squeeze to it the financial system in decades. Don't worry about SP dilution, would you rather have a SP of $0. Without the dilution there would be no Hess or NIS because they would have no capital to maneuver the company. Some people out there are still a little sore from Hungary I guess. Lesson learned... don't price a stock that high with no contractual obligation in place, or better yet NO REVENUE stream.
Back to my initial point, this stock is speculative. Until NIS, Hess, or South Africa break with some solid news this stock should be around $.11. Reason being, all this company owns is dirt. Remember there are three areas of interest; all we need is one success to forget about the pennies this thing traded. Here is one more prediction since I'm getting bored with the lack of conversation on this board. I think South Africa will lift the moratorium, I could be wrong, but this article may shed some light on the issue.
If you can stomach the ride, great. Put up some articles pertaining to FO's areas of interest, pro or con. If you can't stomach the ride, cut your losses and get this year's tax break.
Sorry for the disorganized comments. As I was writing this I found this update on SA enjoy. http://www.bloomberg.com/news/2012-05-17/south-africa-energy-minister-favors-tapping-shale-gas-fields-1-.html
