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FOG

FOG

— First-pass screen 16.50p £18.3bn
110/1000 Overall fit
AI beneficiary 35% 5
Operating leverage 25% 10
Valuation 25% 20
Downside protection 15% 12

First-pass take

Oil & gas exploration play with zero 2025 revenue, $2.6M operating loss, and $1.3M cash (81% YoY decline). Zero AI exposure. Pending Tamboran merger adds uncertainty.

Flags

loss-makingzero-revenuegoing-concerncyclicalm-and-aexploration-stage