The important part of the circuit is formed of the Colpitts type oscillator. C3,C4,C5,C6,CD1-CD2 and L1 determines the frequency. BF982 and dual gate MOSFET are active parts in oscillator. When the input impedance of the MOSFET gate inputs are high, LC tank is not affected. However transistors force the LC tank and cause phase shift.
Two driver stages are added to isolate the antenna from oscillator. First stage (BF199) amplifies the low signal of the oscillator and works as a constant load. The second stage (BFR90) amplifies the signal going through the antenna some more. A short copper wire can be used as an antenna here. Attaching a large antenna to this circuit is unnecessary because the output power is low.
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