Ann: Corporate Presentation, page-30

Hey Bruce, until I have spoken to the company, I cannot be sure, but the number mentioned in the presentation would be the total cost for the program, not BRUs cost, especially when Eric's focus is to bring in J/V or farmin partners to pay for the wells. I would possibly even hope for terms along the lines of FARs recent farmin (albeit its an offshore target). i.e A partner pays for the well upto a certain cost (90% for example), plus pay an upfront fee to pay for past work undertaken (i.e BRU undertaking the 3D seismic) and finally further costs could be covered on a discovery, or perhaps even a buy back % mechanism for BRU, or the partner etc.

I could not help but look at FARs recent farmin, partley because there are so few onshore farmins of recent times. I also had a small go at looking at the last few farmin's that occurred in the Cooper Basin before the collapse of the oil price.

2014 - BPT farmed into DLS acreage - Paid for 3D seismic, back costs and funding for 1 well (full cost).
Back then I believe I estimated the total cost to BPT to be approx $6-8m. That is for 45% of the tenement, which basically only held the 1 target. The target had a mean of approx 28m barrels recoverable, still smaller than most of BRUs targets!
Hurron prospect 2014

Then you have Apaches farmin to BRU back in 213.
Apache
Straight up, they were to spend $25m on some 2D seismic and drilling just 2 wells. That was on targets that had 2D seismic only and no real successes on the play they were focused on, south of Blina field etc (unlike the Ungani Trend).
From memory, both of the prospects were of a decent size, 20m barrels best estimate recoverable, but still small compared to some of BRUs planned targets, again, under 3D seismic.

Then you have FARs recent farmout.
Farm 2018 Farmout
Basically, they are funding 80% of a well to the tune of USD $45m (AUD $approx 59m) (Plus back costs of US $6.4m, plus... a further US$6m non-back costs, plus a further US1.5-3m for other related costs).
TOTAL - USD $60m, or AUD $77.5m! FAR are keeping 40% of the tenement.
The target is a big one, with a best estimate of 800m barrels, with a very high 55% rate of success, but, this is offshore, however, very similar due to it having a close success prospect to the north.

To try and put it into comparison, Rafael has a best case of 75m barrels. So a bit less than 10% of FARs target, but Petronas is happy to spend the equivalent of $7.7m AUD to drill FARs target.
Yet the offshore prospect will require huge capex, many years of appraisal/development drilling etc etc before it ever gets into production. Rafael, could be in production within months.

If I sound excited, I am not, been over all these comparisons back when Ungani was first discovered. Just hoping that Eric has been able to push hard to get some farmins worthy of the targets BRU has in its acreage.