Agree, no to hedging, not required, oil’s next move will test...

Agree, no to hedging, not required, oil’s next move will test $70s and in any case we’d be stuffed in shut-in events like current situation, or even if one well had technical issue, really need multiple wells/much higher production to consider hedging options.

Disagree on debt. BRU will be able to arrange sufficient debt facility to fund Broome on the back of the forthcoming Reserves Upgrade. This is Eric’s thought process. It’s as good as done. My only question is whether it is incorporated into what we are calling the “farm-in”, which I personally don’t think will look like what you think of as a conventional farm-in, I think it will look more like a fund acquiring a chunk of BRU and providing the debt facility a la EIG/SXY deal I have mentioned many times.

▪ Potential for Ungani resource upgrade to support the future development of Broome export facilities to significantly reduce oil transport costs for Ungani and future oil discoveries - from most recent preso