Hey Jop, again, appreciate your viewpoint and agree that if I...

Hey Jop, again, appreciate your viewpoint and agree that if I only wanted a profitable business, your plan is more sound, but... BRU was created to explore (and yes, to enhance shareholder returns), Eric above most strongly believed that the Canning is full of oil and gas. I think the results so far across the basin since BRU listed and started drilling have proven him correct, albeit, due largely to the Government, the BCGAs have continued to sit and wait.

As for the oil, you make a good point about the Ungani discovery, the structure was viewed as potentially holding gas more so than oil. It was drilled off 2D seismic, but.... unlike many of the wells drilled in the Canning, was drilled because of results from past wells to the North West. I have it from someone who has drilled multiple wells in the Canning, that many, many wells were drilled on a hope and prayer. The only other substantial oil field that was profitable was the Blina field (which BRU still owns). So Ungani is not the first economic field in the Canning, but of course, in the scheme of basin, its def very unexplored and has very few economic oil fields and now gas as yet (super frustrating considering that it was successfully fracked).

Regarding your point about no exploration means no risk of failure, absolutely agree, but, I tried to make the point that if BRU structures their farmouts on a target by target basis, with the costs being paid for by the J/V, what risk is there to BRU, none (although I again agree that any success is diluted, but... really, in this game, no-one drills an offshore well alone, why should it be any different onshore, especially when BRU is capital poor for a while yet)? That is the whole point I would have thought. If BRU drilled no exploration wells this year, that would in all liklihood mean no well until May next year, no result until at least June, or, 15+ months away, which is another year that BRU would not be able to further scale up its business if any successes were notched up. Plus any other benefits from a successful well, like increased reserves, increased understanding of the basin and the market knowing that BRUs production profile will increase in years to come.

I do take your point about having a J/V and potential issues with their goals versus ours. But... since BRU would in all likelihood have operator-ship of any export facilities, I feel their goals would be very similar and be very manageable.

Great point about fixing the small part of the Ungani road drainage wise. Def a question that could be posed at the AGM later in the year (if they don't starting making the right noises about how they are going to mitigate any effects of the next wet season).

Sorry about my long posts Jop, comes with the ability to touch type.

I think we agree on a lot, mainly that BRU is probably doing almost all it can right at this moment. Our views differ over the way BRU is going to fund exploration wells.

Not sure if I have discussed this with you, but I held Drillsearch in the Cooper Basin for many years, and their MD basically farmed out every single tenement they had, and brought in the capital and skills required to undertake big drilling campaigns. It ended with a T/O by BPT. DLS originally was producing like 10 bopd. Near the end they hit 2.8m barrels, almost 100% due to its J/V partners drilling successes on their acreage, where they largely held 60/40 their way, sometimes with operator-ship, sometimes not. They would simply never have been able to achieve the success they did without bring in partners, although I very much acknowledge that the companies have differences. DLS/BPT T/O 2015

Things are coming to head one way or the other, the AGM is not that far off, if we are going to be drilling, then the rig and any partners need to come onboard soon and of course we have the testing and hopefully quick ramp up to 2400bopd in the very near term. Perhaps the next operational update will include some pictures of the flow lines being completed, road access and testing equipment moving to Ungani?