My first impression is that the 3D survey has greatly improved...

My first impression is that the 3D survey has greatly improved clarity as to what fossil fuel bounty nature has left for BRU to find and develop.

The bonus is a potential sizeable Rafael Shallow light oil accumulation, which will sensibly be focussed on first, with drilling that can be accomplished in the short term in 2024. Mobilisation and demobilisation costs can be shared with drilling of promising Ugani North prospect and potentially restarting Ungani. Thus a farm-out agreement is considered likely in the short term, which likely would be good news for BRU cash position and exploration costs. I think the number of partner candidates and optionality for developing and commercialising an oil discovery would be greater than for the challenge of wet gas in Rafael Deep. All of this is very good news in my opinion. I expect this will enable restarting Ungani production, which should be good for BRU cash flow but also enable it to maintain and build on its human capital which is most important if it is to continue as an operator in any JV.

For Rafael Deep, the good thing is that the 3D survey has given greater confidence of enough gas for a profitable development programme at the small end of the scale where they are proceeding towards doing FEED and commercialisation work. My guess is that the Rafael reservoir structure is complex - they have said it needs further analysis. It might not on its own yield greater than 1Tcf, which punters are hoping for. However, because of the geology that has been revealed, my guess is there is a very good prospect of much more gas in close proximity - given they have made statements to this effect.

These are old sedimentary deposits and by the limited graphics available to us it looks like it is quite fractured with many fault lines. It is worth noting that the Canning Basin, because it is remote, is one of the least explored and therefore understood in the world, but it is also readily accessible. I think BRU has done more work there than anybody else.

Thanks to the panic merchants, the small parcels I sold at 11.5c & above, I have been able to recover at 10% -15% lower price.