things about to warm up, page-82

Thanks bhutos. I agree that Buru was a screaming buy at the time, and IMHO always has been, and I give Eric Streitberg the credit for his vision which has made this happen. Buying into the Canning was a bold move at the time.

However, I don't think you can understate the significance of the shale gas resource base in the Canning and anyone on the inside at Buru might have known this for some time, given the gas shows which have occurred in other historical wells in the region. Back in 2010 though, the market had not woken up to the potential.

But I take your point that Buru was a screaming buy even without shale gas.

I have held shares in Buru/Arq since way back when they discovered Hovea and the oil price was just beginning to pick itself up of the floor.

Eric Streitberg is the man with the vision and the balls and I believe he should be rewarded for this, however I think the millions of free options are more than enough. But the guys stumping up the money (you and me) should be rewarded too. Oil exploration is a very risky business, so the rewards should be accordingly large for those providing the seed finance.

So far so good. From memory, back in 2010 you could have bought in at about 20 cents, so we are looking at around 15 bags ATM. Personally, I would like to see at least 100 bags, and I remain hopeful that this can be delivered.

Cheers

Phil