yulleroo 4, page-33

ummmm nothing has yet been produced to surface at economically viable rates. if you were APA why would you take on the up-front risk of supplying infrastructure (and the considerable cost there-in) without an obvious means of recovering cost sunk? Please explain - that makes no economic sense. and the comparison to the Gladstone developments is frankly farcical: At least the wells have proven economic deliverability and there was pipeline infrastructure already in place in part.

BRU will need to raise even if your hopes of a farm-in are met. these wells are costing $15-20m a pop and they had barely $15m available at Dec 31 (ie $40m in cash less $25m in escrow). Mitsubishi will dilute - I believe as they recognise that the chances of commercial reality are slim to none but publically because they have spent circa $10Bn in Australasian energy investments in the past 5yrs (see Qld coal with BHP and the NWS and Browse) and have yet to see a return on investment. as a consequence they are 'maxed out'. Thus in order to be fully carried for what needs to be a multi-well programme (back to my original point that the 'plays' are as yet unproven) as you appear to believe, BRU will have to give away a significant proportion of their interest at the very best. Can't see it myself - hence the need for additional equity capital (they have no reserves on their unconventional so debt is not an option). All gets back to massive dilution coming and thus continues to undermine what is a staggering mkt capitalisation accordingly.

they continue to drill the waste of time Yull-3/Yull-4 in order to delay Alcoa calling in their debts:
"During the period Buru and Alcoa of Australia Limited (“Alcoa”) agreed to a further two year extension of the Gas Supply
Agreement between Buru and Alcoa (“GSA”) to supply gas to Alcoa’s operations in the southwest of Western Australia. The
GSA provides for Buru to deliver up to 500 PJ of gas to Alcoa from discoveries made in the Canning Superbasin. Pursuant
to the GSA, Alcoa originally made a $40 million prepayment for gas to be delivered under the GSA (“Alcoa Prepayment”).
As a result of the extension, Buru now has until 1 January 2015 to identify sufficient gas to commence delivery under the
GSA."

21mnths to go chaps and I'm happy to wager the Streitbergs will be long gone. hope you all cash in your gains well before then.

NB - I have never accused BRU of lying. they have been extremely clever in being selective with the truth (can you point to any quantative statements around valhalla or yulleroo? "similar" "shows" etc nothing vis a vie %/flow rates/volumes) and more importantly avoiding actually undertaking the asset test: will it flow?!? Old old rocks, poor downhole conditions (see nearly every ARQ and BRU well had downhole stability issues)...my bet is no.