scary stuff, page-9

Hi V_H.

Firstly, due to BRU J/V with Mitsubishi, the conventional drilling costs are between $2-3m net to BRU. So there is 3 wells. If you are discussing the Unconventional wells, then I agree, 1 well is all that would be funded by the sale, but... that 1 well could add approx 3TCF of contingent gas and a lot of liquids. Worth it I would say.

As for the GSA. We still have the state agreement, which you seem to be implying is a negative. Sorry, just don't see it that way. If BRU have to 'lock' up 15%, so be it, but the other, say 40 TCF is free to be sold.

As for the EURs etc. Yes I agree they are important, and yet, Chevron, one of the largest Oil&Gas stock in the world threw $350m at Beach when all they had were very paltry flow rates and no liquids with well depths much deeper than the Canning. Origin threw $200m at Senex when they had very little info at all plus the flow rates were even lower than BPTS. Then you have Total throwing hundreds of million at CTP with ZERO data of any sort. I can go on.

I appreciate the differing opinion, but there is no other stock like BRU on the ASX, nor has their been for a decade (although many have bragged they were, Linc Energy to name one such try hard), which is why I am all the more grumpy that we are still not being rewarded for having discovered a globally significant wet gas accumulation. Eric was stubborn and his perseverance got us to proving it up, but... with no real return on my investment... In the end, their are management like NST which focused on shareholder returns and their are management like Eric which have the vision also, but... are not able to convert it into rewarding the people who actually own the company.

hmmm... 2nd polite rant over.