AGM, page-7

thanks for the write up Dan, unfortunately I couldn’t make it as I had to fly out for work but I did want to attend.

what are your thoughts on the return to capital? It has been mentioned a few times now but generally speaking what sort of return would shareholders be anticipating?

Thanks @mrmonopoly89 .

Pity you couldn't attend as it would have been great to meet more HC ers.

The potential capital return would depend on shares on issue, how much they got for any asset sale, and how much capital was left after Black Mesa back in and any tax payable so is a difficult question to answer.

But assuming for example only and ease of calculation, there will be 4.4 billion SOI in 1-2 years which I think is pretty well assured as most , if not all options should be exercised. If BRK sold the Woodford PUD's for enough that after tax, after the BM back in and retained enough capital for their business plan , they wanted to distribute AUD$66 million to shareholders, that would be 1.5 cents a share.

The idea following that distribution would be to have enough capital, to repeat the " performance" on a much grander scale. BRK have built up this current asset base starting with $1 million, with a few small cap raises along the way, excluding the latest Jewell drilling CR.

Just imagine what they would do if the start position was a few thousand barrels a day production and $20 million in the bank. They could this time rapidly build a significantly larger acreage position again in the SWISH, as leases expire, or in a potential new AOI they may develop or whatever other opportunities they have at the time. They would turbo charge the whole process in magnitude and shorten the time frame to invest, revalue, monetise, return, repeat.

If there ever was a time to do a share consolidation for those who like that, say 1:10 , it would be after a capital return and rebasing the assets to do it all again. Not saying they will do a consolidation though, just that a few have mentioned it previously.

Hope that helps

cheers

Dan