Ann: Bradbury AOI Expanded First Well Set to Spud, page-82

Which three wells? Wolf Pack, Juanita and which other?

They will certainly be spudded, but Wolf Pack is a horizonal well spudded in November won't be complete this year. Not sure about Juanita, only vertical so might be?

But regardless, splitting hairs over a month or two, it's a good result. Company promised two and have delivered two, and even if there are issues, the company have still delivered in good faith.

I remain healthily sceptical about Juanita, I'm pleased with the additional land acquisition but we will have to wait 4-6 months for drilling to finish and flow rates to be established before decisions on additional drilling in the nearby DSUs is decided. Hopefully the 'overlooked areas' were just that and worth the gamble. There is risk, up and downside, so it would be great for that to hit the upside with this well and AOI. Certainly not everything has gone BRKs way with well production.

I've certainly been unucky in the past when investing in companies that have decided to take over previously explored or mined areas with desktop reviews. But until you drill it you don't know, I think that's part of the reason behind the markets disinterest on this announcement. I still have deep uncertainty in the ability of management to operate in the highly competitive, complex and cut throat OK oil environment. Hope we aren't buying and drilling a lemon.

That being said I think this is a good announcement and a good gamble, the market does seem to hate 'good' BRK announcements which also might explain the SP.