Ann: SWISH AOI Independent Reserves Certification, page-79

Just read the SHE quarterly where it looks like their share of Jewell net cashflow was ~AUD$500-600 k for the quarter. BRK will be similar. Looking at the monthly numbers for Flames and Rangers on the OK County tax website with updated Feb figures , I think I have overestimated the net revenue to BRK considerably and underestimated the effects of the shut ins on all 3 wells.

In terms of expenditure, I also think I have underestimated the well costs considering inflationary effects on Wolf Pack which increased it's cost to over US$ 10 million. Juanita was originally expected to cost US$ 1.5 million, but the change of the rig and the extended production testing would have increased those costs as well... so the overall cost of D&C for these wells should be ~US$ 12-14 million ( AUD 18-21 million ) , most of which would have been paid for in the March quarter.

So I now estimate net revenue of the quarter to be $2-3 million, and expenditure net to BRK to $ 15-18 million leaving cash at the end of the quarter to be in the $15-20 million range.

Apologies for not doing this better last night, but the SHE result surprised me so had a closer look on both revenue and expenditure estimates .

For the June quarter, spending should be minimal ( apart from surprise announcements) apart leasing and whatever they do for the buy back, and revenue should be significantly higher due to shut in wells back on full production, and the very significant addition to revenue from Wolf Pack.

Cheers

Dan