Wolf Pack ... so far , so very good!, page-7

Thanks very much Dan for your analysis on WP. Signs look very promising both from management and the numbers which they have released. It really showcases the great financial metrics of their assets, the profitability of each well and should reduce some doubt on the impact of the well decline rates. Each step they take is more evidence to the market that they are running a real business unlike many on the ASX.

Question regarding the $52 BOE - is that some weighted average of oil, gas, ngls prices based on the breakdown of production mix (eg. 40% oil, 30% gas, 30% ngls) being sold to market? It seems quite low which to me shows that not just WTI, but gas prices are also very important to BRK?

In regards to the independent reserves report, it seems like the market has not gotten too excited about this. Even with a third party undertaking a valuation of our some of our assets held, stated they are worth $250M AUD/5c but the SP has not moved except for a few pips.

I am asking myself what are the possible reasons for this, whether its its the commodity prices dropping, recession fears, a weak share register, history of management, CPS, lack of confidence in the business model (ie. being able to monetise the assets) etc.

Other than a monetisation event being executed, I just cant see anything else causing the SP move in a significant way.