Ann: Update - Notification of buy-back - BRK, page-29

That's a lot of reading to do Dan! A couple of counter-points coming back for discussion!

1. The slide presentation showing their prospective well program: It was actually me that raised the issue via the investor hub portal when the May presentation was released. This was the response from the Company to my question.



I then further questioned them after the July presentation when they altered the slide to remove the detailed well plan and replaced it with a broader statement.



How can a company say "We hoped they would be read in the context of the whole document"?? Also, if the slide was not a set plan, this should have been written in the ann to make it clear to anyone reading it. In my opinion, that slide was misleading at the very least.

2. Your comment: "BRK have consistently said for the buy back, they are a market taker, not a market maker." Have to disagree with this. This is a response from the Company from another of my questions:


Not once have the Company 'met' the market. They have always placed a bid on the ask and waited for sellers to hit their low bid. They have continually placed large bids under the current market bid all the way from 1.5 cents and down to what I believe is 1 cent. How is this strategy adding shareholder value?

The commissioned report published by Independent Research Report in May 2023 stated this:

"AUD 1.6cps at current oil prices is a rock bottom valuation assuming no upside in Reserves". (POI was @ $80 in May). Further - "Base case valuation range 2.9cps to 3.6cps based on peer comparison."

This section is quite telling in my opinion. Especially the last paragraph:


Dan, please tell me how management are 'closing the gap' because the market has clearly not recognised the 'value created'.

Over to you!