Ann: Transformational Drilling Program and Further Share Buy-Back, page-55

I’m pretty happy with the announcement. From other (not BRK) announcements I thought it was clear a c. 20% discount rate would probably be applicable. People then need to refer to what happens to the NPV if you can reduce drill costs or operating costs… both of which I believe are reduced by drilling multiple wells as the same time.

Problem is for shareholders is now that we are going face 9 months where cash reduces, production decreases before everything is completed in Q3. Not sure what “key announcements” we will have until then. However, post completion we should be aiming to have another announcement within about 6 months for the next set of 4-6 wells (again on the basis of development).

Not what’s gonna happen with loans and to be honest I don’t care, most likely a roll over for another 12 months.

Has management screwed people, I would highly disagree, I believe they continue to provide the best overall returns for shareholders. People like to quote the valuation , so need to assess some of the variables. If you want to sell, I now think you are realistically looking at a NPV20, I maintain reduction in commodity prices is semi offset by increase in acreage (and bring forward of some existing Jewell/rangers/flames cash flow), and then have a look at npv when drilling and completion costs reduce and open reduces.

On the SP reckon we are highly undervalued at 1.2. But realistically it’s going to take a while for disappointed people to exit. on ly opinion trying to change management is unlikely to change the plan for converting the reserves to cash.

my rough back of the envelope, yesterday when I posted was July 2024 production for 4 wells, in 12 months after that bring on 5 new wells into production and the 6 wells 12 months later. Not saying this will happen but that gets us to 19 wells within 5 years of Jewell production starting. This is close to the 20 wells in 5 years (but with some delays).