Ann: Rafael Resource Update and Regional Exploration Potential, page-37

2023 Australia onshore drilling:

Beach Energy was the most active company in exploration drilling, operating or participating in 23 of the 38 exploration wells.

Of the 35 exploration wells drilled onshore in 2023, there were 12 discoveries (34% success rate). The discoveries were; North Erregulla Deep-1, Trigg Northwest-1, South Erregulla-3 and Tarantula Deep-1 in the Northern Perth Basin, Watkins North-1 Dampierre-1, Europa-1, Coloy-1, Bangalee South-1 and Callawonga North-1 in the Cooper-Eromanga Basin and Canyon-1 and 2 in the Surat Basin.

The number of exploration wells drilled per year has generally been increasing since 2019 (Fig. 9). The 38 exploration wells drilled in 2023 was a significant increase from the 26 wells in 2022, 29 in 2021, 25 in 2020 and 20 in 2019.

Hopefully both shallow well targets fall in the 34% success rate range, however within the 34% there is with 2 wells the 50% factor (you do, or you don't factor).

Without production we safely can say that Bru is an exploration company.
Without exploring, an exploration company is a lifestyle company.

Since the Raffa discovery all Bru produced is a lot of hot air, while chewing through its reserves.
The 3D results have taking an uncomfortable expensive long time.

Will we drill this year before we run out of cash?

Who nose?