chart needs to bounce here !, page-118

Hi Occam

I agree with your post pretty much, however being a conspiracy theorist, I remain concerned about the continued shorting. The reason for my concern is that I think that the pricing of any significant deal which Buru might make will to some extent be constrained by Buru's prevailing SP. Obviously, this is my opinion and I'm just presenting it because I think it is valid and that some may wish to hear it.

To be honest I don't know how the price on JV deals are arrived at, but in business the party coughing up the dough in such an agreement will look to the market to establish which ball park they will be playing in. Thus, to strike a better deal we need a better SP. Again my opinion.

Furthermore, as you say, Buru ARE well-funded for the moment, and I am personally willing to accept a longer period before a big deal is made for the simple reason that I think once they have 3D over the Ungani twins and/or they drill another "wildcat" in the vicinity of the twins, the SP will at least double. Yep, just my opinion-indeed this is the punter in me saying I think the risk/reward ratio is huge at Ungani and I'll bet on it every day of the week. And I'm prepared to wait until we get these extra oil reserves on the table before giving away our gas. Sooner would be good but all good things come...

Incidentally, I was scouring the Internet for something or other Buru related the other day, and I came across this little titbit in the WA Hansard from October 25 last year. It was a Q&A session about fraccing in the Canning Basin, and what follows is the answer to the first couple of questions (about the number and location of Burus wells):

"I thank the Hon Member for some notice of this question.
1. Seven exploration and six appraisal wells have been completed by
Buru Energy in the Canning Basin.
2. The answer to this part of the question is in table form and I
therefore seek leave to have the table incorporated into Hansard.
Well Name Type Longitude Latitude
Asgard 1 Exploration 125 01 51.0 E 18 14 49.2 S
Nangu 1 Exploration 122 03 50.79 E 19 10 30.2 S
Fairwell 1 Exploration 124 18 58.20 E 17 32 38.69 S
Leander 1 Exploration 124 14 19.49 E 17 30 56.4 S
Paradise 1 Exploration 124 34 35.50 E 17 59 59.6 S
Pictor East 1 Exploration 123 43 33.3 E 18 46 14.3 S
Ungani 1 Exploration 123 09 50.79 E 17 59 25.59 S
Ungani 2 Appraisal 123 00 50.5 E 17 59 26.09 S
Ungani North 1 Appraisal 123 09 52.0 E 17 55 58.5 S
Valhalla 2 Appraisal 124 46 04.19 E 18 04 04.13 S
"

Presumably, this data would have originated from Buru, or maybe DMP, but note the how the Ungani North 1 well is described as an Appraisal well. I wonder if this is just a typo, or does it lend credence to my theory that Ungani and Ungani North might be in touch? Certainly I hope so 8)

Cheers