ungani + ungani north vs mc, page-2

Doodles

I agree, what the market has given us is an extraordinary opportunity.

Sure, Europe is rubbish, China is not growing as it did in the 2000's and the US is growing but not at the pace the market had initially hoped BUT BRU is in a better position than it has ever been.

It has no cash/capital issues. It has sufficient capital until at least 1st quarter 14. ie enough for Yulleroo fraccing, 2013 drill programme, Ungani 3D seismic etc. Eric and major shareholders would have no interest in raising capital at these depressed prices - particularly as it is not required.

Goldwyer farm out is the imminent opportunity. I would expect free carry, retention of at least 35% and hopefully some cash for the buru coffers - whether we operate or not.....who cares if the farminee is a serious shale major. The Goldwyer could be huge and my preference (if we had patient and long only shareholders) would be to develop and retain a larger percentage but BRU has too much on its plate therefore do a deal in non strategic acreage now (non strategic at least on a short/medium term view).

The only issue for BRU is its "unbalanced" share register. Not enough long only large instos (who would be buyers on days like yesterday) and too many geared retail punters (yep, I am one of those). Eric and team have tried extremely hard to improve the share registry and there has been some success but more work is required here. I'd expect this will quickly be rectified post a successful fracc and/or TO issues resolved and/or full field development at Ungani.

Good luck to all - I am still buying, although the ammunition cases are starting to get low.

BTW, there is no more scrip available on BRU so no more shorting can be done....good news