Thanks for the affirmation Cujo, but I think I'll continue to take a back seat for a while. I've become even more cynical about the share market (and the managements of listed companies in Australia) than I was previously-if that's possible. Much of what I have to say these days would be considered libellous so it's probably better for me if I just look in occasionally and only contribute my increasingly rare positive thoughts.
With respect to Buru, I'm afraid management and other stakeholders got caught up in the same hype that many of us here were beholden to. Unfortunately this meant that discoveries have missed the oil price cycle and run into the inevitable oversupply of oil, and gas liquids. To be fair, Buru are certainly not the only victims of this oversupply-such is the nature of the business cycle. Now we must await the next cycle I'm afraid. In the meantime, drilling is cheap, so lets go at it.
I'll be watching the drilling with interest, just for the excitement of a potential huge wildcat discovery. Good to see that the Ungani dolomite has been confirmed to be present over a wider area. But the next step is critical IMHO. More vulgar porosity is vital to confirm that Ungani was not simply an aberration of the depositional environment at that location. So I'm keenly awaiting the testing of this one.
Good luck all
Modula
BRU Price at posting:
36.5¢ Sentiment: None Disclosure: Held
