Ann: Quarterly Activities Report and Appendix 5B - June 2021, page-51

That is correct @LewZealand

So BRK have data points from those wells for those zones which is why they are so excited about what the Jewell can deliver from the Sycamore. The Woodford zone at Jewell which lays immediately below the Sycamore, and is actually the oil generative zone for the Sycamore has it's own reserves at Jewell.

The significant point here is when the Jewell is completed and produces from the Sycamore it will turn the Sycamore " resource" into a reserve, and will also turn that reserve to one that is Held By Production ( HBP). That means the Sycamore reserve has no further drilling commitment time clock running on it which alleviates any pressure to develop and provides BRK immense optionality in terms of commercialisation.

The second " benefit" of having the Sycamore HBP, because the DSU application encompasses the Woodford zone, the reserves in this zone also become HBP, even without a well being drilled into it.

This is where the offset well data points come in because BRK have all the geological data for the Sycamore and Woodford zones in their DSU from all the historic vertical wells, and then can calibrate that with the data from the offset Flash and Courbett wells to fine tune their models. They didn't need to drill any wells to fine tune the data to make the reserve calculations , but needed to drill the Jewell to make the zones HBP to be able to officially book those reserves.

You are correct in the sense of the lateral having an effect on the production, but the biggest effect on production will be the natural fracture zones and the effect the completion, especially the fracking of the well.

I am a bit " pissed" atm after a few Friday night drinks but will post this weekend on why I believe BRK are being ultra conservative of regarding the 11.6 MMBOE reserve, and why the actual IP24 number is not really that important in the value creation in the sense that an IP24 of 2000 BOEPD may not be as good as 1000BOEPD in the long run.

So while the market may celebrate / or not, a high/ low IP rate, we shouldn't get too hung up on that number .

Cheers

Dan