Ann: Buru confirms Rafael resource development strategy, page-65

Hopefully the second appraisal well goes far enough downdip to prove up the “massive Canning Basin conjoined and/or analogue conventional prospect(s).”

There is potential for an oil leg that could increase the total HC column to 1000m or more (oil pressure gradient is less steep than gas gradient).

The oil leg would go beyond structrual closure and be smeared across the basin. This will be the defining event - hopefully in 2024.

Theory is that oil generated first and gets trapped - gas generates after and displaces original oil.

Appraisal drilling is relativley low risk - BRU have defined charge, reservoir and producability.

Real risk is now just one thing - defing scale and nature of trap

Make it happen