Ann: FMDP Production on Track for Q3/early Q4 2024, page-11

Yep, as BRK mentioned , a cumulative gross 20.9% WI / 15.7% net cumulative WI across 7 CLR Gapstow wells, which are being drilled immediately south of the Bruins/ Jewell DSU's.

Those cumulative WI's equate to a ~2.98 % gross and 2.24%net WI per well and DSU.

BRK have guided that Gapstow will contribute an average 150 BOEPD net to BRK over the first 2 year period , or ~109,500 BOE production. This means the 7 Gapstow wells will average 150/0.0224 or ~ 6700 BOEPD over that period.

Considering the significant decline that occurs during the initial 2 years, this implies the 7 Gapstow wells will produce north 10,000 -BOEPD at max flow, so we should be looking at over well 220 BOEPD net to BRK at peak flow, effectively adding ~10% to the initial FMPD production net ( ~2,300 in the first year) to BRK .

Gapstow will be a small, but not insignificant addition to production and cashflow. If the net cash margin is ~ US$ 30 per BOE as guided for the BRK operations ( Oil at US$75 and gas US$2.5 per mcf), then Gapstow will net ~US$ 3.2 million or ~AUD$5 million in the first 2 years of production, with a payout of less than 2 years, based on the US$2.5 million cost to BRK .

Might suggest they direct that cashflow to a buy back, the Gapstow BB

Cheers

Dan