sell down, page-17

another very possible scenario. Even though we have plenty of cash and the exploration drilling for 2012 is fully funded Eric looks like he wants to attack this year with a very aggressive approach.

"companyinsight.net.au

Is Buru’s 2012 program fully funded or will you need to raise some additional capital duringthe year?

Eric Streitberg

We currently have about $28 million of funding available and Mitsubishi has committed tofund $40 million of the first $50 million to be spent by the joint venture on exploration for unconventional resources in 2012. While Buru is currently well funded, the anticipated size of the 2012 appraisal and exploration program means it is likely that we will need to source additional funding in 2012. We will receive some cashflow from the extended production test of the Ungani field, but given our current design for the test and our desire to ensure that we develop the field in the most profitable way, we are not expecting that this will provide a material offset to our exploration costs during 2012. We are still working through the final outline of the 2012 program with Mitsubishi, which will obviously impact on the scale of any
additional funding we may need. We are also looking at a number of different funding options tailored to different exploration and development scenarios."

http://www.buruenergy.com.au/getfile/617.pdf