Ann: Completion of Initial Share Buy-Back, page-72

The fact that the FFD will require a modest credit facility suggests that free cash flow might be lean until it is fully producing.

Whilst I'm keen on a strong buyback, you would have to question a significant portion of cash flow going to this when debt is required for the FFD, given the risks of cost blowouts and a drilling programs of this scale.

I would think any buyback would be delayed until cashflow turns positive from FFD and covers both the debt facility and company funding of development costs.

I understand the debt vs. equity argument and leveraging, but this tends to contradict the capital management plan that BRK has operated under till present.