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7.9¢ buru energy limited

Ann: Corporate Presentation-BRU.AX, page-36

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speculator101

11,779 Posts.

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15/09/16

10:37

Post #: 19169471
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Originally posted by bhutos ↑

EP 371 (where Ophir-1 is) had an exploration well work commitment this year. Two months ago actually. That combined with the recent EARS approval for it means Ophir-1 really should have been on the radar. It's possible they have renegotiated the commitment though.
When they say "Evaluation program, oil price, market conditions and rig availability means drilling challenging this year " they mean they won't be drilling this year.

I've said a few times this was a duck and cover year and that the last time we had $30 oil we went a year without activity but the government side of things with the work commitment and the approvals combined with the super low cost of Ophir gave a very good chance of at least one well (and I figured they'd contract for two to bring the overall price down but maybe delay the second one until next year.)

So it looks like they're going to run out the clock on the year and it's waiting for the 2017 drill plan (and whatever else) to drop sometime between December and next April.

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Cheers for your thoughts Bhutos.

What do you think about the free carry though?

BRU Price at posting: 20.5¢ Sentiment: Hold Disclosure: Held
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Last 7.9¢		Change -0.003(3.66%)		Mkt cap ! $55.05M

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Price($)	Vol.	No.
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0.085	50000	1
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