Ann: Farm-out of High Impact Rafael Shallow Exploration Well, page-69

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Funds raised by this Offer and the Placement will be applied towards Buru’s 2024 appraisal and development planning program for its Rafael gas and condensate discovery. Specifically, approximately $4.8 million of the funds already raised by the Placement are to be applied towards the costs of well long lead items for an appraisal well and well workover program expected to be undertaken during the second half of 2024 subject to a successful partner selection/farm-out process and suitable rig availability. The remainder of the funds will be applied towards costs associated with drill program planning as well as regulatory and environmental approvals, ongoing native title negotiations and community engagement as part of progressing the appraisal and development planning of the Rafeal discovery, and general working capital.