Ann: Investor Webinar Presentation, page-12

Theres no real info apart from the recent prospect blob map - 3D doesn’t go far enough - does show key isopach (green zone above target) thinning which implies a regional high at target level. Looks like reservoir levels are continuous but can't confirm if there's a closure or trap.

Regionally expect there has to be multiple closures like RAF, perhaps some with common G/O/W contact? Need an exploration well in 2024 along with the RAF appraisal drilling. Separate exploration farm-out?




The 2H IPO could be structured like this.
Share count rules are:

• 1/3 BRU keeps (escrow)
• 1/3 to shareholders as dividend- ratio 5:1 (no escrow)
• 1/3 new money/IPO

So each tranche is 670/5 = 134m shares
Then can raise $33m at 25 cps
So total is 402 shares and market cap $100m … to start


BRU has potential to be seen as hydrogen play- 2H plus Broome emerging as hydrogen hub - mix of renewables, CCS gas, LNG export, conventional liquids export

Key event near term is partner selection - will take a while as need revised resource estimate for RAF and also a defined regional prospect resource potential - need somebody with risk appetite, commitment and funding that will deliver through to FID

Story going to accelerate very quickly 2024 with above - define model and resources, farm-out, drill to verify (the more 2024 wells the better), define scope and scale of hydrogen park, access capital markets (project finance / debt etc ) - chart will be impressive, possibly exponential, painful comedy valuation phase almost over