This shows a proforma merger on a 1:1 basis Indicates that a parity resource basis valuation is accretive to BPT shareholders by 39% (1848% to BRU sh!) Also adds longer term earnings growth and fills the project pipeline BRU 2P&2C guesstimate for YE 2024 Include RAF upside from 3D and appraisal drilling Realized exploration potential would make deal even more compelling Main BPT risk in short term is profit warnings (delays and costs) and reserve write downs to conclude the current kitchen sink cycle
