Ann: Miani 1 Exploration Well Spuds, page-113

Transparency is the key word that resonates the most with me. Accountability also ties in directly to Transparency. Weasel words in announcements used to duck and weave through poor execution isn't too hard to identify. Buru's poor onsite supervision over the years have cost Buru and it's shareholders significant lost value. So much so, that i believe the market has greatly discounted their fair value to include their inability to consistently deliver a professional execution of plans outlined in their Presentations. I have never witnessed Eric take responsibility for the numerous failures that have destroyed shareholder value at an AGM. I am fully aware they have made a statement with regards to recent failures, but not for the many years before this one, where the same origin of failures existed.

Adoxa - poor completion and no testing must be very embarassing for Buru, especially after postponing Rafael. I'm really disappointed Buru chose to hunt for shallow new plays in the Adoxa well, rather than the Adoxa Deep dolomite prospect. A large reservoir was the priority, like Rafael.

Fortunately for Buru and shareholders, there are many prospects and "new plays" that keep the dangling carrot fresh in the faces of mug punters, and the 'potential' mirage that always looks so promising from a distance.

I believe Buru to have the best intentions for everyone of course, and still believe they are making great advances in unlocking the geology, but their professional supervision of the weakest links that are pivotal in the execution of successful exploration has been very disappointing.

Miani- I'm expecting to encounter a large oil reservoir, but i'm almost wincing at the thought an announcement will reveal another completion or execution fail
Yulleroo- Planned as the last activity of the year. I'm optimistic of good conventional gas flows, but again i lack the confidence it will happen this year.

Way more upside than downside in the next year, so i'm not a beaten man yet