Hi CSB,
without a doubt, even an oil discovery that could be tied into the Ungani production facility would take time, but... far less than Raffa (even if they are able to stick to their timeline from the presentations).
I do agree with you about Ungani, in the sense that the second BRU got 100% of it, it should have been dual priority to get it back into commercial production. Exactly what that might have entailed is harder to quantify, though the price of Ungani's oil is likely still profitable even without major works being required.
To be clear, I am not a cheer leader. I am just so used to the company not meeting timelines or specified hurdles.
That being said, BRU has drilled a lot of wells compared to almost every other O&G small cap explorer in Australia. That is why I invested in the first place, and for better or worse, why I keep holding.
I can very much understand why many are so frustrated, as the company had been very clear, Raffa was to be drilled this year.
In hindsight, clearly they were too optimistic about a number of factors (some out of their control, like Origin taking forever to do anything, contractors studying the 3D etc) but in hindsight, BRU should have had in place a backup of sorts, with a small targeted drill campaign (or.. some other focus), perhaps even undertaking a huge amount of seismic 3D over the area north of Raffa which the company has hinted many times might have large conventional gas deposits.
The other option is to of course, do Raffa 100% on it's own. Sure.. dilutive, but... if successful, would then enable BRU to achieve much better terms.
@thecone - I have always been in BRU for drilling exploration wells... just go back over the last 15 years. I have posted 100's of times on being for it, so I am not going to apologize for it now. Sure, the board have explaining to do, but... in the mean time, I want them to drill.
And for what it's worth, the board has not consulted me on any of their decisions, so take your frustration out on a punching bag...
Cheers for that
@godzilla888.
Enough from me. These threads will likely be quiet until BRU can lock in a J/V partner and a rig (the rig is the easy bit obviously).
