Hi DoodlebuggerI had the same feeling when I read about third...

Hi Doodlebugger

I had the same feeling when I read about third party discussions. I think Eric is holding out for the best possible deal on the Laurel gas. There is no hurry and it seems Buru may test a well (Y-4?) prior to any deal. If a test proves to be very positive this may liven things up a bit, and a deal may emerge which might account for the lack of worry on the funding.

I agree on the Ungani too. It seems that Buru are willing to part with a portion of the unconventional assets, at the right price. And such a farm out may provide enough cash to kick off other projects too.

I think they plan to do a 2D survey over part of the Goldwyer, so maybe they will want to assess this before any deal on this play.

On the funding front, the MC/Buru JV probably has about $100 million with which to drill exploration wells and test some of the gas wells over the next 6-9 months.

I would expect that well before the testing program is completed Buru will have farmed out the 100% acreage and/or introduced a new partner into the unconventional assets. I do not think funding will be an issue going forward, at least not until the SP is much higher.

As you say, the fundamentals look great and the way I see it there will be minimal dilution-maybe a few EFSP shares issued :)