Ann: Operations Update, page-47

thisisit... Canning is still massively under-drilled compared to any basin in the world. While I am not a geologist, the results from every well on the Unagni trend would IMHO, most make onshore conventional oilers dizzy with glee. The formations are amazingly good, just need to find more of the ones with moveable hydrocarbons.

BRU plan to farmout to drill the conventional gas prospects to the north east of Ungani and hopefully they will get a good offer. Like Bhutos, I am much more interested in the oil exploration, as the Uncon gas, while hugely relevant, is more long dated, although if BRUs cornerstone investor has anything to do with it, perhaps possible economic development might not be as far away as I think.

I have slowly learnt over the years, (but still not learn to sell when I am in massive profit) that to sell now when the company is priced for failure and its E/V is stupidly low is a mistake.

I hold BDR, a company where management until recently have been obscenely useless and the SP crashed, yet if I had sold at the lows, I would have already missed the 50% recovery. Of course I wish I had sold some shares when the SP spiked above $0.50 if only so I could buy more now, but as I keep saying year after year, BRU and the Canning have oil and gas, they just need to prove it up.

I find it very interesting that the volumes today are so low.