Ann: Operations Update, page-4

Not sure about any discounts, as I still think the deal was a good one. Obviously there is no way a similar deal will occur, simply because we have already sold off 50% of Ungani. Still, we now have a major Private company having bought out Mitsubishi, we have another private entity to the South (Twiggy's toy - Squadron Energy) and then we also have a third private entity in Theia Energy which (plan/might) will test the Goldwyer play in the South East. Glad to hear the farmout is kicking off next month. I do hope that all options are looked at, not just a simple farmout. See what the market wants... if they want a piece of Rafael only, fine, divvy it up, it they want some of Yulleroo, fine, etc etc.

I am very happy with the current production rate (when not affected by rain etc). That gives some good headroom for when U6H gets done and sub pump goes into H7. Oh and then there is Blina...or is there.... sorry, that is me being sarcastic. Even just 100bopd extra increases the margins.

As for the As for the CTU being a little late, I don't feel that makes any difference as the next shipping date is already locked in. So it would be unlikely to affect the total sold dramatically. The lifting after however, that should be more interesting.

I do wonder about Andrew Forrest. If he still wanted to get hold of Buru's acreage, this perhaps as ripe a time as any. All the acreage that has the Laurel is 100% Buru's. No complications. Full operator-ship etc.

Of course, REY is still sitting there with no friends at all. Even DOR cancelled their minor farmin agreement (to focus their meager funds elsewhere).

Perhaps Buru should even look at selling all the Laurel acreage rights (maybe this is giving up the golden goose), but keep the conventional targets, as if that is what Twiggy really wants, why not give it to him, get some cash to spend on drilling out Ungani and the trend.... Why raise this...? Because we know Black Mountain has already bought out Mitsubishi, why not the rest...