BRU (ASX) Ann: Operations Update

Originally posted by 0848226 ↑

Well, long time between posts for me, but been keeping an eye on this one having been a holder over the years since the arc days.. Wet the feet a little more in recent times in the build up for the CJ testing (and ultimate disappointment) and now for Rafa..
Few take-aways and questions I have from this latest announcement are;
- Whilst it’s disappointing they are not testing mid December as initially outlined, in the scheme of things it is not too far away… aside from delay, the rest of the announcement was positive… ie. poss extra pay zone and regional implications for this new conventional laurel carbonate play type.. All this with a disclaimer that this all still requires testing for confirmation of commerciality. This being the case, I look at this as reducing the risk on the Rafa even more, which is why I think we are seeing the bids in the 18.5-19c range for those who still see the potential upside.
- I was not aware of SGS being contracted as I was of the thoughts that the Buru or rig crew undertook testing in the past. It may have been mentioned somewhere however I can’t remember seeing it. Does anyone know if they were always to be engaged by Buru for testing? Or is it possible that they’ve had to engage further specialists simply due to the suspected flow rates of the well? (Maybe a nudge from Origin to do so?)
- How come the analysis of the Upper Laurel carbonate zone of interest is only being announced now? Can anyone with drilling experience or experience in logging whilst drilling provide any info on why this could have taken so long to ascertain. The zone was drilled through prior to casing and drilling down into the ungani dolomite zone so that was some time ago now.. Was the Upper Laurel carbonate part of the original announcement of gas shows during the drill? What are the interpreted depths of this 75m gross column?
- The announcement style for Buru has really deteriorated in my opinion over the years and now I feel we are just left to speculate so much more than previously was the case during drilling programs.
- They state that this zone will not be part of the upcoming flow test program due to being behind two strings of casing. Once again, after some info from anyone with experience here.. once they finish the flow test of the lower zones, is there potential to perforate this target zone for subsequent testing given its behind two strings of casing? Or would they require a further well to test that zone?

The final point I take from the announcement is in Eric’s quote… After being barrelled following his interview about the CJ potential pre-testing, one would assume he’d be a bit gun shy on over-selling this result prior to definitive test results, yet, he’s come out and said ‘the expected results WILL be worth waiting a bit longer for’. Let’s just hope he’s not putting the cart before the horse again. I think he’d be pretty brave to put that sort of comment out there if he wasn’t extreme in his confidence on this one.. Time will tell..
GLTAH

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To be extremely honest, after reading the last few BRU ASX announcements, one wonders to what extent Eric is aware what the hell is going on, or is he just telling his shareholders convenient suitable stories?

There is a very noticeable repeating pattern.
Talk it up, followed by a BS story of a delay, followed by 'Sorry we just hit another duster, thank you very much for your attention, happy new year, we won't mention Xmas'.

As a retail shareholder, I don't know what to think when Eric releases an ASX announcement and that is being very kind.

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Last 8.9¢		Change -0.003(3.26%)		Mkt cap ! $59.75M

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Last updated 15.58pm 06/06/2024 ?

Ann: Operations Update, page-27

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