BRU

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8.3¢ buru energy limited

Ann: Operations Update, page-219

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thecone

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22/07/22

19:06

Post #: 62682886
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Originally posted by sinkers ↑

That's the question. However, I strongly believe it would be likely to be the two-year anniversary of the JV agreement, making it December this year. Why do I think this? (1) the JV agreement was entered into in December 2020 (pre-Covid) and with plans for the initial work program to be completed in 2021, and (2) the contingent carry obligations (for ORG to maintain their 50% interests) are all sequential to the initial work program and a year would ordinarily/certainly have been more than enough for them to be completed (particularly as all that was needed was "agreeing to drill a well").

If ORG wanted out, then they'd be pressing ahead with appraising Rafa as quickly as they could instead of putting hurdles in the way like they are currently doing.

What gives me comfort is that there is a deadline and that ORG can only delay the appraisal for so long.

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Dec 2020, pre covid? ... I agree with some of your logic, but it all hinges on knowing when the anniversary is. Which we don't and most certainly origin do.
So was the cap raise more about seeing Bru through the wet season while org stall?
Price now 13 c..... Nearly there...
Hagwe bruthers tc

BRU Price at posting: 13.0¢ Sentiment: None Disclosure: Not Held
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Ann: Operations Update, page-219

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Ann: Operations Update, page-219

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