Hey geffa9 You are right when you say there has been an...

Hey geffa9

You are right when you say there has been an unacceptable ~ 12 month delay in the spudding of the Jewell well. It seems ridiculous considering what the previous guidance on the spud has been.

Have been postulating with a few friends who own BRK as to why the delay, and one of the ideas discussed is the possibility that SHE may somehow be involved. We know that SHE were set up to basically fund BRK's USA drilling program. We know SHE wanted to participate in drilling the Jewell but were forced to retract by the ASX because of the considerations in the prospectus. Now that the prospectus has been followed through with the Bullard, Henry Federal and Randolph step ins, SHE should be free to put funds into the Jewell well. There is obviously going to be a need for for some sort of raising of cash by SHE, as well as as other funding by third parties. One reason why BRK would want SHE involved would be that SHE 's funding may be less onerous than other funding partners.... SHE want the well bore only interest, they are not interested in owning any lease equity or the PUD. BRK want the best deal possible in funding the Jewell well and any other wells they operate. There will not be much point if for example, BRK have to include giving 70% of the PUD away to get the Jewell drilled so having SHE fund as much of the well as possible makes sense.

SHE raising capital at the current SP would be crazy so not sure how they would go about it, but another reason for the delay doesn't make sense. The SWISH AOI is very hot property so getting the well funded and drilled should be fairly easy one would think... getting the well funded and drilled on terms acceptable to BRK and us shareholders could be the issue.

Having said that, if SHE are the reason why there has been this delay, this cannot continue indefinitely, 12 months has been long enough.

Would be interested to hear your thoughts and other opinions on this extremely frustrating period.

Cheers

Dan