“Buru’s permits include extensive prospective exploration...

“Buru’s permits include extensive prospective exploration acreage across the CanningBasin’s proven and producing petroleum system
▪ Mapped prospects and leads provide potential backfill for Rafael with unrisked meanProspective Resources of > 2.0 Tcf”

SO P50 exploration unrisked is 2.0 TCF - seems a bit light
Rafael to closure is 1.0 TCF, to bigger gas column is ?? Same again?

”In planning phase for 2024 drilling to address the main subsurface uncertainties (hydrocarboncolumn height and net/gross distribution).”
SO could be a well to test downdip - which is good

Cash end October was just$ 13m, assume ORG late to pay , also presume any time they dip below $10m expect another CR
Hopefully each raise brings in instos that will stick around

Two part farm out would be good - one for Rafael 2 X wells plus test, one for exploration

SO rough valuation unrisked >> 4TCF X $1.00 * 50% equity after FO = 2000/ 700 shares (assume another raise) = $2.85
Then risk at 75% =$2.15 which is probably a good head for the hills number