Ann: Quarterly Activities and Cash Flow Report - June 2022, page-18

Damn its boring living in a cave....

Not sure there is a lot to really ponder about.
ORG - I think the issue might be the 3 year work program, plus whether or not ORG will fulfil/participate in the J/V agreements it already has with BRU. The next 2-3 years will likely require ORG to put in a decent amount of cash, so perhaps its not so surprising they are taking their time. Of course, Eric is in a hurry, he's about to take off the captains hat. Obviously, I would really like to see ORG go all in on the Canning, as otherwise, BRU is going to be slowed down by a recalcitrant partner. My initial thought is ORG is seeing some serious improvement in its finances and revenue, so.... it will agree to undertake the programs in the Canning, but.... they have their fingers in lots of pies, perhaps something else is catching their eye.

I guess at least we get to see something drilled this quarter... with Sipa/Batmin. I hope they aren't drilling into my bloody cave!
What a strange outcome if BRU was to find a substantial base metal deposit

Unagni field just keeps on keeping on, albeit, at lower and lower rates. Hopefully U5 workover gives us another few months of higher production. Sort of surprised that the J/V are not yet discussing any sort of enhanced oil recovery strategies/options, but, then perhaps Ungani is viable at much lower production rates than I had thought (my guess was about 400bopd). I note that Blina is basically.... on the sidelines. Sort of given up on it really, as if it was ever going to be worth bringing online, Plus 100+ AUD oil prices would do it....

Would love some actual clarity on Yulleroo... either it is worth going after, or it isn't. This has been discussed for...years!
Clock is ticking Eric, is it going to get drilled before you leave the board altogether?



The permit BRU has with MinRes has now been granted, so... 2 wells have to drilled within the next 2 years, plus all the other basic ground work. I would like to think that means we will see 2 wells drilled next year, but, technically, they could be squeezed into early 2024, we will see of course.



Cannot help but be a little bitter about H8 and its costs to BRU. The same funding could have drilled 2 conventional wells on Ungani, but... it is what it is I guess. New MD will arrive with approx $16m in cash, which is a good enough amount for the following 12 months, though he will likely have his own ideas on how to drive value for shareholders......

Good luck to us all.