Ann: Quarterly Activities and Cashflow Report - December 2023, page-33

Hi mate

I agree with your sentiment on OEL vs BRK situation. OEL would be a different company if they didn't " burn" ~US$20 million on their Green Canyon 21 deep GOM offshore well.

Just on the loans...... they are " non cash " transfers. BRL didn't lend out the ~ $ 1.3 million cash to directors to fund the conversion of the options. They then didn't receive the ~$ 1.3 million from the conversion. The lend out and conversion in a net NIL sum transfer.

ie) money lent (- $1.3 mill) =the money paid to convert ( +$1.3).

BRK will only get $1.3 million plus interest and thus increase the cash pile if the loans are paid back in full....the SOI will stay the same in this case.

If not paid back, the SOI will fall by the number of director loan shares issued on conversion , and no cash will come into the coffers.

It will be most interesting to see what happens , or what " arrangements"' are made ( at or prior to loan expiry on June 30, 2024 ) if the directors choose not to pay out their loans..

Cheers

Dan