Ann: Third SWISH AOI Well Achieves Payout, page-20

Hi @MoonReach

Those numbers are the BOE pricings.

$50.1 is the gross received per BOE produced, which is the aggregate price when averaging out the oil, NGL and nat gas prices received across each production stream .

The $32.1 is the net margin per BOE after paying the ~ 22% royalties per BOE and the $6.7 per BOE operating and production costs. The royalties paid are net of operating and production costs .

BRK guidance for average operating and production costs are ~US$9-10 per BOE for the SWISH FFD

BRK guidance for 2025 is ~US$ 70 million in revenue and US$ 25 million net income.

This is expected to rise to ~ US$ 115 million and ~US$ 50 million respectively by end of 2028.

Cheers

Dan