Ann: Transformational Drilling Program and Further Share Buy-Back, page-86

Yep, very conservative which is what I would expect.

However, we must consider that 2 of the 4 wells are 5000 foot laterals, so their production will be less . The cum perforated length will be 30000 ft, which is essentially analogous to 3 x 10000 ft laterals.

Folks are concentrating on just 4 wells for the year, but 4 wells over 12 months is not the same as 4 wells back to back batch D@C. This is not putting BRK back to where we were last year .This way we get the cost saving benefits of longer well and completion crew contracts. We get the geological benefit of the wine rack spacing which optimises production and well EUR. This is the only way to FFD ( Full Field Development) .

You drill one well at a time , you shut in other wells in the DSU, every time you drill. The child well frack can hit the wellbore from earlier wells in the DSU and compromise them, affecting production and EUR. You drill one off wells you pay a higher price... look at Wolf pack, our best well and still hasn't paid out as the cost inflation of 2022, early 2023 meant the well cost us ~US$2 million more.

After Flames/ Maroons we will see batch drilling FFD of

1) Rangers ... 6 wells ( 5 Woodford and 1 Sycamore)
2) Jewell .. 6 wells ( 5 Woodford and 1 Sycamore)
3) Bruins ... 5 (Woodford)

Each DSU funded by the cashflow from the previous development and older production. Anyone hazard to guess what BRK production will be in 2026 when FFD is done or close to... where this will put BRK in the ASX producers pecking order and what cashflow would be thrown off.?

CLR did BRK a big favour when the spent $200 million on the 15 well Courbett development to shine the light on the wine rack development of simultaneous Sycamore and Woodford formations.. it did take time for the data to come through and be analysed by the BRK subservice team , but it has given us the clear development pathway, and it didn't cost us a cent, apart from the small outlay to purchase a lease in Sect 14, participate in the well in the DSU( for which we now get a small revenue from).

BRK were 100% correct in not drilling any 1 off wells after WP.

This 4 well development will be the smallest of the SWISH DSU's... all other wells will be 10,000 Ft for Bruins, 7500 ft for Rangers and just over 6000 ft -7000ft for Jewell.

I'll cover why BRK didn't sell the whole asset in the next post.