Hi Dozen
I have seen this chart before and with 20/20 hindsight marvel at how everyone at the time got ahead of themselves .
Great discovery well , booming oil prices , assurance that there was lots of other fields on this new play to be discovered .
Reality : Buru mk1 No cash flow , no viable oil export channel in place , spending lots of money beefing up to be an OIL COMPANY , dry holes on the first Wildcats on the Ungani Trend , a huge POO crash just around the corner and a partner wanting the JV to spend a lot of money on chasing the Gas Elephant .
We were supposed to be at about year 5 or 6 by now after discovering 2 more oil fields and producing 15000 bopd .
It might have happened if the POO had stayed high .
Buru mk 2 Lots of lessons learnt .
Lean and mean BUSINESS with Cash Flow as its Manta .
Buru Unleashed , great divorce settlement .
Methodically developing its assets putting in infrastructure to make it a low cost producer and give it resilience to the price fluctuations that the commodity it sells suffers .
About to find those fields that it was supposed to have found already .
I believe that it is very likely to happen .
If you are a pessimist by nature investing in oil explorers will be bad for your health .
gltah
BRU Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
