I have an important question which could be asked at the AGM today, if anyone attending has a mind to:
Does Mitsubishi have preemptive rights to farm-in to the exploration permits which have been awarded to Buru, but have not yet been granted? Specifically I refer to permit applications STP-EPA-0045, immediately south of the Ungani production licence applications. Also STP-EPA-0020, STP-EPA-0021 and STP-EPA-0044 which encompass an area which would likely contain an extension of the Laurel gas play?
I think it's reasonable that shareholders should know the answer to this question as it goes to valuation of the company's landholding, particularly with respect to the first permit mentioned above. It would be nice to know that this permit remains unencumbered, meaning that Buru could extract top dollar to farm-out this permit upon further oil discoveries in the region.
Genuine thanks to anyone who would put this question to the board.
Phil
BRU Price at posting:
$1.49 Sentiment: None Disclosure: Held
