Good Afternoon, An relevant news came out last night in regards...

Good Afternoon,

An relevant news came out last night in regards to the activities within the O&G space in the US and thought it would be great to share with you guys.

• One of the largest O&G producer in the US, Continental Resources (NYSE:CLR), has received an all-cash buyout proposal from its largest shareholder/Chairman, Harold Hamm, which valued the Company at US$25.4B. The offer price is US$70/share, a 9% premium over CLR’s last closing price.LINK.

• Analysts believe higher bid, as much as US$95/share, will be needed to get a deal done. CLR closed at US$74.22 (+15%) or 6% above the offer price seems to support that. LINK.

• The offer price of US$75/share values CRL at US$67,975 per flowing BOE as of 1Q 2022 production rates, and US$86,103 per flowing BOE at US$95/share. Applying this valuations to BRK with an assumption of a net 2,400BOEPD post Flames Well suggest a range ofA$227M to A$287M or A$0.045 to A$0.057 on a fully diluted basis. LINK. BRK trades at A$0.015 as of writing.

• On a CY2022 forward basis, US$75/share values CRL at US$64,059 per flowing BOE. That would translate to a value of A$285M for BRK given its year-end production target of net 3,200BOEPD.

• Recall CRL is the powerhouse that has been mopping up neighboring acreage and producing assets around BRK’s assets in the SWISH AOI. CRL now holds ~57% of leasing activities in the SWISH AOI and we speculate that BRK may be on their radar.

Kind regards,

Cyprus Sia

Corporate Finance Analyst

Spark Plus Pte Ltd +65 9648 1371 [email protected] www.sparkplus.org 3 Shenton Way, Shenton House #23-02 Singapore 068805