All their wells that were funded with high cost capital, i.e....

All their wells that were funded with high cost capital, i.e. dilution, which is all of them in the past 1-2 years.

They are getting pummeled from two ends - First, through stupidly high cost of money (raise discounts, attaching share options, and low PEs during raise time)
Secondly, through actively choosing to MAXIMISE production when oil prices are at their lowest in 1.5 years. It really is kind of low grade management decision making with BRK.

I hope that volume today was SHE selling out their stake. We'll find out soon enough. We can't back this management. I think they are some of the worst O&G management on the ASX.

Sure, if oil prices get to $100+ in the next few weeks that's some level of saving grace. But how can you drive it so hard with no assurance like that? It's much cheaper to just buy some WTI call options and cut the stupidly high management costs out of it.......

SHE, who owns about 45m shares I believe and partnered on Jewell well, raised $5m about 2-3 years ago. Dilution to date is about 40% mainly from that raise. They turned it into $12m and are now waiting for better project economics with no rush given oil price. In the same time BRK has raised over and over, I think I summed 300 or 500% dilution (can't remember), but people want the share price to re-rate despite so many more shares on issue? It makes no sense.

It's like they don't care about shareholders at all. It's crazy how so many people here are blind to capital management. It's the MOST IMPORTANT part of their job.

Stop and think about it. Ignore the operating metrics, they are crafted to paint a pretty picture. Look at what you raised, what it cost, what you have now, and what you are projecting to earn per share at current prices. It's a raw deal. The only winners are those who get those tidy options every so often.