Thanks Lonewolf and Keith, always a pleasure to meet and discuss the past and future prospects with other holders. There were some others there that i didnt get the opportunity to meet however it was a great meeting and well worth the trip from the east coast. I reiterate and have said on many occasions that it is beneficial to have the one on ones where possible to look David and Gracjan in the eye when talking to them. Both of which are very approachable and passionate of BRK and delivering the best out come for share holders.
If I could correct I would say that there was not anymore information provided however more of the information and explanation that is between the lines and gathered from meeting face to face and having those discussions.
I will get to my breakdown of discussions before Dan gets online and knocks it out of the park lol.
Approximately 12 shareholders in attendance. Better than previous years but always welcome with more... All resolutions passed greater than 98% as announced. Strong support of the shareholders.
Items discussed were the importance of reservoir quality something I have known in the past that has advantages of SWISH/Anadarko over Eagle Ford and Permian Basin. Good quality rock and production with lower mineral and water content that delivers lower production and operational cost.
There is particular attention of BRK toward Contingent Resources development wells surrounding the SWISH AOI in particular Flames, Jewell and Bruins. Similar interests exist from CLR of our acreage and other private equity entities of our tier 1 assets. CLR have the off pattern wine rack ~$160m drilling development in BRK AOI. Time is required to see how these development wells unfold as producers (multi well full field development of SYCAMORE & WOODFORD) for BRK to ascertain an quality roadmap going forward. Have a look at well plans on the last investor presentation that clearly shows the CLR development and what BRK could mean to them, either as JV partner or divestment.
This information has the interests of CLR/Oil Co's as well as PE entities. BRK full field development remIns in play but..who plays the hardest ball and wants it the most whilst keeping the best outcome for BRK shareholders. Not a simple and straightforward roadmap to develop, I am confident that the best interests for BRK will be achieved through BRK managements determination, passion and drive to deliver quality outcomes.
All wells are currently producing and are both performing and outperformed expectations to date. These are delivering low cost high margin outcomes shown in the annual report.
Reserves report highlights the benefit of liquid rich plays Oil/NGL prominent in the SWISH AOI. A further ~20% uplift in reserves gained with Bruins DSU as a value add..Management are cognisant of reducing CAPEX & OPEX costs wherever possible...materials and equipment have come down however labour cost remain sticky ATM.
Divestment of assets as a monetisation is always an option as well as JV development clearly with CLR as they encircle some DSU'S are options. JV full field development brings high potential as CLR have the distinct opportunity in reduction of OPEX and CAPEX cost, have tighter spacing and opportunity to squeeze as much hydrocarbons from the virtual rock below. (Waiting to see results from Courbet and other wells BRK have WI in)
Macro environments are good however out of BRK control however there is strong expectation of a promising 2nd half 2023 and.lead into 2024 from a supply and demand scenario.
One for @Trees ...Juanita, very tight lipped there however testing continues of the zones and results could be expected very soon. Gracjan only mentioned when questioned with a wry smile through the handle bar moustache 'a good well'
Juanita coupled with Thelma well knowledge including historical or addition of new 3d seismic data will guide any transition from prospecting the Bradbury AOI to developing Bradbury AOI with low cost high impact vertical development wells.
Anyways, me thinks that covers it for now. Other surely have more to add.
Big thanks for everyones time at the BRK tram DP GL and other valued holders, always eyes up looking forward of a promising future and outcomes.
Keep well cheers Paul
BRK Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
