Currently BRU does not have reserves (P1,P2 or P3) that can be...

Currently BRU does not have reserves (P1,P2 or P3) that can be used to finance the short pipeline (~50km) to the highway or the tank farm in Broome or a later pipeline extension to Broome. It currently only has resources (C1, C2 & C3). This distinction is very important. This exercise with U4 & U5 + the current sales showing the field is economic will enable a reserves calculation to be made as the next step. Then with proven reserves BRU will have the necessary collateral & proven future cash flow for a given minimum period to progressively finance the infrastructure to enable it to more economically transport to and ship larger volumes from Broome. One step at a time - Rome wasn't built in a day.

It seems to have escaped many here that we are seeing this terrific progress over the last 6 months or so because BRU is no longer hamstrung by having farm-in partners - particularly a major. Majors usually try and outspend a junior with the games that are often played. I am sure Eric is relishing this period of independence as he can make and implement decisions quickly and inexpensively and importantly retain flexibility. The longer that BRU can sole risk such development the better for an increasing share price in the short term for BRU for oil exploration and development. Gas is a different proposition being much more expensive to explore and develop than these oil fields and so BRU will need JV partners for the gas exploration and development - but there is time for that with the work commitments being lengthened.

I am all for expenditure on brown field development at Ungani and getting the short pipeline to the highway and Broome export option underway first before any diversion with farm-outs. At the very least BRU will then have a greater market capitalisation and carry more weight in any negotiations and thus get a better deal for its shareholders.

Those who want instant results would be better off shuffling on and playing trains elsewhere.