dHarv,"6% ORR! that's HIGH! and BRU can backin 30% for only the...

dHarv,

"6% ORR! that's HIGH! and BRU can backin 30% for only the cost of a well!"

The Third Parties could have farmed out and kept 10% each. So 6% ORRI i.e. Free Carried No Development or Operating Costs (equals an 18% - 20% working interest)**** The smaller the field the better it is to be on an ORRI.

So maybe 6% ORRI is better than say 30% equity holders. I guess it is debatable.

As for Buru, while they are huge underperformers on achieving their published schedules for drill execution, I am sure they are quite proficient at attempting to get the nose in the trough so they will get their claim in with in the 90 day limit I would think (as hard as that might be to organize).

By the way, Buru has been sitting on a Mountain of Cash and could have funded this drill a couple of years ago.

Buru negotiated a back-in as part of the legal settlement but couldn't bring itself to organize to drill Back Reef.

My kids get an earful when they want something that they don't utilize, obviously Buru's shareholders deserve a kick in the pants for being so slack and not demanding more for their $$$.

MI