Hi Possum. I agree. Backreef wasn't for BRU. We have far more advanced and highly prospective targets to tackle.
OBL do have some serious potential with the Derby block but they need a large partner to come in and fund exploration on that block and they also need to sort out the native title before they can do anything. Derby was my core focus of OBL and they aren't a bad spec to lock away if BRU continue to have success in the Laurel.
It's fair to say BRU are the front runner. We are actively drilling two wells which can really give a clear indication on how widespread and gas charged the Laurel formation is. This will help all the Juniors who own a piece of land on this formation if BRU can come through with the goods. If Yulleroo-3 comes through with success in the Laurel when they go deeper I continue to wonder where the share price can go. We have majority of the Laurel formation tied up and we also have the highest % of ownership.
With the two prior wells at Yulleroo were still in gas in the Laurel at total depth it just makes you wonder if we are sitting on a monster.
BRU Price at posting:
$3.29 Sentiment: LT Buy Disclosure: Held
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