great reading autosimehere is a snippet i copied from that...

great reading autosime
here is a snippet i copied from that site-:
"Buru has $80 million in cash with $40 million of that advanced by Alcoa to lock in sales of any gas Buru
should discover. In five years time if Buru has not made a discovery that money has to be returned. Buru
has escrowed $20 million leaving it with $60 million of free cash or roughly 35 cents a share.
The shares closed Friday at 17.5 cents on light volume.
The company has 100 barrels a day of current production from 8-10 wells in and around the Blina Oil field
in the northern sector of the Basin in L6. The field is capable of more than double that production
following workovers but for the time being 100 bopd covers costs and pays overheads.
Production costs are $10 a barrel. It costs $25 a barrel to truck the oil to Perth leaving $40 dollars a barrel
gross profit to Buru at Friday’s closing Tapis price. That’s $4,000 a day. Add to that interest payments on
$80 million and you have a pretty good current cash flow.
The Blina production demonstrates the Basin has source rock and traps. Buru will undertake a 225
square km 3D seismic survey of the area around Blina to firm up target for drilling in April/ May 2010 after
next year’s wet season.
This will cover five small indentified oil fields in the area including Sundown, Lloyd Boundary, West
Terrace and West Kora all drilled back in the 1980s.
The Basin is prospective for both oil and gas. There are even some coals in the basin though not
particularly thick. Most of the exploration to date has taken place in the northern and central parts of the
basis with many wells having oil shows. But only a small percentage of those wells were described as
valid structural tests. (see www.dmp.wa.gov.au/1876.aspx). The Basin is regarded as underexplored.
Shell discovered hydrocarbons at Looma #1 in the southern Canning Basin proving for the first time a
petroleum system in the Kidson sub basin and demonstrating the potential for recoverable hydrocarbons
right across the Basin".....
there is alot more there but too much to put on this site