Roc and Fosun, page-32

The reason why ROC bought in was BRU were producing 2800 boo/d.
With that kind of money flowing in, ROC could afford spending the promised monies on the exploration.
Alas it was all smoke and mirrors and production soon dropped to under 1000 boo/d.
The obvious reaction to that revelation was to go 50/50 or spend nothing anymore on exploration which they are now doing.
I am not privy to any Strachan reports so have no clue what he now says but I doubt I can give him any credence anymore as he has been wrong numerous times regarding BRU.
It seems to me ROC will only throw money in the production license and that's a 50/50 expense.
ROC have paid for this already up front and if the underbalance does not work then who is going to buy it off ROC, no one IMO, as the Ungani field will keep depleting and the increased water cut will make the field unprofitable in the long term and its only covering costs now.
As for BRU finding another J/V partner to replace ROC in the exploration side of things, well, it will need someone with bigger balls than ROC and money to probably flush down the drain.
No new J/V partner will drill wells 100% for BRU IMO on wildcat exploration as ROC don't even want to participate anymore.
No new company will want to have BRU as operator either as they are nearly incapable of drilling a well without stuffing one up not to mention their track record in finding commercial oil.

You are quite right about the coming few months being crucial though as if this underbalance fails to produce then its curtains.
BRU will be revalued to the downside and money in the bank will gradually reduce like it always has.
I think we will get quite a shock with the money spent in the upcoming quarterly and the outflows for the December quarter.
Reiterating, an underbalance failure will not be good and if successful the other point of interest will be if the increased flow rates will be long term and can be maintained.