u4/5 should be drilled, page-15

Bruthers,

The chronology is as follows:

The moment drilling stopped in 2013, SP support also dropped as is the case now in 2014.

The main reason drilling stopped in 2013 (so we were told at the time) was due to the need for a purpose built rig. In support of this strategy an extensive 2014 drill program was "planned" in order to pursue a plethora of drill targets .

We get the new rig, the SP rises in anticipation, we drill one well resulting in a sub optimal outcome announced via an anomalously poor announcement regime.

A post U3 drill announcement details a complete about face to the aforementioned drilling program. The new rig is all of a sudden not needed and management instead decides to accumulate some more "pretty cool" geo data.

The SP is hung out to dry and all of a sudden holding short stock makes perfect sense. Long term investors and previously staunch defenders of management like myself are bewildered.

To be brutally honest, a large slab of the period post Ungani North has been a shocker (evidenced by the SP) and management ought review and learn from it as a never to be repeated phase.

As a BRU shareholder, I ideally would like to assume that everything is swell and accentuate the positive however a ride through the events since Ungani North implies otherwise. Once you've lost faith in management, you start forecasting all kinds of weird future announcements like "the decision to recommence the 2014 drilling program was recently actioned however delays were incurred due to shortages of trained drilling personnel and the onset of the wet season has subsequently prevented the aforementioned recommencement of the 2014 drilling program".

I was always amazed at the amount of short stock in circulation and I wondered what short holders possibly foresaw that I didn't.

I've recently concluded that whilst Dr KW exhibits an inability to walk and chew gum at the same time, holding short stock will always be viable.

JC