Bru- Buru Energy Canning Basin Superbasin

[upside_umop]

Cheers Rabbi, agree that only time will tell. Most analysts forecast Ungani cashflows to support the current share price and there is obviously risked bluesky as you say.

Gas would be nice and that was the catalyst of the share price run from 40 cps to $3 + earlier in the decade (makes me sound old!) but I'm quite happy concentrating on the good oil. A number of derisked prospects to be drilled in 3rd quarter (subject to farmin) but I think we will be drilling at least another in Ungani ourselves and tying in other discoveries (Ungani FW and Ungani North).

Alcoa loan is $7.5m accruing interest but given operating cashflow should be c. $50m for the next 3 years, I think it's quite minimal. Who knows, Alcoa may do another deal as a financial partner if the fracking ban is lifted to utilise Yulleroo gas...

[bermuda]

uu,
You are onto a winner here. I have not got any but wish I had. It will take a while but the cash flow is pretty convincing. (not that I have studied it in depth )'
This is beautiful oil wanted on the international oil market.
Nice to hear from you. I don't check in here that much. Best.

[bermuda]

uu,
You are onto a winner here. I have not got any but wish I had. It will take a while but the cash flow is pretty convincing. (not that I have studied it in depth )'
This is beautiful clean oil.
This is a stock to follow.
Best
Bermuda

[bermuda]

BRU has been smacked around unfairly.
GLTA

[upside_umop]

Hey Bermuda - been a while and good to hear from you too.
BRU has a few challenges ahead but it could be very special if they finally crack the canning. The 5 wells tied in already support the share price and targets are exciting. Like all oil stocks, we need some luck with the drill bit. And stability in oil price market - the Saudi's look to have achieved that for now.
You should buy a few for interest. Also check out CTP, Cottee has pulled a masterstroke with QLD CSG permit and getting Incitec Pivot to fund it.

[Rabbi]

Roc Oil has farmed into the Ungani field for 50% at a cost of 64 million and will fund 20 million of a 25 million 4 well
exploration program. Mitsubishi handed back the Ungani Oil field and permits to Buru in exchange for a 100% of some of the gas permits at a time
when the oil price was low.
So Bru has a new experienced partner, at a time when they have solid production revenue, the oil price is much higher, and they are heading into a
new drilling campaign.
No significant reaction from the market as yet as it will take a few days to digest, although I note the volume has increased.

[Rabbi]

I have to say this stock has been a disappointment but Origin must see potential as they have farmed in to the upcoming drilling campaign.
Buru has just completed a capital raising at 15 cents for institutions and 16 cents retail after having burnt most of the $80 million that ROC
tossed them when ROC farmed into Ungani.

The two upcoming drilling prospects are being described as company makers if either is successful given they are two of
the biggest onshore targets to be drilled in Australia.

The Canning is a bit like what the Cooper basin used to be when it was frontier territory and relatively unexplored.
I can't remember the Company but the CEO was Brad Lingo when they were lucky enough to discover the Bauer field
in the Cooper which was big by Cooper standards. They got taken over by Beach at a very healthy premium so these things
can happen.

One for anyone up for adventure on the high seas of the Canning and some spare change lying around. D.Y. O. R.

[Rabbi]

https://hotcopper.com.au/threads/bur...ogram.6140039/

First well Currajong 1 spudded 1st July. A large prospect and the following well Rafael 1 is even larger, a veritable monster of an onshore prospect.
Success at either would be a company maker but I would put the odds at about 20% so not exactly wildcat but not risk free either.
Still plenty of time to get on board

[Rabbi]

Hydrocarbons found at Currajong 1 Current planning is for four zones in the dolomite section to be tested individually, and a combined flow test will then be undertaken once tests of the individual zones are completed. The testing program is expected to take up to two weeks to complete.


Rafeael 1 drilling underway and considered one of the most exciting onshore prospects ever drilled in Australia. Good you tube video on the Rafael prospect available.
www.youtube.com/watch?v=UuOoemMheUY

Still a good entry point at 14 cents-15 cents for anyone interested..

[Joshuatree]

Thanks .Hey Rabbi, Upside Mop,Bermuda etc I believe the oil price will go up as exploration drops andESG investing kicks in ,ICE only using re 20% of Oil etc.If one wants a small exposure to oil but with a low risk to proven producers maybe a developer producer Def no explorers what would you be in? Woodside is the obvious one esp if it scores the BHP oil assetts,but maybe little old NZO,Horizon and some above?