Ann: Daily share buy-back notice - Appendix 3E, page-6

18,131,868 shares of BYE at $0.28/share is ~5.7cps value for FZR.

25,698674 shares of RCO at $0.19/share is ~5.5cps value for FZR.

~$2.3million cash in hand at end of 2Q18 is ~2.6cps value for FZR.

So ~13.8cps just for the company's assets (with no debt, and cash burn of only ~$30-40k / month).

FZR has a 2% royalty over everything Buru produces. At 3000bopd production and A$50 after wellhead costs, that's another ~18cps on a 15x PER.

Presumably at some point in the next few weeks we'll find out about the Weeks royalty / RCO buyout, the income from which would add another ~10cps of value (at 15x PER); I can't see this not happening in some form, given the text of the previous RCO announcements.

So all up 42cps if you completely ignore the massive potential of the Canning Basin. What if ten years from now Buru are smashing out 30,000boepd..?