Ann: Response to ASX Price Query , page-8

Oilbull,

Thanks for your post. I m trying to understand the value of the royalty as a percentage of Buru. Do we get 2% even if they farm out 50%? As a percentage of profit a 2% royalty should amount to about 5 to 6% of profit, do you agree with this?

When all is done Buru should have more shares outstanding and we should be worth about 4 to 5% of Buru. Just taking into account the current nb of shares without the options on Buru, we already arrive at the current price, meaning you get egl uk for free and it is like buying Buru shares at a discount. No brainer in my mind.