I rue the day you posted that rather flattering picture of the...

I rue the day you posted that rather flattering picture of the young lady @CEOChair - as it's always at the top of this thread!    Quite awkward when it first loads up when I am at work.....

Anyway...

Whilst BRU is the only player in the Canning basin actually undertaking any operations right now (and in the near term), I have posted a few times about the only other real player other than soon to be Twiggy Forrest, and that is Finder Exploration, which holds 2 permits now (was 1, but in my early posts, I show that they have succeeded in securing a second one, which I think shows very clearly they are positive about the Goldwyer formation). Their July company presentation actually slipped by me until now. Whilst they are not planning to undertake drilling until the middle of 2018, this slide shows how serious they are about the prospectivity... (obviously.... the one HUGE caveat, is that the W.A government actually listens to the science and allows fracking to occur, after the current investigation comes to the same conclusion that all the others come to... its safe if done properly).


This is a huge investment, but a company that whilst, not small, is going to be spending a serious amount of cash on 1 well. The returns could be huge (and always have been), just like the Laurel Play, although they are quite different formations (deep versus relatively shallow, tight versus shale etc.

Still, BRUs acreage surrounds over half of FinderXs main tenement. Any further success they have will have an impact on BRUs value (currently the value obviously only resides with Ungani).

In 2018, BRU will have Mitsubishi doing all the heavy lifting in the East, whilst FinderX in the south. I don't think its unrealistic to think Mitsubishi will spend upwards of $50m to drill a further well/s, plus undertake fracking and then extended testing. Then you have FinderX spending potentially $30m and that is upto $80m being thrown at the two huge formations of which BRU holders the majority of the Laurel, and perhaps 1/3 to a 1/2 of the Goldwyer in the north (easiest to commercialize distance wise), depending of course on FinderXs results. While of course FinderX will put a positive spin on things as they are probably looking to farm out for next years program (they were trying to do that last year), perhaps Twiggy will partner....?? Lock up even more of the basin!

(the rest of the relevant slides from July 2017)





Hopefully this can be topped off with a farmin for the conventional targets and the Canning might again be a hotspot of drilling.