Cash value at the moment is around 1.4c a share so the Net Assets are roughly only valued at around 25M (2 c)at 3.4c.
Even though these guys have done bugger all the last few years, they have booked in excess of $50m of drilling over the same period so at 25M its probably a Buy for me. I still dont think JEF got into this for the gravy train and with 80 M options at 6.25 i think he has more reasons than most to want this higher despite his salary.
BUL Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
