spoke to management today, page-5

All the takeover targets are either already in production or have proven 3P reserves. BUL has none or very little of this. Nobody is going to pay hundreds of millions of dollars for blue sky. Anyone can go to the auction and pay some fancy price and buy up a huge big acreage. It takes many many more millions to prove up reserves. That's why the big guys are willing to sit on the fence and let the little guys take the exploration risks and if they are succesful pay them a premium for their shares.

BUL has potential but to fulfil this potential BUL must prove up more 3P reserves. This is the main performance KPI for Mr Flint, if he can establish 300 units of 3P reserves he gets a shit load of free shares.

Further, in order to achieve those takeover prices, not only do you need a lot of 3P reserves, the gas MUST be commercially viable to extract. For example some of those Arrow wells can deliver up to 1 million units of gas per annum. It is no good if the gas but it bubbles up very slowly.