Steini, I don't think so, I try to look at market pressures and the critical path that will be created by a short fall in supply. If you look at Blue drilling program over the life of the company it's drilled 28 wells they say 39 but I can't find them so be it. These core samples and lab reports will enhance the value of the company, how do you value them?
Trying to put a value on gas in the ground is impossible look at Bow we got $1.51 per, with the coming short fall in supply I would value Bow at over $3 per in a year or so, remember that price was worked out from a figure Santos payed for Easton Gas in NSW.
I believe Blue will be worth in the early teens and if Statoil finds oil or gas in the Georgina Basin or Total finds gas at ATP912 for CTP we could be off and running, there no way you can read that sort of market and put a $value on it.
BUL Price at posting:
4.1¢ Sentiment: None Disclosure: Held