annoucement out csg reserves, page-14

To compare BUL with QGC is difficult as QGC is in production and selling.

Today's announcement by BUL of 21.3Tcf (equals about 20,000PJs) estimate of Gas In Place (GIP) is roughly the same as the 19,665 QGC GIP figure quoted in recent Wilson HTM Report 03/06/08

Wilson est that GIP is worth between 6c - 11c per gj based on recent deals

Hence at 6c @ 21.5 tcf BUL value = about $1.22b to $2.24b (11c) where current market cap of BUL = $180m (with $30m in the bank)

440m shares on issue so BUL worth between $2.80 and $5.00