annoucement out csg reserves, page-17

hi all

a small correction: i think it's 22,700 PJ, not 20,000.

the only negative about this announcement is that the company didn't explain how huge an upgrade to previous numbers this is. based on $1m per PJ, that's over $20b in value, divided by 500m shares (after all options are excercised), which equals $40 per share! and recent activity suggests $2m-$3m per PJ is closer to market value.

furthermore, the argument that BUL cannot be compared to the big guys is no longer valid, the only difference being BUL is not as far down the track to commercialisation.

another little bonus people forget is that $15m in cash will be added when the options are excercised, giving BUL about $45m for development. this means less dilution down the track.

talk of $40 or more may seem crazy but that's what happened with fortescue and a few others.

i agree with an earlier post that analysts are not going to believe their eyes when they crunch the numbers.