Ann: Drilling Update , page-10

Hi SF,

We have already been over 30 cents before these excellent results and BUL are holding on to their Gas in Place estimates, even suggesting that they could be increased.

OK, I realise they have a long way to go for absolute proof of their estimates, but they still have a value which is moving forward with drilling and testing.

I think we can look forward to 2010 being a very exciting year for BUL and its major holders, Kogas and Stanwell.

The market values looking forward and the future looks good.