Ann: NSAI Resource Assessment - Monslatt , page-10

BUL got caught in the anti CSG downdraft which spooked the CSG players after a couple of ill informed journo's starting talking of a gas glut. Fortunately they have had to eat their words following the Shell/PC offer on Arrow and the fact that Indonesia is curtailing gas exports.

BUL has quality acreage, good management,strong shareholders in Stanwell and Kogas,and a shareprice that represents a steal. If we can sort out that Opes/ANZ fiasco that would be another bonus.

If Kogas exercise their rights to 814 this thing will take off...and 814 is starting to blossom. It is pretty easy to work out what is going to happen.

I