Perhaps its worth looking at the recent sales of both Eastern Star & Bow Energy. Remember both Eastern Star & Blue use the conservative estimates of their reserve certifier, NSAI. Bow used MHA.
By the end of 2014 Blue will have say 3,000 PJ of 3P (their recent Presentation) and probably some 2P as well but just for this purpose we will ignore that. Eastern Star was sold on about 50c per gigajoule per 3P. Bow 19c per gigajoule per 3P. 1,000,000 gigs = 1 PJ
So even using the lower numbers paid for Bow 3,000 @ 1,000,000 @ 19c = $570m 722m shares on issue = 80c per share Obviously using the Eastern Star numbers then it is a much higher share price
No wonder the market is now starting to wake up that Blue way undervalued. Here we go!
BUL Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
