I should have been more specific about what parts of the Valhalla BCGA should be further farmed out (IMO), that being the major part which has already been drilled in the Eastern part of the Basin by BRU.
I would not like to see Yulleroo sold down further. The Alcoa agreement should stay %50 BRU. Especially so with the Ungani trend nearby. 100% agree, Yulleroo tests should be a very high priority for the BRU team.
I used the BPT example because I feel more confident talking about it. They really are the pioneers of Shale in OZ.
Carbon - I very much agree that the liquids contained in the Valhalla BCGA(if they are there in enough quantities) makes the Canning, IMHO, more economically viable and valuable than the Cooper. 100,000 acres in the US is seen as a large position on a proven play, BRU might have 3+ million acres net! I only had a short time to write the post so a little rushed, hence less detail.
(Warning, more generalizations) You make a good point about the BPT/Chevron deal, however, sadly the market only seems to care if there is cash involved, I will go so far as to say the market hardly even cares if there is a farm in.. unless cash is involved. Just look at CTP, two large farmins.... 0 cash. SP hardly moves.
One caveat, the market does reward successful finds that are not expected, i.e. Ungani.
Anyway, I digress. Have a good wknd all.
BRU Price at posting:
$2.43 Sentiment: LT Buy Disclosure: Held
