Ann: Investor Presentation-BUL.AX, page-36

Continue to dream but the reality is this:

BUL is a spec stock. It is a spec stock with prospects and that is why I hold. For it to bloom it needs a few things to happen. It needs the prospect to sell plenty of gas. That is now a distinct possibility. It needs to show that this is also a commercial proposition. That also is a distinct possibility. There are things that could go wrong. In southern states there is a ban on coal seem gas and a ban on fracking. That could extend to Queensland. In NSW the nationals lost a seat to the greens and almost lost another as a result of a campaign by a "lock the gates" group and have caused the failure of one CSG company. It is a hot potato.

A pipeline to deliver the gas is necessary. This appears to now be on the agenda. Because of the bans in place NSW and Vic are in trouble with energy security. Governments have allowed the export market to dominate and bring gas to a critical short supply situation and will have to bend a little to ensure that there is a production increase.

All in all the prospects are OK but there are no guarantees. I believe that the company has management with their eyes on the ball. As regards the SP anywhere between 0c and $1 is possible. I'll sell most of mine if it reaches 30c, say I did OK and hope there is more in it for the next person. (No good putting them aside for my old age as I'm already there.)
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