A Day for the Big Cap's!, page-18

No drilling for Blue, we don't like getting our hands dirty... The only change to our reserves was an upgrade by a 3rd party a few years ago.

I'm not sure why no one has taken a shot at a takeover. There was some concern about costs in getting gas out of the Bowen basin, but that concern was passed over. I think the reason was that an opportunistic takeover was unlikely to work. Hard to accumulate when it was <5c because the volumes were so small. And a takeover offer would of got knocked back by the Johns anyway.

JEF (and mates) even made a takeover attempt of Santos but the board told him to go away (didn't get to a shareholder vote). I believe the same would of happened with BUL.
`
Current optimism isn't about how BUL has changed in the last 8 years and a lot more about how the domestic gas market has changed. Basically from around $4 GJ a couple of years ago to around $10 now (supply shortfall).