way below fair value..

1400 PJ 3P - "significant amount to be converted into 2P" with initial 2P certification from Blackwater due over the next couple of months.

300PJ 2C - soon to be converted into 3P

Norwich initial 3P certification - due first quarter, 2010
Comet 3p and 2P certification - due Q2-Q3

We are likely to have somewhere in the order of 600PJ 2P over the next 6 months and perhaps another 1000PJ 3P to give us a total of:

2400PJ 3P and 600PJ 2P

That would value BOW at more than 1Bill on recent takeover valuation metrics or roughly 3 times the current price at nearly $4.

Oh yeah, forgot about the Gunyah block.
Clarence-moreton basin - where MEL have announced a significant gas find. BOW virtually own the entire CM basin.

BOW also has some oil potential. Who knows what will come of that.

On CSG alone, this thing is a beauty.

One last thing and perhaps the most important: management who over-deliver and just get things done!

Go BOW!