bullish about bul

I'm bullish about BUL and the cheaper it gets the more bullish I get. In the past I did well with Arrow and looked for what I considered the next Arrow. I chose BUL.

The decision was not made without a lot of thought. Firstly I believe that to profit you have to get in early and it is not easy to judge the correct "early". Better to be in too early than to be in too late.

The fundamentals are sound, as I see them. Large acreages that appear to be in the right spot. Stanwell and Kogas were the vote of confidence that I needed to convince me that I was thinking BUL was a good prospect. I did not expect too much in the first two years. It is always good if there is instant success but being realistic the two year timetable is necessary for the company to prove a resource and come up with devellopment plans. With hindsight it would have been better to have waited but there was a chance that a partner may have come in earlier and boosted the SP some time ago.

Politics has also had a negative effect in the last few months. Hopefully that problem has been handled and the projects with coal seam gas will be allowed to proceed.

Maybe my two year timetable will stretch out a little. Just over a year has passed. In that time there has been progress in everything but the SP. I expect better progress in the next year.

So I suggest patience. I believe that patience will be rewarded. If I sold now I would expect to be very disappointed somewhere down the track when the SP is quoted in dollars not cents. DYOR. At this stage BUL is still a spec stock until reserves are proven.

(I read somewhere recently that only one of the ASX 100 has doubled in price in the last year. Over half my portfolio of 26 stocks have doubled in that time. The reason is that I chose stocks that have prospects that have to be proven. I believe that in the next year that BUL will be added to the list of success stories)