235m coal deal nearolgy etc

In case anyone cares here is some stuff I bothered to draw up. seuss, you may be interested and I d like to hear your comments

First Off - This is what Bandanna has, and what we as EPE shareholders may end up with



There doesnt appear to be any inferred JORC resources to speak of on these tenements. I think there was a P&A at Wangalee Creek in 06. There is also an appraisal coal seam gas well up near Moranbah but i'm not sure how that went down.

Second - Some basic Nearolgy FWIW



I find what Waratah has to be interesting considering their $135M market cap. The do already have some current known inferred JORC resources and coal seam gas wells and their tenure.

Also look at what Bowen has and they only have around $50M market cap (I think, from memory).

In Bandanna's favour are the Farmin agreements with majors/large players ie Dingo West with Macarthur Coal and their various others with AMCI.

All in all, having a speedy look at this, I personally cant see the value as being obvious. It doesnt hit me in the face as being deal of the century, still, this is my first exposure to a coal related stock and to the particular area.

The only obvious value here is that the shares are being issued at 8c which is above my entry of 5.2c. should keep people happy. Who are the shareholders in Bandanna? What are their intentions?

I also find it interesting that a vast majority of these leases were only applied for in the last 12-18 months. They also reside under an array of different holder names. Also, the tenements in which EPE already have a farmin agreement are the oldest that Bandanna hold and are due for renewal this year.

Again, look at the tenements in which EPE already have an interest. They are the Yellow ones in pic 1. Then look at pic 2 and see that it has Xstrata on one side and BHP on the other. Bandanna only has a 55-75% interest in those, EPE the rest. I wonder what value already exists right there.

Just trying to look at this from all angles. Time to wait for the independant valuation to shed more light on this.

Comments/corrections/discussion are more than welcome.