DYOR. etc., BUL historians may wish to add context to the current situation ? I went to yesterdays AGM.
My impression is BLU is driven by M.D. and Chair with single focus discipline on marketing and trading company gas assets. They have absolutely no interest in developing gas prospects beyond the point where they are ready for sale to someone who will then develop them and the new owner then earn recurring profits. M.D. and Chair are " Landmen " / tenement traders. Has the strategy been developed because of sudden narrow time frame of window of opportunity, unfamiliarity with or aversion to project development through to production, or ages of M.D. and Chair ? The prospect of gas asset sale for a substantial profit, distribution of part of sale proceeds to shareholders, and use of balance of profits to develop other portfolio assets is very attractive idea. The administrative formalities ( voteing ) were quickly completed and followed by a much longer period of a Presentation by the M.D. with questions as he spoke from shareholders ; Chair took an active role in discussion. M.D. said there would be no impact on BUL's control and longevity of its N.T. ground resulting from BUL requested " suspension " of its tenement operation obligations under the usual " work it and / or surrender it " rules. M.D. and Chair said APA is clearly interested in pipeline viability appraisal and construction ( including owning and operating pipeline on BLU's ground - not just to ground boundary ) ; M.D. and Chair see that arrangement and BLU's " first mover " status as a basis of a strong bargaining position for BLU with APA. M.D. expressed strong conviction reform of gas pipeline transportation costs would be very favourable to gas producers. I asked M.D. and Chair to do a Webcast with quarterly reports - it is a mutually advantageous event allowing BLU to regularly market co. to investor community and allowing shareholders to ask questions. BLU are reluctant to spend money on administrative matters and determined to remain staffing and costs " lean ". Reader would you use a Webcast ? M.D.and Chair joined shareholders for sandwiches, drinks, and chat. The occassion was very informing, constructive, interactive, and friendly. Well done BUL. I wrote this article myself. It expresses my opinion. I have not been nor will i be paid for it. It is an " outsiders ", independent, interpretive view based on information available to all researchers.
BUL Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
