Ann: Corporate Presentation-BRU.AX, page-84

the "other" way of looking at the situation:

1. Mitsui have sold a few things in Oz,
2. China inc does indeed have "interest" but they are tight - as fishes.....hence the x-shareholdings in sunny Rey (via another china inc controlled entity)
3. BRU doesn't have sufficient cash to drill all of the 2017 program, hence Eric is on the trail to either rustle up some farmins, or issue some paper....
4. given the tight gas play (which is potentially very attractive) is still in its early stage of appraisal, there is little chance RRU will get fulland fair value in any deal (ie 100's of m$ for say 50%)......mr market recognises this......even BRU recognises this viz the timeline in latest preso ......
5. given the capital constraints, BRU is hoping OP rebounds to say 60, at which point U export would work ........sadly, this wont fund the required appraisal's .......

I guess that is why the stock is where it is ........

I do recognise that if OP were to inc, it would be much much easier to farm-down .........

rgds
V_H