It's a bugger of a wait,
to be sure, to be sure …Yes, it's the "same old stuff", but the same old stuff is bloody good reading(!); just missing the GSA, that's all!
* JEF and JP have been saying we are heading into a 20 year gas crisis and are in the early years of it now. Pressure just slowly building ….
* Shell/PetroChina are behaving like slothful orangutans (more like slothful sloths!) when it comes to the Bowen Basin, but they ARE savvy of a serious looming gas crisis around the corner - 2 more years?
*GLNG needs more gas (heard that one before?) so partners there MUST be on the lookout for opportunities (so far, they have bought no-one in Qld. to meet this need - not only,
not Blue)
* True, BUL hasn't got much loot in the bank, but they run off the smell of an oily rag (pretty appropriate when you think about it) so I don't think a suitor waiting 'til they're down to their last dollar matters much. Another mil. would keep 'em going for a while anyway probably. Not a reason to wait for a big fish, I don't reckon.
* M&A's etc. seem to take place "late" in market cycles … Maybe it's not "late" enough just yet for the big fish???
* I wasn't looking at this stuff 10 years ago but back then when the M&A activity in this sector was happening there were something like 25 companies to choose from in BUL's category (don't take that too literally); whereas today that number is more like a fifth of that number.
* Little fish like BUL (despite pedigree management) don't push around very big fish very easily. Nonetheless, they will be at it through whatever means they can. Rest assured. It's a bugger of a wait for them too! Worth remembering.
* This appears to be an ever narrowing road ahead. At some point our points of interest will intersect. Whenever it happens, it will then come as a surprise, we've been waiting so long.
* Think that's all I have to say
Kip
