Ann: Second Quarter Activities Report, page-117

Question for ya Kip (or anyone else).

Can BUL be too patient? For a long time holding strong and waiting for supply demand to increase has seen our value improve, but I wonder if now is the perfect time to make a deal? Lets say BUL sits there for another 12-36 months, maybe Vic/NSW lifts gas ban, someone starts building import terminals, WA-east coast gas pipline OR any other number of things to increase supply to the east coast market. Do you think our tenements will hit a 'max value' and become less valuable (particularly Bowen) as different players look to supply the east coast shortage?

I'm a bit of a Nervous Nelly, I want BUL to sign a Bowen Basin GSA yesterday. But I know the John's are a lot more patient than myself...

I agree it could happen any day, especially because I don't think BUL leaks news.