Johno247 - they split via a share buyback the company into an Australian entity and a European entity; the European one took the euro gas 3P reserves and prospects, the Australian EPG kept royalties they have. Turns out, those royalties are ~2% at wellhead over the majority of Buru's acreage, so when ~75% of the register sold out via the buyback to go to the European entity, those of us who stayed behind got a 4-fold increase in our capital value; added to that, no-one really understood how much that royalty is worth until now.
Peter Strachan values current discoveries at $1.50ps, with upside to $5ps with risked exploration. The company is basically a buy, stick it in the bottom drawer, and then come back in 2016 and cash out your ten-bagger.
EPG Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held
