psi,
that actually horribly untrue. BOW hasnt as yet put out a 2P reserve upgrade from their own pilots mate.
The reserves they put out were actually derived from an Arrow pilot out of ATP 364 that was adjacent to the Norwich acreage. I put up a post on BOWs threads last week that describes the possible implication in terms of reserves at Norwich should BOW put laterals in those seams.
Using a metric is a bit of illusion in my opinion.
I think $1.48 is a bit low. I would be astounded if it went to $2per share.
Interestingly this is also where management have about 8m oppies convertible at $2 per share that are activated on a CHANGE OF CONTROL transaction. So their is definitely scope for management to push higher.
This all plays well into the themes of WHY NOW. Why have both Santos and Shell moved now when it is BG who is in deficit for gas supply for their 10.5mtpa worth of contracts and 8.5mtpa production capacity.
We are in the Wooing in the WOO.
Cheers,
SF
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