BUL (ASX) bowen vs surat

Originally posted by Newjo ↑

Newjo

You wrote "It seems the current options expiry date (26/08) is doing a damage to the share price." Can you explain what this means to me? I am a bit thick, and believe that this does not relate to any BUL options that have been issued.

Cash backing per share is 4.2 cents, so if BUL can preserve its cash its share price may fall to that level in GFC2. BUL needs to find some revenue generating activity, like WCL has done, to keep the market a bit interested.

Look at where AWE has fallen, and it actually is a producer, so a cash burner like BUL can fall like a stone unless it can find some sort of revenue generating business. GBP (an oil/gas explorer) is trading below its cash backing of 16 cents/share despite generating enough revenue to cover its admn costs. Yes, I know, there is all that latent energy to be got out of the BUL tenements so it does not really need any cash to attract the overseas BigBoyz and be worth zillions.

BUL spent $15 million last year to 30 June 2010 and what have shareholders got for their money? At the rate they are going all its cash will be gone by the end of 2011, possibly GFC2 time and then what? Who would put any money into them? The current BUL bulls? No, they would be begging for a takeover at 4 cents a share to get any value.

Has the new management achieved anything? What a load of bull. And so many rampers on this thread that it is really painful to read the posts. Is BUL the CDU of the csg sector - no, because there is a lot of bull everywhere in this sector.

I wish I could understand BUL's business plan. Have you seen one? There are too many csg explorers in Oz and too much potential gas. How does BUL differentiate itself from all the others?

The only positive I have found is that a director has put $30k of his own money to buy 300,000 shares at around 14 cents each. Maybe he is smarter than me. Or maybe just showing some bravado. And perhaps the last great hope (ie Koreans) will show some interest again.

loki (now where is that Mogadon tablet, and thank God I only bought a few shares)