I strongly agree, and encourage all holders to be patient and...

I strongly agree, and encourage all holders to be patient and reject any offers if they appear in the near future.

The QGC offer which values Sunshine at $830m for 1100PJ of "possible reserves" is consistent with recent valuations/takeovers/offers in the market.

BUL has 21.3 tcf or 22700 PJ of possible reserves. On the same basis that's $34/share for BUL.

Clearly, BUL has a longer way to go to prove the commercial viability of the reserves, but if just 10% is converted, that's $3.40/share. There's no reason to think it won't be more, with the quality of neighbouring property, ex QGC staff, the proximity to infrastructure, and the effective backing of the QLD government.

Then there's PNG and the other areas they have.

If we were still in a bull market, i think BUL would be between $1 & $2. Right now very little big money flows into unproved stocks. However, BUL have recently started reporting REAL results, not promises, and the institutions will be processing the info right now, and will act soon. BUL is just too good a punt.

I really hope management keeps hold of it to allow the long term holders get full value. I'm hoping it will be the Fortescue of gas in 5 years, with a share price in the tens of dollars. It really doesn't need that much to go right to get there.