coal seam gas, page-3

Summary lifted from elsewhere - interesting reading
staff – 3 ex QGC people plus other experienced personnel
-CEO Bill Williams;
-COO Ray Johnson
-Bruce Anderson.
-MD Sharif Oussa - geologist and former resources/finance analyst.

440M ordinary shares - @ share price of 30c Market Cap = $133M
Cash position at end of March 08 Qtr = $28M +.
Major shareholders holding over 50%
(include ANZ ~ 26%; CVC ~ 20%; Fortis (attached to Dutch Fortis bank?) ~ 6%).

CSG Tenements of 27 100 sq klm - vast majority 100% owned by BUL
# This is a large holding! - apparently 2nd largest CSG land holder (after AOE) ! (Their chart doesn’t show ORG or STO)
# Tenements spread over different basins: Bowen; Surat; Clarence/Moreton and Maryborough!, and mostly near existing CSG fields and pipelines.
+ PLUS - 5 600 sq klm conventional acreage in Australia (SA and Qd)
+ PLUS - 67 000 sq klm offshore in PNG.

Looking at CSG tenements alone:

ATP 854P & ATP 817P = both targeting Bandanna formation coals – which are currently in CSG production at Fairview (Santos) and Spring Gully (Origin)

ATP 854P (100%) – located at & south of Injune (a little west of Origins Spring Gully).
-Existing gas pipeline runs through this tenement !
-2 wells drilled – 3-5m of coal – testing confirms gas.
-Now targeting 250PJ in the ‘Cerulean’ block – right near existing pipeline.
-More expl drilling to confirm & extend this resource.

ATP 817P (100%) – larger holding of split locations.
-Currently drilling 55klm NW Injune.
-First hole confirms 5m coal,
-Two more drilling to characterize the coal extent.

ATP818P – East of Goondiwindi
-In the southern end of the Walloon fairway and targeting Walloon coals of QGC, AOE fame.
-This is just south east of ICN ATP626P – which has just had some exploration – three holes confirming Walloon coals up to 15m thick.
- awaiting some results here.