Guys I dont hold at present and part of me would like Citi s price target to be right so I can buy some in the 80s however I think there analysis is as good as their valuation of CDOs pre GFC
If it drifts lower , it will because of global issues and the delay of the second shale flow test by 6 months due to technical difficulties. CIti will rerate BPT when some major pays 400 milllion for a part of they shale action. As with DLS( which I hold in place of BPT) there was little value placed on their shale assets and whammo BG pays 100 million for 60 percent of the shale permit which hasn't even had seismic let fracced and flow tested.
So in summary at may drift a little lower, low 90s possible with continued dent issues but CIti analysis doesnt factor in that this project is not about gas prices in 3 years time but more like prices 7-20 years out.
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