Whilst the news is disappointing I think that it needs to be...

Whilst the news is disappointing I think that it needs to be taken into context of BPT's current proved and probable reserves

At 30/06/09 BPT had 66 (MMBOE) in proved and probable reserves reserves of which the entire Gippsland basin represented 2.40 (MMBOE).

If this is to be reduced to one third then BPT can expect to have 0.72MMBOE from Gippsland which will bring the total MMBOE to 64.32MMBOE.

This is a decline of 2.60% of 2P reserves.

Since this time BPT has had success in Egypt which is likely to more than compensate for the loss of Gippsland.

After listening to the ROC conference call the Gippsland Basin will still be producing for the next 2 years or so which will continue to provide BPT with revenue streams.

As BPT has sufficient cash (no debt) and the Gippsland Basin is not its major growth asset I believe that the selling of BPT is overdone.

I hold BPT in my portfolio due to its strong balance sheet, strong producing assets (namely the Cooper Basin) and potential for large oil and gas discoveries over the medium to long term (Egypt, Tanzania and New Zealand).

I will be using using the current share price to increase my holdings.

Good luck to all