spoke to management today, page-6

Vincent,

you're right, proving up the reserve is the key to a high sp. Management has 2 choices : do it yourself by having countless CR's and a long time frame or invite someone with a huge firepower to participate and accelerate the process.

When the first boom began AOE had Shell and QGC BG as financial supporter who later became their t/o companies.

BUL is now using the very obvious gas supply shortage to its advantage to attract a big player. Santos just got kicked out the door by Beach, AGL got the boot from the NSW government, WPL just freed up billions by cancelling its off-shore WA shale gas play, there are the Chinese, Japanese......

Anyway, even if we forget the JV / farm out / t/o - options, the current sp doesn't even reflect the undeveloped inground value as so often used when it comes to value rock chip samples comps.

So far the established players are busy with developing their own ground but watch this space once the first one makes a move. It takes time to develop the ground, 2-3 years are needed to fill the gap, someone ( established or new big player ) will act soon as 2015 / 2016 is not too far away.


So, why doesn't pay anyone attention to BUL today ?

They always wait until one starts, like the ones who follow the herd. Shell and BG knew long before what the potential was but waited for the resource upgrades and the other one to strike first.

Shell was an AOE shareholder when it was sub $2 but took it over later in a hurry at $ 5, Shell was a PES shareholder via AOE when PES was sub $1, took it over via AOE at $8, same scenario with QGC and BG and the other ones went in similar way.

It is a 6 months -1 year waiting period, maybe shorter, who knows. But it will happen.

All IMO but you can read these opinions / facts almost everywhere.