Vincent191, this is where you are wrong. Either you havent been...

Vincent191, this is where you are wrong. Either you havent been in the stock market long enough or do not understand how joint venture or farm in work.

You said "Nobody is going to pay hundreds of millions of dollars for blue sky. Anyone can go to the auction and pay some fancy price and buy up a huge big acreage" really make me laugh...

(1)Central Petroleum (CTP) has the largest acreage without any proven reserves whatsoever and yet Santos injected $150 million into the company so does Clive Palmer. Stock went up to 4 times when announcement came.

(2)Sirius Resources (SIR) no proven reserves, nothing, and yet before drilling started Mark Creasy invested millions of dollars in the company

I could go on and on....but those how the big boys make money. They are smart and if you notice the time where most of the major started to invest is when all those junior become a "mine".
They invested long before "Facebook" is known as "Facebook".
You can wait until all reserves are proven or a JV is being announced but by then please be willing to pay at least 30 cents per share coz am not willing to sell under 30 cents.

There is no doubt, BUL has gas as most of their holdings are next to the already producing company such as arrow energy,santos, beach petroleum etc.

and your statement "BUL has none or very little of 3P reserve" is a joke. They have 2P gas reserves of 50 Petajoules (PJ) or 8.6 millions barrel of oil equivalent and 180PJ 3P reserves or 31 millions barrel of oil equivalent which is not small in my opinion.