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"I know you believe in BBI and its potential i just want to know is it a better play to buy BEPPA? rather than BBI? at these levels?"

In my opinion, absolutely YES. BEPPA are better value although I expect both stocks to really fly in 2009/2010.
BEPPA was a better buy at 4.5c a few weeks ago, but this announcement this morning about the Dampier to Bunbury pipeline re-financing is extremely positive. It should allay a lot of the market's nervousness about credit drying up.
The real re-rating of BBI/BEPPA will occur once DBCT is sold (June/July).