I think you will find that SXY is about to monetise its PL171 coal seam tenement and neighbouring tenements which have recently proved to be an extension of PL171.
For those not in the know, PL171 is smack bang right in the middle of one of the best parts of the Surat Basin. It is PRIME CSG and on its own would be worth 300m IMO. Perhaps this sort of valuation could be applied to its neighbouring permits so you could be looking at something in the order of 4-500m. The LNG projects are looking for more of this stuff.
Their CSG is very close to monetisation IMO.
Then there is the shale and oil production at the remaining valuation of about 6-700m.
What would 500m do for their shale prospects?
I suspect SXY will go on a bit of a shopping spree with some shale acquisitions and develop those.
I don't hold either BPT or SXY.
Just IMO.
sxy is fast approaching bpt, page-4
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