Spec, you might have been a bit misleading when you said that...

Spec, you might have been a bit misleading when you said that they gave away their uncon gas. In fact they kept a fairly decent chunk of it as well as some very good conventional gas prospectivity. This gas will have some serious value in a couple of years .
In the meantime , as you correctly point out, we have some excellent low risk , high reward oil prospects. Given the BRU has accumulated a massive amount of data over the entire region I believe that they have reduced the chances of failure and will drill their best prospects first. Unless they get a huge farmin offer they should drill their best wells by themselves. They should only farm out 40% and only require a majority vote in joint venture decisions, thereby keeping control of progress.
Somebody asked earlier what BRU is worth. Various answers indicated that the sp is worth what people are willing to pay. Not a real answer. An oil company is valued primarily on proven and probable reserves and remaining prospectivity. The market doesn't always get it right and when it does it can lag reality. A few years ago now , a company in Qld that I was familiar with was valued at 20 cents a share by the market . They were taken over by a multinational at over $1 a share, which proved to be cheap. Don't forget the market is never fully informed at any one time, but there are companies doing sophisticated valuations all the time. The challenge we have is not to let somebody step in and get BRU on the cheap.