take-over approach, page-12

strauss - speculate certainly, however the PetroVal piece puts the "Fair Market Value" at $13.7M to $32.4M which is equivalent to 3.5 - 8.3cps (or 3.4 - 8.1cps fully diluted).

When was the last time BAS traded at the bottom end of this fairy-floss range? About a year ago, and there has been the lack of success at Windermere since.

Further, is not PetroVal closely connected to one of the BAS directors? If so, it raises questions of independence and whether the report is a managed 'ramp'.

Clearly no one is prepared to pay 3.5 cps for BAS when the current VWAP is close to the current share price of 2.0 cps. Further, given the lack of short term excitement or activity, there is no reason to think the share price will move up significantly. Pity.