Here's the valuation report from November 2012:
http://www.blueenergy.com.au/_dbase_upl/Wilson%20HTM_BUL%20initiating%20coverage%20-%20front%20page.pdf
"Target price 11c
Risked valuation 15c
Unrisked valuation 35c
Risks: Exploration/appraisal outcomes; resource conversion to reserves; negotiation of gas sales agreements; community reaction to CSG and shale development; regulatory changes."
one of the risks was resource conversion to reserves.
Seems very cheap now based on today's annc. Might see a quick recovery to where it was in January at least- 5c?
the bulls are now bullish, page-4
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