Here's the valuation report from November...

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?