the defintiive valuation, page-39

Ric,
Whilst there is still much to be proved , there has already been much accomplished. BRU does have a multiple on trend oil discovery at Ungani....FACT.
BRU does have a wet gas discovery at Yulleroo....FACT.
BRU does have significant BCGA 's over its permits as drilled at Valhalla and Paradise wells....FACT.
BRU does have a gas sales contract with Alcoa.........FACT.
Several independent consultants have identified huge potential oil and gas reserves....FACT.

How is the story looking so far ??

The next step is to test the reservior at various locations . My guess is that they will test the conventional gas formations to quickly establish reserves and lock in the Alcoa contract and then sign up new contracts.
Then they will focus almost simultaneously on the Ungani trend and have it producing as soon as possible,....I think the target is 5000 bbls /day.
Then there is the bigger picture that will involve some of the bigger players , some deals , and sale/farmin of the massive gas reserves once proven up. Don't forget that there have been many successful step out wells on Valhalla and Paradise, with BRU's share estimated as much as 47 TCF, which is way bigger than anything in the Browse..

The market is very skittish at this time in the cycle , more so than usual, but the market will catch up as soon as a rig is contracted to carry out appraisal and testing operations, and flow tests results are announced. Eric and the Board are not slick willy promoters and take one step at a time . Sort of like the tortoise and the hair,.......slow and steady wins the race.
Be there or be square dude.