I had a look at Paterson's broker report for those interested. This is what is the summary.
"The market is putting very little value on Bandanna Energy (BND) despite it having 4Mtpa of port allocation at WICET, as well as having completed a DFS and lodged the Mining Lease application for its Springsure Creek Project. If all goes according to plan, first coal will be produced in 2H 2014, however the Company is still in the process of finding a funding solution for the $750m Capex required. We believe this is most likely to come in the form of the sale of a minority share to an entity wishing to secure off-take once Springsure is in production. BND has the management to move Springsure Creek into production and it is in a strong cash position of $101m. We retain our Buy recommendation with a price target of $1.45/share."
BND Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
