Twiggy move on Canning Basin, page-40

Cheers WN. Whilst it would seem most posters do not like the number you mention, I think its a lot closer to what BRU might get right now... than $2, or even $1.5 (@CEOChair). Sure, Eric and Coogee would not like a low ball offer, but... whether they like it is somewhat irrelevant. As hOOts mentioned, only need 51% to slowly strangle the company.

I almost wish they would get a low ball offer, just to wake Eric up. Yes, he clearly has been doing some good work with the NT groups, but as WN has pointed, we have done nothing for a whole year, had quite a few poor outcomes with operations and not had any pay cuts by management... They could have at least been taking 50% of their pay for shares.

BRU has its hands tied... it cannot undertake conventional drilling because it needs the cash for the Unconventional, yet its conventional acreage is world class for prospectivity. The Cooper Basin stock BPT gets excited when it finds a new discovery with a flow rate of... 204bopd. Hmm... Ungani FW flowed at 1500bopd (with expectations of 2000+ when/if it ever gets proper attention).

Too bloody right about Ungani, the field alone is more valuable than BRUs entire market cap. Throw in the cash, and at a $100m price tag, you get a globally significant tight gas and liquids asset for free.
Twiggy is smart... he can see an asset that will bring huge returns, because the market cannot see its true value, or is too impatient.

As for a potential farm-in valuation, I would be extremely unhappy with anything less than $50m JUST for the Laurel (net to BRU).

That all being said. I do believe that BRU SP could easily double with the right sort of farmin & partner. The Chinese have proven they can gain control of two companies in the Canning Basin with little effort and ZERO premium. Third times a charm.

I am a little surprised that Twiggy has not bought out OBL (or at least, bought them out before they basically gave away their 50% of the Derby block)... or perhaps that is him tipping his hand that he only wants the best bit of the Canning, which BRU holds?

Lastly, not sure when BRU/REY are going to finally show us, but the 2 central blocks were required to have 50% of the acreage relinquished as per the work program. For now neither company has provided the market with which parts of the tenements they kept. Looking forward to finding out. It may also in turn show us who else might be looking to take a position in the Canning as the relinquished land will be repacked at put up all over again.