Thanks for the reference. Read the presentation. the 250Pj is potential recoverable which is yet to reach 2P reserve category. accordingly, is not valued at moment as is only potential.
BUL will need to get certification of this and other reserves to get value and as a prelude for a rerating. As a matter of interest a report on CSG companies indicated that the enterprise value is some $2m per 1Pj of 2P reserves (ie certified) no certification no value.
seems that BUL has a lot of potential based on the acerage it has and given the current price make a very good stock to hold. management will need to focus on the acerage that will given them the best return before they run out.
i assume that with all the farm ins and joint venture a lot of news should be forthcoming to reignite this stocks share price.
have accumulated a holding and will put away.
BUL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
