very conservative valuation

According to the latest Presentation BUL got certified :

2P Reserves 50PJ
3P Reserves 180PJ
Contingent Resource 3,481 PJ 3C

1 PJ is 1.000.000 GJ

the current price is about $ 7 per GJ

That values

2P : 50 x 1m x $7 = $ 350m
3P : 180 x 1m x $7 = $ 1.26b

3C : 3500 x 1m x $7 = $ 24.5b

Just take 1% of the 3C value as inground company value, it gives us $ 245m, about 20c / share

Normally inground value is taken at 3%.

Do you now understand why they took over the other ones for BILLIONs of dollars. Expect a huge sp increase soon.