what price beach at wed'sday opening?, page-5

the SP is simply held back by the shale program - at this point analysis look at the expesnes but refuse to ascribe alot of value until a dela is done ( farmdown/JV)

the only thing i think BPT dont do well is they dont make some things obvious and trust me some of these analysts need obvious

compare how DLS reports there 2 p resevres. the have oi an gas liquids and then gas seperately, it enables a broker to ascribe the right value to condensate. in BPT case its oil in one colums and gas in the other which includes liquids. I as people are aware have reseacrched this to buggery and i had to go through the annual report in detail to do a break up. If BPT reported the same way as DLS they would have over 31 million in the oil and gas liquids column. a big difference to the 20 m they have now. furthermore DLS keep updating the market on reserves, they included Bauer 5 , BOT didnt and now will do another repirt to include Bauer 6, 7 and 8. Bpt will likley wait for next year. in ine snese it shows they are focused on true vlaue creation in the business, but I guess there conservative nature opens them up for a little more trading by the instos. Its relatively liquid making it even more atrractive