tui, I like your optimism but Arrow have very publically ditched...

tui,

I like your optimism but Arrow have very publically ditched the Bowen because they can't make it economically stack up. Also note that the 5000 PJ of Arrow gas is certified 2P.

BUL may have lower overheads but they are a pure exploration company, have no production experience and have 95% of their gas sitting as a contingent resource - not reserve. There is a reason for the latter; go back through their press releases on the largest resource (Monslatt) and you will see that they have never had economic or even sub-economic flows from this acreage. The acreage that they own was actually relinquished by Arrow.

This is like the Cooper Basin players telling us they have trillions of cubic feet of shale gas - are gas molecules present, yes - will it ever stack up economically - its at the high point of the 4th quartile cost curve so only time will tell.