When the world's largest LNG importer buys 10% of a company with large 100% owned CSG properties they are not looking at a passive investment.
They are looking at inside information to confirm their opinion that BUL has potentially huge reserves which Kogas need and need to control.
In my opinion, they can do this from the locations with reference to seismic and drilling done to date. Funding drilling to prove up reserves will only mean that their own money will increase the value of BUL and cost them more for BUL in the longer term.
I would be very surprised if BUL lasts out the year without a full offer.
The longer that Kogas wait, the more they will pay for BUL.
BUL Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
