worlds largest lng importer to come onboard, page-5

SF,

Easy to understand the market imho. After all the capital advice blah, blah blah all they have come up with is someone taking a 10% stake at LESS THAN 20 cps. I say less than as it has attached a free option to negoitiate a farm-in.

Probably the most lukewarm, noncommittal deal I've seen in 5 years watching the csg space. IF a farm-in eventuates I'd say you'd be looking at 2, probably 3+ years before any reserves are certified - that is if any csg there proves certifiable.

I might be speaking out of ignorance, and have myself been noncommittal with this one, sold most of my small stake at 24, kept a few to be able to apply for the SPP - yet to decide, although the Kogas deal probably does set nearterm sentiment near/slightly above 20 cps imho.

Have yet to see why I should bet on the Galilee basin, and if I were to why BUL would be the best vehicle.

EL