Ann: BPT: Beach launches cash bid for Adelaide En, page-15

re: Ann: ADE: BPT: Beach launches cash bid fo... Jmegl,

I don't think it makes any difference if Beach takes the shale gas (PEL218& ATP 855) to the production phase or not. The main thing is that they can take the resource from contingent to Proven -through pilot production wells and prove the shale gas concept is viable and economical...If they can do this the value of PEL218 & ATP 855 will be many times the current share price of beach - if they don't have the capital let someone else take them over and development the resource - all we can ask beach to do is maximize the price they receive for the proven resource..which is one thing they look like they are doing my consolidating the PEL218 lot through the acquisition of ADE, which is also increasing there holding in ATP855..They have more than enough cash-flow for the ADE acquisition and the development of the pilot production wells..