Ann: Quarterly Cashflow Report, page-17

Interesting reading through BUL presentations and of the two latest research reports.

- BUL does not have production or earnings. The investment case is underpinned by transaction and enterprise value for reserves, resources and prospective acreage. o Development assets and 2P gas reserves are trading for >A$3/GJ (for 2P). Equity market value and recent deals for 2C & 3C resources average A$0.72/GJ and 58c/GJ respectively. These are all greater than BUL’s current market value of 13c/GJ for 2C resources, and 3c/GJ for 3C.

- On current market and transaction benchmarks, we estimate BUL’s asset base is worth 55 cps in the central case, but with a very wide range between 19c and 153c.

BUL Market Cap is 112 Mil. They have no producing assets. Strategy is either sell to someone who wants the acreage, or execute a GSA then arrange funding to build the required plant to deliver this to the potential customer. As much as APA are happy to build a pipeline, the reality of a producing BUL is some years off still.

AJQ Market Cap of 50 Mil. AJQ has producing assets with export pipelines and GSA's in place. Production is being ramped up further to full plant capacity over the next 12-18 months. We still maintain our exposure to large basins in the NT and the ISA Super Basin. I would think this easily justifies a market cap equal to that of BUL. This would be a 0.28c SP for AJQ.

Interested to know your thoughts to those who are holding both BUL+AJQ?

Info available here - https://blueenergy.com.au/reports