Good question eshmun. I wrote my post with the main point being...

Good question eshmun. I wrote my post with the main point being BPT needs DLS, that is not to say that I don't see BPT as being a great company. Just simply that for BPT to step up the ranks, it needs a large acquisition that adds reserves, production and most importunity revenue/profits, especially now that for the short to medium term, the Central Nappamerri trough play is off the cards.

BPTs 20-25% ownership of the Moobma plant and the SACB J/V acreage, is a massive asset. With STO/ORG/BPT spending a couple of Billion over the past 4-5 years refurbishing the plant and infill drilling, the Cooper Basin is going to be producing gas for many decades to come. In coming months, BPTs separate Gas sales agreement with ORG kicks in, this couple with the Moomba plants increasing production means that BPTs gas volumes are going to increase quite a bit. But.. they still have large capex requirements. DLS do not. Hence the synergy, plus as Elliot5 mentions. All the Cooper stocks are wasting money on overly large staffing. I also strongly agree with you Elliot5 about the main players, consolidation has to occur for there to be any real chance at shareholders getting a good return.

btw- I view both BPT & DLS as undervalued, except that DLS is more so considering its earnings before tax.

In regards to what value the market was giving the Uncon gas play, IMHO, zero. So I don't see it as a realy issue. I liken the situation to Woolies and their foray into Masters. A almost total failure, and now that its clear, Woolies can again focus back on its core business.