Antman,I think u've hit the nail on the head with ur comment...

Antman,
I think u've hit the nail on the head with ur comment that the shale gas is what has probably got BPT interested in EPR.

Here is an extract from the full year statutory accounts filed by EPR with ASX on 3 March that supports that view:-

"A third opportunity to exploit the remaining potential of the Port Campbell Embayment lies within the inter-bedded
sands and shales of the Eumeralla Formation. The Eumeralla Formation hosts the source rocks of this active
hydrocarbon system. The extent and thickness of the formation provide the opportunity for the shales to host very
large gas resources. This concept is referred to as Shale Gas.
Shale Gas has proven to be highly successful in North America and in PEP 168 it has the potential to be at least as
big and productive as a viable coal seam methane project".

I also note that in EPR's ann. of 22 Jan. in the implementation of the agreement with BPT that loan funds advanced to EPR by BPT to cover current operations will be discharged for equity in EPR at a rate of 2.0332 cents per share. If BPT are interested in a T/O IMO it will be prepared to pay more.

ANZ