RE: RE: Strong close.BUK is trading less than 1x '09 cf. Typical multiples are 3-5x. But in this market, fundies don't matter - it's all about fear - when the fear dissipates, prices will improve, probably dramatically off the lows.
Methinks it will take months to get over recent panic selling, but the trend should be up. I tripled down at $0.45, making my average right around $0.65, so BUK is one of the very few junior plays I'm at break even.
BUK is starting production at a good time - when winter is coming and UK Nat Gas prices are typically the strongest. They likely get paid 30 days after first delivery, so perhaps one month of cash flow will show up in Q4 financials.
Assuming OPEC cuts 1MM bpd as expected, I think energy markets have bottomed and investors will begin to reenter.