I think investor are being far too negative...with this one...Seriously!
The biggest risks I see are:
1. Do they have the approvals of the local community to move forward? Yes...
2. Is the gas there or even a small portion of what they anticipate? Educated guess ...(Yes)
If these two points are satisfied...We should do quite well with BUK.
Think about it...People think that the big risk is financing...Let's say it doesnt go through...Big deal!!
There are other options...
Sure Ed Davies looks like a smart guy on paper, but he's made some rather questionable decisions over the last couple of years IMO...So...How does Ed solve the problem? Simple...
He does a rights offering...What that does is gain financing or a portion of the financing from present shareholders thus they are able to avoid the potential dilution from another financing at such a low price...Raise enough to get cash flow going and we should be back in business...
T2