For the true investors...Now that Piper excitement has come and gone, just thought I'd drop in to let the true BUK investors (as opposed to speculators) to let you all know that I'm still long and still confident in the longer term prospects of this company.
New presentation on the BUK website shows 6 wells in 2009, all funded from internal cash flow.
Durango hook-up proceeding as planned and first gas probably 2nd or 3rd week of October.
Published post-tax NPV of $263 million jives very well with my initial estimates and valuation post from a month or two ago.
Pre-tax valuation jives as well and shows $430 million NPV... and seeing as how BUK will always re-invest their cash a la Oilexco, don't expect them to pay tax anytime soon in the UK.
Folks, that $430 million pre-tax NPV is what BUK will be re-investing on your behalf over the life of the Durango field in the hopes of finding more Durango's or bigger and better things. If you assume that BUK can turn every dollar they spend into $2 of value (which they've done thus far and then some), then you're looking at close to a billion-dollar company a couple/few years out.
In short, cheers to the longs, things are 100% on track with respect to my personal expectations. I may not post much, but I'll certainly be watching.
Just my opinion of course and take it for what it's worth (likely less than a cup of coffee), but best of luck to all the BUK investors going forward. 2009 looks like it's going to be a busy year...