Thanks Soly, I didn't know that Burlingame had participated in 4 more rounds of acquisitions. Their potential win, if the Beetaloo et al pans out, will certainly help lift long time Burlingame investors as well! A quick look at their funds shows some real big hits starting in 2007 with the financial crisis.

For a fun game of what if Philip (got his first name right this time) O'Quigley is successful at selling the Beetaloo assets at or above the red line as per his comments to me on Monday!!

This would put the Beetaloo's value very close to 5.6 billion dollars (7 million acres multiplied by $800 per acre = $5,600,000,000) At this point in the future - where Hess has proven up the field - Hess will own 62.5% of the Beetaloo going forward. This would put the value of the remaining 37.5% owned by Falcon Australia at approximately $2.1 billion - which would potentially put the share price on Falcon up 10 times from here, plus we would still have the Karoo and Mako Trough going forward.

On a very interesting side development in the above scenerio, PHUN would probably be entitled to their 23% of Falcon Australia - which would be a windfall of $483,000,000 for PHUN. With a market cap of just over $5,000,000 currently - there seems to be somewhat of a potential for PHUN shares to go by around 90 times to 90 cents from their current 1 cent. However, since PHUN is a Mark Bruner controlled company, who knows what kind of debts that PHUN has outstanding currently and how many millions of options he has granted himself and others that would significantly reduce or change these numbers? If anyone knows why PHUN wouldn't be entitled to their 23% or can see anything wrong with the above calculations, I would be interested to here!!