The other thread related to this topic mostly addresses the positive comments by PRE as it relates to the size and quality of the asset...and rightly so...but I'd like the Board's opinion regarding my inference as it pertains to the ongoing negotiations.
The quote from PRE is below. Does this sound like he's talking about a battle by majors to just become a minority owner and operator of Elk? PRE has no interest in Elk, right? They have 10% in Triceratops so, if he's expecting to "tagalong", doesn't that mean he thinks the beauty contest pertains to a complete buyout (or at least a deal involving Triceratops too)? We don't know the basis for Lugo's conclusion, but if we take it at face value, he couldn't have gotten to that conclusion if he thought the deal was just a partial sell-down of E/A, right?
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"We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."