Well..

[CAC]

And here is something else to consider. Finding another whopper post-deal will be much more beneficial to IOC as: - LNG plant and infrastructure already under construction from E/A development - No need for IOC to do another big sell down So they can keep more of it while incurring much less cost. Many think Tri is that other whopper already. I think we're not quite there yet with Tri, but then again (considering GLJ's first assessment), I'm not a resource engineer and it does look promising (size of structure, PRE comments, etc.). One good well could make this story materialize before our eyes.

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Very good point, Admin.  If I'm a bidder for the whole company, I have to know that the next couple of well results may cost me (or save me) a huge amount of money as far as what a buyout would require. That's a lot or risk (and a lot of money) to consider and I suppose it could make suitors squeemish about bidding right now.  On the other hand, if the bidders feel confident that the drilling results will be positive, then they might be pressing to get a buyout deal done before the "uncertainty leverage" is eliminated.  If, behind the scenes, the real game is down to "what's a fair price", then I can see how both sides would look forward to, but also be scared of, those drilling results.