Well..

[admin]

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.

Thanks, yes, quite, it makes quite a bit of difference..

By the way, this is also why I'm not necessarily against a sub-par E/A deal because as long as IOC gets its clock ticking toward monetization and funds for accelerated drilling, we're set up to greater things with every new discovery (as we benefit from the twin advantages of keeping more of it and having to spend less to develop it). There will be some noise from the shorts if that happens and the price might take a temporary hit, but I can live with that, as IOC becomes greately derisked even with a somewhat disappointing deal, provided we stay independent. But others might differ, and have a feeling the deal won't be all that disappointing..