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Agree. Doesn't make sense to me and has negative implications if true. I think Shell would go hostile if anything with a low ball bid, say $125-$150 PPS to muddy the water, which wouldn't fly as an offer with big holders but why outbid yourself with first offer.
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Perhaps Shell submitted a bid by the deadline? I had been told there could be a surprise SM as a bidder.
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Are you saying they signed a CA during the normal process (before March) and are waiting for the CA expiration to launch an offer or that they just recently signed a CA and are trying to get into the deal at this late date?
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I don't know more . I don't know when they signed this CA.
The CA ends when they declare a winner. Not until.
Since they were allowed to bid they can't be hostile but they can be a low ball bidder or the highest bidder or in the middle. There are at least 4 other bids.
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Maybe they saw the handwriting on the wall for Petromin and got in at the last minute, and are now in a re-bidding process.
Maybe it's a false rumor and none of it is true.
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So it would make sense, given what we think is going to happen to Petromin, that they signed the CA and placed a bid. The more the better. I said low bid as a starter in a hostile attempt, not in a confidential process. This is very positive then. XOM, RDS, TOT, JKM and perhaps PTT? Increases the likelihood it's a VERY good sell down.
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Hope it's not true. It will just make things take longer. I'd hate to see us go past 60 days from march 1 after all. Hohoho. Take the time to get it right. Wouldn't it be great to have bod divided over SMs that offer less and JKM that offers more ? That would be like trying to choose between Pamela A's reefs
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Delay is the only legit short argument left. So the sooner the better, all else being equal. I doubt IOC would have let Shell in on the bidding after the deadline. They are definitely not the "preferred" partner. At $3+ per mcf even they may look like Pam A to Phil.
