Another twist in the COE/SNE takeover story Beach who own over half of Somerton have not accepted COEs offer but instead are "considering" their position
A possible counter offer is on the cards IMO
and an article supporting what I was saying yeterday about the LKO value implications from COE taking over SNE
"Lakes Oil sees benefit in Cooper-Somerton merger Unit Price: $0.008 $0.000 Bid: $0.007 Ask: $0.008 LAKES OIL NL ORDINARY FULLY PAID 19 Apr 2012 04:51:00 6 Views 0 comments Lakes Oil could indirectly benefit from the proposed merger between Cooper Energy and Somerton Energy which was announced on the ASX today. Chairman Rob Annells says Lakes will today spud its first well in PEP169 in the Otway Basin, onshore western Victoria, right next to Somerton's PEP168. Somerton Energy is 56%-owned by Beach Petroleum which, along with Somerton, is in a joint venture with Lakes Oil to develop its oil and gas interests in the Gippsland Basin in eastern Victoria. Rob Annells described the timing of the announcement as "very interesting", particularly if the Lakes well makes a find."
