There certainly is a a lot of shares per barrel of oil.
It is very unclear on the synergies between the 2 merging entities other than nominal oil and many wildcat drills to happen requiering 100s million in cash to do - I wonder which company is engaged to do the DD and legal work for the take over??
If this was a race to 10 billion shares I would say the highly likely result will be a CR and reverse split of ~50-1 at ~2 cents for every existing share to raise $20 million which will cover 1 wild cat drill and 10 million in administration expenses.
The key is that International Petrolium are looking at alternate options to raise capital against liabilities from last announcement - a CR is highly likely.
RRS Price at posting:
4.0¢ Sentiment: ST Sell Disclosure: Not Held
