december vote, page-12

If Kingfisher comes in, then the Hardman offer is automatically higher due to the assumed increase in Tullow's shareprice, 40% of which, once over the threshhold, will increase the takeover value. It would be hard to justify an increase to the offer over and beyond that given Hardman have no holding in Kingfisher. It is simply that Kingfisher helps re-rate the area, and improves development economics.

I believe Kingfisher's POS is less than Hardman's offshore prospect.