Ann: PURE RECOMMENDS ARROW TAKEOVER OFFER , page-37

re: Ann: PES: PURE RECOMMENDS ARROW TAKEOVER ... I had AOE shares, then took up PES.
AOE is great coy.
AOE (and surely with Shell's blessing) made T/O for PES now, because in 6 months time it would have been a hell of a lot more expensive.
Why?
Because PES has already announced 1240pj of 3P. At 60c p/j 3P that valued PES shares at well over $6.00 per share.
It is important that this 1240pj reserves is only in the Cameron field, and did not include reserves in the other fields, nor any reserves in the AOE/PES j/v permits.
In the t/over releases today the PES directors state that early 2009 they would have proved-up 1740 in 3P, which I think then values PES at over $11.00.

So at $2.70 cash and 1.21 AOE shares Arrow is getting a good buy, and access to very significant acreage in Qld.

This t/over is good for AOE, and I reckon the next move will be SHell t/over of AOE. Shell may wait until LNG development is further progressed, but I bet Shell will move well before the LNG plant is up and running.
cheers