4:1 offer, page-3

Not too sure about the validity of your comment: re the Board of DLS being more experienced than that of TDO

TDO have the cash reserves to go it alone for a few years while the market fixes itself. DLS, per a previous post of mine, will struggle.

Not too sure if it would be viable for either to "prove up their resource" with oil at 35 a barrel. Leave it in the ground until we're back up to roughly 80 - 100 a barrel, then begin works again.

Anyway, to the crux of the issue: 4 to 1 is not enough - no where near enough. Anyone selling at this price, IMO, has been given some very poor advice.