new top 20 shareholder list published, page-8

stoey (I hope you don't mind nick names)
IMO a takeover does not give you much of an advantage over a farmin because you'd have to pay say $350m to buy the coy. for 70% of the permit and still have to pay say around $100m for a couple of wells. Compare that to a farmin of say $100m for the wells plus some seismic backcosts for 50% of the permit. The down side risks are much cheaper for the farmin and it costs you an extra $350m to leverage to the upside. (lots of assumptions)

ANZ