Ann: BPT: Beach launches cash bid for Adelaide En, page-12

re: Ann: ADE: BPT: Beach launches cash bid fo... Agreed Muzzarati. This will help a farmout to someone with deep pockets, and Beach will probably get more than the cost of ADE straight back for that portion. Interestingly, this transaction provides an approximate valuation of this play at just under $1Billion from Beach's perspective. I guess the market will see the next value assessment based on Beach's farmout should it occur.

ADE seem to have been quite naive in the placement to Beach. I would have assumed some form of standstill clause preventing a premature takeover. Very slick work by Beach though.