media watch 4, page-18

you bring up a very good point TBE re accumulated losses. Any takeover just before positive cashflow can write off future profit against the $400m in accumulated losses. It's worth ~$120m upfront tax credit to any suitors. The recent corporate transaction completed by IGAS was for that exact reason.

p.s figures are estimates only, amount of tax credit is dependent on how the losses were segmented amongst the subsidiaries and country...