Three boards getting together is the messy part. Cross shareholdings not issue to me, after merger couldn't those shares be placed with institutions for capital raisings without shareholder dilution. Foreign investor involvement a plus I would have thought. BPT/AZA considering getting together seems logical, but maybe BPT didn't want to carry too much risk in BMG field. BMG field looks OK to me though, seems good prospects of next years drilling upgrading reserves.
arc wins race for anzon oil gas, page-14
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