maitland and ppp

That TAP doesn't make an offer for PPP I just cannot understand.

45cents should do the trick. 15cents cash would cost $88mill, which is pretty much the amount that PPP has cash in the kitty and TAP would get immediatly at their disposal. The rest could come from 1 Tap share for 6 PPP's scrip.

They would get immediate huge cash flow from Tui, and hugely increase their reserves due to PPP's share in the imminent Maitland and Corvus fields, + other minor assets such as the 'stranded' Tusk and Sage fields.

Also with the deal would come other high quality acreage in the Taranaki basin, which could rekindle TAP's so far fruitless attempts to gain a decent foothold in NZ.

Let's not forget that Apache thinks Maitland has 811BCF down there, whereas the 'offical' reserve is only 260BCF.

A no brainer, really. Why don't they do it?