I wouldn't say that BPT are "spending shareholders funds to push ahead and getting nowhere." They have over 19% of DLS at the moment and takeovers usually have a last minute rush of acceptances as people hold off for a better offer.
IMO BPT will get a significant share of DLS, if not succeed with the T/O outright.
When the time comes to drill the jointly owned projects in the next few months, BPT will either have a significant holding in DLS and it's rising SP or a smaller holding in a JV partner that will be able to pay it's way. It's win/win for BPT as far as I can see.
As for the COE announcement - no smokescreen there. BPT release their weekly drilling EVERY WEDNESDAY afternoon, sometimes after the market closes. At present they have about five or six wells being drilled simultaneously. No need to report every well result as it occurs although as has been stated previously in this forum their reports could be spiced up a little.
IMO BPT is grossly undervalued (price suppressed?) at the moment and will be re-rated if the price of oil continues to rise and world markets continue to improve. It is a frustrating stock but appears to have very little downside.
BPT Price at posting:
81.5¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)