Beach now debt free 2 yrs ahead of schedule, cash flow positive...

Beach now debt free 2 yrs ahead of schedule, cash flow positive now, and generating over $500m free cash flow on a n annual basis. That's free cashflow of over half $billion p/a. They are drilling about 140 wells this FY. They still have cashflow and sales to come from Waitsia, where they have now signed a gas oftake with Alinta, for 20TJ /d.
So next year even higher cashflows.
They have teamed up with Mitsui 50/50 in Perth Basin.
They have teamed up with OG Energy in Otway sale.
So both Mitsui and OG know Otway area well.

Beach has plenty of assets in Otway, Bass area.
Beach is drilling its Otway assets currently. It has processing facilities there also.

How attractive must COE look ???
COE SP I think is undervalued.
Sole has yet to produce.
Orbost completion delay must be affecting SP.

Once COE producing cashflow from Sole, and CH wells drilled, that hopefully will kick the SP along.

The assets and production profile, and near term huge increase in cashflow from Sole, must be attractive to Beach? The Otway area must be highly prospective, and Beach has a plant there , as does COE with Minerva. Permits overlap.

Point is - Beach now has huge fire-power in cashflow and market cap. They have bedded-down the Lattice acquisition, and will be now looking around for further growth.
They also have big, funded partners surrounding them.
Comfort zone, and experience.

How would a scrip/cash bid by Beach and/or partners be received???
COE is 80%+ held by Instos.
A scrip/cash bid with a premium may well appeal to Instos?

I know its just speculation, but don't write it off.