Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-87

XCD negotiation could be about timing.
if HRZ Labs results are not sufficient for next commercial step, then 88E should review all conventional options.
This could include XCD, but at sensible deal such as 5% of 88E equity, not a ludicrous 15%.
If HRZ results indicate unconventional is strongly commercial, then buying XCD is a waste of money. Our focus should be unconventional, as per reasons for starting 88Energy.
The BoD are flapping all over the place.
North Slopes, Yukon, Winks, now XCD.
We do not have the Cash Call power of a medium to large business.
And, since DW likes 'deals', it is time we investigated the sale value of AEA and realise some significant cash return to shareholders.
Phrontist