trading halt, page-2

May have something to do with it ... Hopefully it's much bigger though ! ;)

cheers,
xmagx

Beach in line to bid for Delhi

Nigel Wilson, Energy writer
August 31, 2006
THERE is mounting speculation Beach Petroleum will emerge as a counter-bidder for Delhi Petroleum once an independent analyst's report being prepared by KMPG is released publicly.
KPMG's report will form part of the scheme booklet accompanying the proposed $474 million sale of Delhi Petroleum to Santos by Westpac Funds Management, to be lodged with the Australian Securities and Investments Commission within days.

Westpac Funds Management has flagged that there is another bidder for Delhi, and Beach has confirmed that while it has expressed interest, there is no formal offer.

The Australian understands Beach's position could change after extensive discussions involving chief executive Reg Nelson and financial and legal advisers.

Mr Nelson has declined to comment on Beach's progress in evaluating Delhi's prospects.

Analysts remained convinced yesterday that a Beach offer would most likely involve a purchase of Delhi assets, rather than Beach securing management control of the company.

They said that if Beach became a member of the Cooper Basin joint venture it risked losing its independence from Santos, and would also be exposed to the Santos timetable for the Cooper oil project, a Santos-driven plan to spend up to $1 billion on a huge drilling program to identify more oil reserves.

Under Mr Nelson, Beach has been solidly independent of Santos, even though its oil production is sold to Santos.



http://www.theaustralian.news.com.au/story/0,20867,20308843-643,00.html