It is pretty clear Beach will take-over TDO at some stage, based...

It is pretty clear Beach will take-over TDO at some stage, based on Otway Basin assets, it is just when. Synergies are all there, partnership with other gas major like Conoco are standard for them. If Bedout Basin fires up, then it could be a bigger mix of companies that maybe on TDO's tail.

Always takes longer than you think, look at (I am a shareholder) CVN However if you compare MC, even allowing for the fact they are yet to sink a drill, TDO is an absolute steal at $20M. If I was Beach it is a ripple on their accounts at $40M, working with Conoco would be very benefical, size and breadth of exploration targets close to their infrastructure is extremely attractive, the relative % is a negotiating point, and the 2 free drills would pay for the TDO as it sits.

Counting down to Noel's hopefully very large retirement nest egg, or a gas strike in north Otway, or a partner in Bedout....