$48 million accumulated losses means that the buyer wouldn't...

$48 million accumulated losses means that the buyer wouldn't start paying tax until revenue exceeds that much. For revenue positive corporation this will be usueful depending on the total offer they make.

Plus acquiring Baraka's 25% interest with Statoil who are committed to cover the majority of exploration costs will be a major bonus. And there is the conventional reserve interests of BKP which though speculative would be also a big attraction. BKP will be a quite useful addition with bonuses.

For the BKP shareholder the big question is how much the offer. .01 seems like a good deal now given we are at .003/4 and would save many of us many thousands.

However as we are in it for the speculative gamble...I would rather an outcome that wasn't a takeover. Either a joint venture with some funds to test the Conventional prospects. OR simply to keep others out Statoil change the project development requirements of BKP in 2014.

I think the prospects of other companies being interested in BKP, even if simply from an accounting perspective, is very real.

So I await more news from BKP. Especially regarding the progress of arbitration against Statoil's plans.

Ultimately though, at the very end if I can guess BKP and PFC will be for the chopping block as soon as Statoil could find a way.

This project has taken on another if morbid fascination.