article in fin review today, page-8

Great to see the SEA upswing. But when I read the article (after SEA's notice to ASIC mentioned it), I had two additional thoughts: (1) These numbers Tudor et al are opening price estimates from the seller, so need to deflate them somewhat and (2) why is Helis selling out of Bakken? -- could be something we need to know (since Helis is one of SEA's key partners there)?

Even with these issues, SEA's price rise is logical. The Helis-operated Bakken asset is only part of SEA's properties in that space (total of 9k acres in Williston-Bakken/3Forks -- see SEA's June presentation). So even if the numbers are overly optimistic, SEA has much more value beyond Bakken.

As for Helis plans, maybe they are reassigning resources over to the Mississippian play. SEA has been adding property to the point where half of their land (24k acres) is now there.