Bad takeover offer, page-29

Hi Coldsteel,

The low ball Minres offer is to put Norwest in play. A 'christmas present' from Minres, indeed!

Now here is some very left field speculation, all my own work!

Ginamake a bid for Norwest at say 7- 8 cents. Higher, would be nice of course.

Minres accepts Gina'a takeover and makes good profit on its 20% shareholding in Norwest and also gets a JV partnerwith deep pockets to do the $500 million development to produce 250-400 mmcfdfor domestic market and gas swap as LNG at Karratha as Beach have done with BP.

Ginagets to take gas in kind for her iron ore projects. Also if Lockyer Deep plus other prospects come in at 2 TCF+, Gina is better off with 20% of this gas resource through a takeover of Norwest which is a cheaper entry into the North Perth Basin gas resource for a greater net gas resource than taking over Warrego or even Strike.

Under this hypothetical scenario, it is in Minres interest as a Norwest shareholder to get Gina to pay highest price possible for Norwest!!

Ofcourse this all depends on Lockyer Deep-2 and North Erregulla Deep-1 meetingexpectations and passing the ‘rotary lie detector’ test, but maybe Gina wont wait till then!! J

We await further developments. Risk in everything of course . DYOR J