Tony ................. I agree with what you are saying but...

Tony ................. I agree with what you are saying but would add that, as the POO is quoted in $US and most overseas transactions between companies of different nationalities, are also completed in $US plus management have clearly stated that oil majors, when considering M&A's, will negotiate round oil at ~$US70 PBOO it is more than likely that all negotiations by the management of both companies will be in $US, our crap SP will be raised but the over-riding consideration from FAR management in any TO scenario will, IMO, be the POO (which is quoted in $US) and not the SP (in any currency you wish to quote it in)

HKP