I pretty certain that VPE will find a scrip t/o hard to do, have...

I pretty certain that VPE will find a scrip t/o hard to do, have to be an extremely generous scrip offer.

Why?

I sure ITC would then authorise a new independent reserves report based upon the new 3D interpretation, the rapid build up of pressure at Growler and other fields following the prolonged shut in.

Which would make VPE offer look like a steal!

So why dose not ITC release such a reserve report now?

Well once the report is release and VPE matches that value plus a small bit the ITC Directors have no where to go in not agreeing to VPE offer. Bugger

Conversely VPE will not release such a report as they are planning a takeover and VPE reserves report might give a higher reserve value than ITC. So ITC would therefore cost more for VPE t/o offer.

Basically it is down to who will blinks first?

I believe that VPE has put the company in play (good move by John K), I am just uncertain if VPE will the company winning the ITC prize.