I don't think they are worth much in my imo, probably around...

I don't think they are worth much in my imo, probably around $20m, based on COE's failed proposed divestment non-production oil assets (for $16.5m to GBX) in the Cooper Basin. Hence is why BOW farm-out some interest to some private energy group.

IMO, if Arrow is serious about BOW. If both boards agreed to a friendly takeover of around $1.60 and divestment of the Cooper Basin oil assets as one share in a new company for every BOW share each holder holds.

So $1.60 + one new share in Cooper Basin oil company, this would be an ideal takeover imo. But of course the more money on the table the merrier.