bow takeover, page-2

Current price plus 40%.... db's metric strikes again. VWAP would seem to be a bit higher though since BOW was $1.20 earlier this month.

So maybe this bid is a bit opportunistic. But BOW only has 238PJ of 2P and 2752PJ 3P.

About 353 million shares so $1.48 would value them at about $520M.

So $2.20/PJ of 2P and 20c/PJ of 3P? Does that sound right? The 3P figure is worse than ESG's 50c/PJ but ESG's 2P:3P ratio is much higher (54% vs 9%).

Nice for BOW's shareholders they were able to wait til AFTER a Reserves upgrade for the takeover offer. ESG's board should hang their heads in shame.